If you are planning to set up a business in Thailand, it is first important to do some research on the local market. You need to understand the requirements, lifestyle, and economy of the residents; it will help you to choose the most appropriate niche for your new company. You will be happy to hear that Thailand offers a competitive platform for business professionals. At the same time, you can avail several facilities and opportunities in the area to ensure growth for the long run.
There is a wide range of benefits of setting up a company in Thailand, it offers easy access to numbers of natural resources, along with steady growth, cost-effective workforce, and strong exports as well. Indeed, there are so many things that attract foreign investors to set up business in Thailand. If you are also one of them, we advise you to first go through the details below.
Choose niche and name:
The very first task to set up a business in Thailand is to choose the right niche for your company. You may need to explore the local market and analyze the interests of the buyers. It will give you an idea to target their demands in the most appropriate manner. Once you are able to keep them satisfied, it becomes easier to ensure long term growth for your business. At the same time, it is important to find the most reliable name for your company. It must be unique and catchy as well. You may need to give three choices for selection and then authorized professionals will choose one of them.
Construction permits:
If you want to set up a new building to run your business online, it is important to get construction permits first. The process may take around 157 days for completion, and then you can proceed ahead with the next steps. Local Metropolitan Authority takes care of all the permits, inspections, and approvals so that construction can be carried out with ease. At the same time, the building controller unit must be requested for permission by the companies.
Electricity arrangement:
This task is a little easier; you may need to request the Metropolitan Electricity Authority to get your connection approved. The government body can help you get initial estimates, runs connection inspections, conducts external connection works, and can install the meter as well.
Property Registration:
The next step is to get your property registered with the government authorities. For this purpose, you may need to contact two government bodies; Land Office and Ministry of Commerce. This task may need a few couples of days.
Protecting your investors:
In order to set up a business in Thailand, you may need to work for investor protection. The foreigner investors need to open a bank account on the name of the company; apply for Tax and VAT as well. At the same time, one may need to check fiscal obligations as well. This task may be completed in two-three days.
