To err is human but it is strongly advisable to avoid common mistakes especially when setting up a limited company in Thailand. Setting up a business, no matter how big or small, is a challenging endeavor. Prospective entrepreneurs need to be very cautious in all the nitty-gritty included on the process. We have consolidated some common mistakes to avoid and not be taken for granted.
1) Failing to conduct a market research
Market research is one important essential part when setting up a Limited Company in Thailand. This is important since this will basically guide the entrepreneur on the decisions he/she makes for the company. This will essentially build the communication between the entrepreneur and the clients, making the information source clearer. This will chiefly minimize the risks that may jeopardize the success of the business.
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2) Having a wrong location
Does your business area have the right access to prospective customers? Is the location an easy-access among your employees, like it is reachable via sky train, subway trains and public transportations? Business location is important when setting up your company. This should always be taken into consideration because this directly affects the success of your business. Traffic patterns and accessibility to the customers and employers should be considered.
You need to reconsider if you’re planning to use your home address as an office address for your business in Thailand. Residential landlords would not guarantee you an office registration document because this will cause them additional tax scrutiny and liabilities. Thus, you better find a good space for your business.
3) Not getting a licensed Thai accountant/Accounting firm
The requirement of getting a licensed Thai accountant or a good accounting firm is also important when setting up a limited company in Thailand. A small start-up company may outsource this function for 3000 – 10000 baht per month.
If planning to set up a company and would like to obtain more information about company registration in Thailand, please do not hesitate to contact us.
