How Can A Foreigner Start A Small Business In Thailand?

According to the World Bank, Thailand has the second largest economy in Southeast Asia. There are lots of opportunities in the industrial and service sectors as well as import and export. Many people are inspired to start a business in Thailand but before doing so, it is important to be properly informed with company formation in Bangkok and the basics of Thai business rules and regulations.

Starting a business in Thailand is similar to other countries where the first step that needs to be undertaken is research. It is important to do things properly so that problems will be avoided later on. There are professionals and individuals in Thailand who can share their experiences in establishing and running a business in the country.

Businesses that are associated to tourism are very lucrative in Thailand. It is easy to be tempted to open a small restaurant or coffee shop in Bangkok. It is important to seriously consider what business you will start including an exit plan if everything fails. Sadly many businesses fail because of lack of preparation in finances.

Thailand is very receptive particularly with foreign businesses; however, there must be a strong plan and more than adequate supply of funds. There must be willingness to understand the culture of Thailand. Patience is very important as well as open mindedness and a great deal of enthusiasm.

There are local rules and regulations in the registration of foreign businesses including applicable fees. In some instances, businesses can be registered under the name of non-Thai nationals but 51% must be Thai-owned. This can be major hurdle for foreigners but they have to comply with the laws of the land.

Language is a major barrier because most of the forms that have to be submitted to the government are written in Thai. It can be very daunting for an investor who wants to understand everything before signing on the dotted line.

There are accounting and legal services that can help with company formation in Bangkok and set up a safe and secure company structure for foreigners. With the expertise and knowledge of these professionals, setting up a business becomes easier and highly efficient.

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