When you have decided to run a new business in Thailand, there are so many aspects that you need to keep in mind. First, you need to understand local rules and regulations to lead your business idea in Thailand. The great news is that the Thai government has developed many convenient and easy-to-follow guidelines to help foreign investors run their companies. However, after completing the company registration Thailand process, you may have to look for many other requirements to lead the process.
Experts state that site selection is one of the most challenging tasks for foreigners while running a business in Thailand. Note that site selection requires you to apply both qualitative and analytical techniques so that you can pick the most favorable location for business. It may require you to understand the tax structure of the state, supply chain, cost of goods to be sold, availability of workforce, and overall operating conditions.
Those who are new to the concept of setting up a new business in Thailand as a foreign investor are advised to go ahead with the details below. Here we have listed a few critical points that you need to keep in mind while making site selection for new business:
• It is better to take help from a well-prepared and knowledgeable site selection team. The effective team is expected to possess essential competencies such as logistics, cost accounting, human resources, construction, tax, and in a few cases, environmental concerns as well. If you neglect the inclusion of an adequate number of field experts and stakeholders at the initial stage, it may increase the chances of risk in site selection or may cause further project delays.
• Several teams also make mistakes in sharing final results obtained after field analysis with the relevant executive leadership. As a result, they fail to understand the rationale, original assumptions, solution, and methodology being challenged. It is necessary to involve experienced corporate leaders in the site selection process so that you can receive healthy feedback at every stage.
• Many times foreign investors try to narrow down the search area too fast and they fail to check opportunities in some other geographical areas. You may follow some analytical considerations for eliminating a few states and cities, but it is always important to make a critical analysis of all essential aspects so that your proposed solution can be quantified.
• It is also possible that the research team fails to consider a few specific issues of target geographical locations such as labor costs, taxes, and real estate prices. These common human errors may cause great risk in terms of timing, specifications, and availability of resources at a later stage.
• If you fail to capture some negotiable incentives then also it may affect your economic development. Therefore, it is always good to evaluate all technical and non-technical aspects of location along with some possible incentives available.
Critical evaluation of the site can help you to start your business with a positive mindset and you will automatically find better growth opportunities in the long run.