Making Your Business Expansion to Thailand a Success
With amazing beaches, world-class cuisine and beautiful Buddhist temples, Thailand is a tourist hotspot and an enterprising and energetic country. Although it may be difficult to pick up the language, Thailand is renowned for their friendly hospitality. Thailand, meaning Land of the Free', takes pride in never having been occupied and welcomes all religious and cultural backgrounds.
Is Thailand a feasible option?
Foreign investment is always welcome in Thailand, particularly at the moment, but whether the risks outweigh the potential gains is a matter for serious consideration. The country is keen to avoid repeating the financial mistakes of its past since its recovery. Thailand is trying hard to attract business with improved checks and balances in its banking system and an enterprising workforce, renowned for their high work ethic. With the government exploring a tariff free movement, Thailand is fighting to emerge as an economic prospect. Thailand is a good option with good infrastructure, cheap start-up costs for new businesses and its geographical proximity to the Asian markets.
What is the easiest way of starting a business here?
The most common way to start a business in Thailand is a partnership with a Thai citizen. Having a Thai partner to the front of the business operations is important as it is difficult to take part in the day-to-day running of the business mainly due to the complexity of labor and immigration laws. Forming a limited company is another option, but it is also important to keep in mind that the foreign shareholders can only have a maximum of 49 percent. The owner may be outvoted by the 51 percent majority Thai shareholders in such a scenario. It is also necessary to employ a minimum number of Thai staff per foreign employee. It is also not easy to come by a work permit, and always makes good sense to employ a Thai lawyer to ensure that red tape doesn't gain a strangle hold.
The economic overview of Thailand
A huge 60 percent of the GDP is made up of exports. Thailand's rich natural resources including timber, precious stones and fisheries and the country is one of the world's biggest rice exporters.
Main growth sectors
Thailand is the centre for automotive manufacturing in South East Asia, with brands like Ford and Toyota active in the country. Having acquired the ominous nickname of The Detroit of Asia, it produces cars, trucks and scooters. The Thai tourism industry is also a large part of the economy, with visitors attracted to its tropical beaches and cultural monuments. Thailand is one of the worlds leading exporters of rice and shrimp and agriculture remains an important part of its economy. It also has the most advanced food processing industry in South East Asia. Thailand is one of the world's top destinations for medical tourism, with nearly 2 million foreign patients visiting each year for a range of competitively priced treatments and services. With locations outside Bangkok receiving attractive government investment incentives, including an eight-year corporate tax exemption, there is scope for light infrastructure investment.
Making your business here a success
Doing business overseas is a daunting task even for seasoned executives as business regulations, policies and compliance rules vary from country to country. It may not always be possible to prepare thoroughly and know all there is to know about doing business in a foreign land. A minor lapse can cost you significant losses. The best approach is to take the help of a trusted professional, as a reliable partner can assist you in almost all areas of your business such as global human resource operations,international accounting or sas compliance.
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