The low cost of living in Thailand is attracting many people to its soil. As the Thai government eases restrictions on foreigners so that they can visit the country as well as retire there if desired. Many people come to this country with skills that are acquired in their native countries and which are in high demand in Thailand. There are many fields of work in which Thailand welcomes foreign expertise such as Teaching and Writing in English and various other languages, Information Technology and Computer work, International Cuisine, Experts in International laws, the Entertainment and Music industry and in Engineering jobs where special expertise (such as Skyscraper construction and architecture) are required.
The first thing you will need to find out is how much capital you have to invest in your business venture the first few years. Remember that businesses take time to pick up and generate profits. If you are planning to start the business in a tourist town, remember that during off-peak season, there will be very little business and no profits at all. If you will have a partner or family to support, it will take even more capital upfront to set up a home, daily expenses and children’s educational expenditure, etc. Consider all the options as many prefer to buy a franchise in Thailand as it is less likely to fail. Other decide to register a business and star a bar, guesthouse or other services orientated business.
Here are some of the expenses that you may not have considered until now:
- Rents can be as high as 40,000 baht a month for good locations with restroom and parking
- It takes time and effort to find trustworthy, dependable people for your business
- What location would you like? Near a tourist attraction, on the beach, or in town?
- There are many types of taxes you will have to pay
- You may have to work seven days a week and still have nothing to show for it after a year.
Once you have made up your mind to start a business in Thailand, these are the steps to take:
- Get a lawyer who specializes in business negotiations.
- Find out more details about the type of lease that you acquire for the business property
- Ask what you can change and what you can’t. (change the décor to suit the business)
- Get the correct licenses for the type of business that you start. (sale of cigarettes, liquor)
- Always pay your rent on time and keep up with Thai immigration and embassy requirements
- Above all, manage your business well. Always know the daily details and the monetary situation
- Be friendly and courteous to the native population. You are, after all, their guest!
There are different forms of company registration in Thailand such as limited company registration and partnership registration in the Kingdom. If you have any question then speak to us online or see our main website for more details. You can also walk into any of our offices in Thailand for more information and assistance.