The medical healthcare sector offers an incredible business opportunity in Thailand. Over the years, Bangkok has been the top-rated place for medical tourism leading to the estimated GDP growth of 3 billion US dollars. Stats reveal that almost 2 million patients visit Thailand on annual basis to receive treatments from different medical centers and hospitals. The main reason behind this popularity is that all the reputed hospitals in the country have state-of-the-art medical facilities with English-speaking doctors. With this, Thailand is now being recognized as a significant hub for excellence in the medical field and it has attracted more than $53.3 million of foreign investments to support the medical sector.
Support of government for leading medical business in Thailand
Thailand 4.0 resolution aims to grow the production of medical devices, pharmaceuticals, and medical care in Thailand. Reports reveal that the medical industry is one among ten key sectors in which the Thai government is taking more interest these days to make the country a regional powerful for all members of ASEAN. The healthcare organizations in the country are given the opportunity to establish their excellence. They are being assessed by the Joint Commission International and the qualifying organizations will receive a Gold seal of approval. At present, there are several hospitals accredited by JCI in different Asian countries; however, Thailand is observed to have a higher rating with the number 58.
What incentives foreign investors can obtain in the medical field?
The Thai government offers several privileges to the leading companies in the field of the medical product sector and biotechnology. The list includes increased flexibility for setting up a proportion of foreign staff and Thai workers, without worrying about the 4:1 ratio that other non-BOI companies need to follow. Depending upon what kind of business activities you are planning to run at your company, there are many tax incentives that you can obtain for managing your profits. Taxes on the machinery and raw material are also waived off as per the BOI scheme.
Foreigners are also eligible to own 100% of the company instead of following the mandate of 49% share in Thailand. They are also allowed to buy property in the Kingdom, which is an enhanced benefit as compared to the regular circumstances.
Setting up medical industry in Thailand
The process of medical Company Registration in Thailand can be a little complicated if you are a beginner. First of all, you need to get confirmation that you are eligible for BOI status, and for this, it is better to consult experienced law firms. The process for attaining BOI status may require the following details:
• Fill all the application forms as well as the supporting documents.
• Attend your scheduled interview with the BOI team after approval of documents.
• Wait for the evaluation of the interview. The BOI officials may evaluate the project depending upon your provided information and the waiting time usually varies with the value of the project. For instance, projects that have an estimated capital of more than 2 billion Baht may require a waiting time of almost 90 days.
• Register as well as reserve business name with Department of Business Development in the country.
Once the requirements are fulfilled and verified by different BOI officials, they will give you a certification of BOI company.
Support of government for leading medical business in Thailand
Thailand 4.0 resolution aims to grow the production of medical devices, pharmaceuticals, and medical care in Thailand. Reports reveal that the medical industry is one among ten key sectors in which the Thai government is taking more interest these days to make the country a regional powerful for all members of ASEAN. The healthcare organizations in the country are given the opportunity to establish their excellence. They are being assessed by the Joint Commission International and the qualifying organizations will receive a Gold seal of approval. At present, there are several hospitals accredited by JCI in different Asian countries; however, Thailand is observed to have a higher rating with the number 58.
What incentives foreign investors can obtain in the medical field?
The Thai government offers several privileges to the leading companies in the field of the medical product sector and biotechnology. The list includes increased flexibility for setting up a proportion of foreign staff and Thai workers, without worrying about the 4:1 ratio that other non-BOI companies need to follow. Depending upon what kind of business activities you are planning to run at your company, there are many tax incentives that you can obtain for managing your profits. Taxes on the machinery and raw material are also waived off as per the BOI scheme.
Foreigners are also eligible to own 100% of the company instead of following the mandate of 49% share in Thailand. They are also allowed to buy property in the Kingdom, which is an enhanced benefit as compared to the regular circumstances.
Setting up medical industry in Thailand
The process of medical Company Registration in Thailand can be a little complicated if you are a beginner. First of all, you need to get confirmation that you are eligible for BOI status, and for this, it is better to consult experienced law firms. The process for attaining BOI status may require the following details:
• Fill all the application forms as well as the supporting documents.
• Attend your scheduled interview with the BOI team after approval of documents.
• Wait for the evaluation of the interview. The BOI officials may evaluate the project depending upon your provided information and the waiting time usually varies with the value of the project. For instance, projects that have an estimated capital of more than 2 billion Baht may require a waiting time of almost 90 days.
• Register as well as reserve business name with Department of Business Development in the country.
Once the requirements are fulfilled and verified by different BOI officials, they will give you a certification of BOI company.
