Chances are that you are interested to start a new business in Thailand. If so, your search results have landed you on the right page. Here we are going to discuss a few essential tips for beginners to start a small business in Thailand. Whether you are a local resident or are planning to invest in the Thai business industry from some other country, you will find several growth opportunities in this potential market.
The appropriate geographical location, easy availability of resources, and reliable support from the field experts may help you establish your new business in Thailand with ease. However, it is important to consider a few tips and tricks from experts that can help you grow in the long run.
Thailand is known to be one of the most attractive locations to set up a new business, mainly due to its strategic geographical location that attracts millions of tourists every year. Although large numbers of startups are already booming in this country, you will still find a potential customer base with considerable support from the local government to sell a new niche.
Below we have listed a few essential steps that you need to follow to start a new business in Thailand:
• Choose the type of business
Before making any random investment, analyze carefully what type of business you are willing to set up. It will help you understand what formalities you may need to follow right from the application submission to the company formation. The local support agencies may help you fill out required forms based on the type of business you are running. Some of the most common options are a private limited company, sole proprietorship, and Limited Liability Company.
• Understand the foreign business act
The next important thing you need to do is check the foreign business act that was established in 1999 in Thailand. It may help you understand all the restrictions and possibilities to set up a business as a foreign investor. Prefer to check the complete list of businesses that are not allowed in Thailand so that you do need not to get any special permission before company registration Thailand.
• Learn about the incentives and benefits of BOI
The government in Thailand has established a Board of Investment that offers several schemes for foreign investors to run businesses in this country. If your business idea meets their pre-defined criteria, you can submit an application instantly to proceed ahead with company registration. They may also guide you about possible tax benefits, exemption of import duties, and required permits to run business operations.
• Register your company in Thailand
Once you have completed all the above formalities, it is time to register your new company or business in the country. The local authorities can guide you better on how to deal with the documentation including a memorandum of association, director forms, list of shareholders, and business declaration.
These simple steps may help you set up a new business in Thailand with ease. Soon you will be able to lead operations with more confidence and it will bring great returns.