If you love living in Thailand and would like to start a business in the Land of Smiles, this article was written with you in mind. Much like every other country, Thailand protects its citizens and to start a business in Thailand, you must have at least one Thai partner. A Thai (or Thais) must hold 51% of the company and if you are planning to launch a business, you will need some professional help in setting things up.
Thailand Board of Investment
The BOI exists to assist certain businesses in Thailand, which include the following sectors:
- Agriculture and agricultural products
- Mining, ceramics and basic metals
- Electronics industry
- Technology and innovation
- Chemicals, paper and plastics
There are many more sectors and if the business you wish to start comes under the BOI umbrella, there are exciting incentives for foreign investors, which include easy long-term visas and tax concessions.
Experienced Legal Experts
When you are looking for company formation in Bangkok, you are advised to seek out expert legal advice, which will make the process that much easier. Doing this will save you both time and money, and with the right advice, your new business will be set up according to Thai law, plus you can take advantage of generous tax concessions through BOI.
Finding a Thai Business Partner
There are specialist companies that can help you to connect with Thai investors, which is an essential component for setting up a successful company, and with local investors holding 51% of the company, you, or several foreign investors, are able to hold the remaining 49%.
Foreign Land Ownership
In the 1930s, the Thai government introduced a law that restricts foreigners from owning land in Thailand, primarily to stop Japanese investors from buying up large chunks of Bangkok, however, if you are prepared to invest a specific amount of money in a Thai business, there are special options that allow the foreign investor to own land for residential purposes.
Local Chartered Accountants
It is essential that you commission a Thai chartered accountant to help you with your company formation, plus they can help with finding suitable office accommodation and Thai staff. Obviously, there are language issues in Thailand, as not that many people are fluent in English, and by enlisting the help of an experienced Thai chartered accountant, your best interests will always be at the forefront of everything.
Hiring Thai Employees
While you can apply for a work permit, you will be strictly limited in what you can do, so it is a good idea to hire competent Thai staff, who can help you to run your business. Salaries are low when compared to Europe and the US, which is very good for a new business, and with the right people in your organisation, you are set to make a success of your new enterprise.
Providing you seek out expert assistance, setting up a business in Thailand is not difficult and with all the legalities taken care of, you can get down to the business of making your new company a successful venture.