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.