You need to understand that establishing and growing a business in Thailand is straightforward. But you have to employ strategic planning, cultural understanding, and compliance with the local laws. In doing so, you can take advantage of the huge opportunities for long-term success in the country.
What Awaits Your Business in Thailand
- Business Environment
It is fair to expect that Thailand is a rapidly growing economy. Perhaps this is due to the strong government support given for foreign investments. Tourism, manufacturing, gardening, and tech start-ups are some of the best industries to do well here. As well, you need to be able to deal with language and cultural hurdles in order for things to run smoothly.
- Legal and Regulatory Framework
Note the restrictions on foreign ownerships in some industries under the Foreign Business Act. In this case, many businesses will need a Thai or local partner to gain 51% local ownership. Establishing a business in the country also requires work permits and visas that mandate foreign entrepreneurs and employees.
- Cost of Business Establishment
It is important to note that labour costs in Thailand are relatively low, but the wages may increase constantly. In comparison to other ASEAN countries, the costs for infrastructure and utilities are competitive enough.
Managing Your Business in Thailand
The first thing that you need to do after successfully registering your business in Thailand is to hire a local talent to handle the job for you. You can leverage the skilled workforce of the country, particularly in tech, manufacturing, and tourism. But you need to be aware of the labour laws and minimum age requirements.
Part of managing your business is to build relationships. The business culture of Thailand considers networking as a crucial factor. That’s why you need to earn the trust of local partners and government officials. You also have to follow the rules set by the Foreign Business Act and other laws by paying your taxes correctly and staying within the limits. In the same way, you should constantly look over employment laws and environmental policies.
Advancing Your Business in Thailand
You can take advantage of the tax exemptions and investment privileges when you want to advance your business. Government incentives are provided to foreign investors by the Board of Investment. When you take Thailand as a location for business, you can use it as a regional hub to tap other Southeast Asian markets over time.
This is also a great opportunity for you to embrace e-commerce, digital marketing, and other technologies to reach local as well as global audiences. Most of all, you should know that Thai consumers value businesses that contribute to the environment and the community. So, you can engage in activities that may provide opportunities to reach out to people.
If you need help in establishing and growing your business in Thailand, you can visit https://thailand.acclime.com/and identify what you need for your business. Acclime can offer a complete suite of professional services when doing business in the country seamlessly.
