The Essential Top Tips If Thinking Of Setting Up a Business In Thailand

If you are thinking of setting up a business here in Thailand, it is an economy that is thriving, and there are many opportunities to succeed. Much like your country of origin, there will be rules and regulations in place that need to be followed, in order that your business is legally compliant. There are restrictions with regard to certain businesses when it comes to ownership, and in most cases, ownership will be limited to about 49% of the business. You should know, however, that 100% ownership is entirely possible, depending on the sector that you want to operate in.

Nobody expects you to know the many details and information with regard to owning a business outright, and this is why it makes perfect sense that you would talk to a third-party provider that understands about 100% foreign business ownership in Thailand, and the rules that come with that. It is essential that you go into this with your eyes wide open, and it is one of the things that you need to know about.

The following are some other essential top tips if you are thinking of setting up a business in Thailand.

• There are restrictions – Thailand wants to protect its economy and its people, so there are rules in place with regard to the type of business that you can run, and the amount of ownership that you can possess. Your third-party provider will educate you about such things with regard to the restrictions that are currently in place for around 50 different categories of business. This is why there is a restriction around 49%, but there are Board of Investment promotions that can allow you to own one hundred per cent in some cases.
  
• Full ownership is possible – It really does depend on the type of business activity that you want to be involved in, when it comes to owning your company outright. There are certain niches that you can exploit, including setting up some kind of export business, which the Thai government looks favourably upon. These can be owned 100%, but you must make sure that any money that you make, or operations that you take part in, are carried out abroad in your country of origin.
  
• You need a business license – In all likelihood, you will require some kind of business license in order to be able to operate there. Licences are required if you want to operate in the restaurant sector, the tourism sector, education and financial services. If it is your wish to work within the company, and you want to hire foreign employees, they must have a work permit, as it is a document required by the Thai government. There can be significant fines for both you, as a business owner and the person working.

As you can appreciate, it is a bit of a minefield, and this is why it makes perfect sense that you would engage with a third-party provider that understands how everything should and will work.