A Guide to Starting a Business in Thailand

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 plan to launch a business, you will need professional help setting things up. From navigating the BOI certification to registering your company, it’s especially beneficial to partner with an expert to ensure a smooth process. Among immigration solutions, Baan Thai has a lot of testimonies among their clients about how complex the process can often be, and partnering with them made things easier where even almost impossible cases are made possible.

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
  • 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.

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

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

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.