It might be that you have a Thai partner and have relocated to the enchanting Kingdom of Thailand, or your foreign business is ready for expansion and Thailand seems to tick all of the boxes. Whatever the reason you are planning to set up a business, we present essential information to help you navigate commerce in the Land of Smiles.
Business registration
We recommend connecting with an English-speaking Thai law firm, who would have hands-on experience in setting up foreign businesses in the Kingdom. There are numerous options; you could set up a private limited company and make your Thai spouse a 51% shareholder, or you could create a partnership with a Thai national. If you are a foreign business owner and you want to expand into Thailand, set up a representative office that allows a work permit; the lawyer can advise you regarding the pros and cons of each business type, pointing out long-term benefits such as low taxation.
Setting up an office
Find a suitable Bangkok office for rent and a local fit-out contractor can create the perfect interior. Give them your budget and they can design a productive office space for you and your employees to manage the business. Renting is the best option for a new business and a leading Bangkok commercial real estate agent would have many listings.
Real estate acquisition
Once you have set up a company, the business entity can buy property, so you can legally acquire your home; as long as the company is a trading entity and pays tax, you can put real estate in the company name. Talk to a lawyer regarding this and they would be happy to explain the land ownership laws; foreigners are not permitted to own land in Thailand, with a few specific exceptions. Check out this informative article on property auctions and why they are attractive.
Staying compliant
Every country has its own complex rules and regulations and Thailand is no exception; hiring a Thai lawyer will ensure that you remain 100% compliant. You can outsource all your bookkeeping and accounting needs to a Bangkok provider, while the lawyer can put you in touch with any service you might need.
Strong local economy
Thailand’s economy is stable and growing, so if you are entering the domestic market, there is great potential. Check out the Board of Investment (BOI) website, where you will find useful information on all aspects of doing business in Thailand. Partnering up with a Thai national has many advantages, specifically being able to navigate the local world of commerce, as well as overcoming the language barrier.
The secret to starting a new business is planning and preparation; draw up a comprehensive business plan that covers every aspect of the operation, then you are ready to proceed with the business registration.
