Thailand is one of the top tourist destinations in the world and for very good reason; more than 30 million people visited the Land of Smiles in 2022 and it is hardly surprising that many foreigners wish to settle in this enchanted nation and some wish to set up a business.
In this short article, we offer useful information for foreigners who wish to set up a business in Thailand. Board of Investment Thailand
This is the first stop for a foreigner who wants to set up a business in Thailand; the BOI will tell you what sectors a foreigner is allowed to penetrate and which industries are strictly for Thai citizens. Some sectors allow 100% foreign ownership, while others require a local partner who must hold a minimum of 51% of company shares. Make an enquiry at the very outset and then you can make your plans without worrying about compliance.
Consult with an English-speaking Thai lawyer
Setting up a business in a non-English-speaking country demands the services of an English-speaking business lawyer; this is the only way you can be absolutely sure what you can and cannot so. The legal expert can tell you precisely how the land lies for your prospective business plan and guide you through the maze of options.
Sourcing a local partner
In the event you are looking for a Thai business partner, your lawyer can certainly help to connect you with suitable candidates; rent a Bangkok hotel meeting room and you can have fruitful discussions with your potential local partner; there are many benefits to partnering up with a local in Thailand, as they can source staff and essential services a lot cheaper than a foreigner ever could.
Create a business plan
As with any business, you need to have a plan and this is even more important when setting up a business in a foreign land. Your business plan is your guideline to success and when you think it is complete, hand it to a business guru and see what the expert has to say.
A good business plan incorporates the following:
∙ Overview of the business
∙ Organisation flowchart
∙ Marketing plan
∙ List of assets
∙ Startup & running costs
∙ Company mission & vision statement
∙ Sales forecasts 1-5 years
Ask any seasoned entrepreneur and they will confirm the importance of a good business plan, which needs to be flexible, as things can quickly change. Click here for the latest on automation intelligence.
Hiring local staff
If you have a Thai partner, they can arrange the sourcing and screening of employees and with a translator, you can interview potential employees. Of course, your business is liable in many respects when you employ directly, which is why many business owners prefer to outsource. Make contact with the Thai Board of Investment to discover where your chosen business sector lies, then you can plan accordingly.