If, after several holidays in the Land of Smiles, you are smitten and wish to set up a business in the tropical paradise known as Thailand, you certainly wouldn’t be alone in your thinking. There are many pitfalls on the journey to creating a successful business, especially in the Kingdom of Thailand.
- Thai Culture – Living and working with Thai people demands some prior knowledge of their culture, which is very different to the western way of life. It is recommended that you enrol in a Thai culture course, one that covers business etiquette, which you will find invaluable as time passes.
- Company Formation – Regarding company formation in Thailand, you are advised to search online for a specialist who can facilitate this on your behalf. It is not possible for a foreigner to own a business 100% in Thailand, and there are many government departments to deal with and without professional help, this would be a nightmare.
- Language Issues – Don’t expect communication to always be a smooth experience; indeed, many expat entrepreneurs invest in a translator who is also a lawyer, as this empowers you when communicating with local people and business owners. The sooner you start learning Thai, the better, especially if you are planning a long-term stay, and Thai people definitely warm to any foreigner who tries to speak their language.
- Tolerance – You will need tolerance in abundance; Thailand is a Buddhist country and everything moves along at its own pace, regardless. There will be times when you get very frustrated, when a simple utility issue that would be sorted quickly at home cannot be done, and rather than trying to change the culture, you need to accept that things are the way they are.
- Hire a Good Lawyer – His job would be to oversee the company formation and any land or property you might lease or acquire, and Thai law can be very different to the system you are familiar with, so you should have a Thai lawyer in your team.
- Certain Benefits – If you are prepared to invest a certain amount of money in a Thai business, there are a few benefits you can expect to enjoy. It would be very easy to become a resident, with becoming a Thai citizen very easily obtained after a short period, and long-term visas are issued to those who invest. In some situations, you are allowed to own 1 Rai of land, as long as it is used for residential purposes, and there are also tax concessions.
The ideal time to start the ball rolling would be when you already know a few things about Thai culture, perhaps after several long holidays, and providing you seek expert legal advice, there’s no reason why your venture won’t be successful. An online search will put you in touch with a company that can register the business on your behalf, then you can embark on your quest to create a stable income for yourself in the tropical paradise called Thailand.