Thailand Market Entry Strategy
SETTING UP BUSINESS IN THAILAND
HOW TO OBTAIN THAILAND VISA?
BUSINESS OPPORTUNITY IN THAILAND
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How to set up Business in Thailand?
Thailand, meaning 'Land of the Free', takes pride in never having been occupied and welcomes all religious and cultural backgrounds. The country maintains an open, market oriented economy and encourages foreign investment as means of promoting economic development and employment. Thailand is one of the prominent destinations for foreign direct investment and many Indian & other foreign multinationals and SMEs have successfully invested in the country. Investors interested in setting up a company in Thailand need to go through following steps:
Choose the type of Legal Entity for your business
/01
Registration of Business - Propose a Company Name
/02
Open a Bank account & receive a company Seal
/03
Obtain necessary approval on statutory documents & also tax approvals such as VAT
/04
A common way to enter Thai market is to form a partnership or collaboration with a local citizen. Due to complex labor and immigration laws, the foreign nationals are unable to take part in day-to-day business activities and therefore, a local partner could help with the operations. Alternately, you can form a private limited company in Thailand but remember to employ certain number of local employees per foreign shareholder.
Here are a few tips on planning, legal issues, hiring, immigration, and taxes & an overview of Thailand market that would help you to build a expansion strategy for your business.
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Where to set up Business in Thailand?
Many factors go into making a business successful, and where it is located can be the first major decision for investors and entrepreneurs. Though Bangkok being the capital & most populous city of Thailand has always been the first preference of investors there are other cities which could be best suited for particular industries and offer various other advantages to startups. Explore the top cities in Thailand to set up your business.
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Top 3 Sectors for Investment in Thailand
Being the second largest economy in ASEAN, the Thai consumers have created huge demand for new sales for medical products, automotive accessories, agricultural equipment and chemicals, cosmetics, food supplements, outdoor recreation equipment, franchising and educational services among others. Here are top 3 industrial sectors that have been identified as potential sectors for foreign companies expanding a business in Thailand
Agro & Food Processing
Thailand is one of the world's leading agricultural suppliers. The country has one of the most advanced food processing industries in Southeast Asia, enabling Thailand to export value-added products to international markets.
Auto Components
Thailand has an established presence of virtually all of the world's leading automakers, assemblers and component manufacturers. The Thai automobile and auto parts industry accounts for nearly 12% of Thailand's economic growth.
Pharmaceutical
Thailand, is a healthcare leader with the most advanced economic development and healthcare infrastructure. Pharmaceutical exports are mainly to other Southeast Asian nations like Vietnam, Cambodia, and Myanmar and are valued at over $300 million.
DOWNLOAD THE THAILAND MARKET ENTRY REPORT FOR FREE
Thailand presents an opportunity with very high potential for different industries. Its strategic location and free trade agreements have made Thailand one of the largest export-oriented economies in Asia. The ease of doing business, cost-efficient workforce, and government support for R&D and innovation makes Thailand an ideal place for investment. You can find a detailed report covering different facets and market intelligence related to Thailand here.
Visa and Immigration
Thailand has started implementing a new "Smart Visa" a type of visa specially designed to attract highly skilled manpower, investors, executives and startups entrepreneurs wishing to work or invest in the targeted industries ( the 13 S-Curve industries) in the Kingdom of Thailand. A Smart Visa gives you maximum 4-year permission to stay, exemption from the work permit requirement and additional privileges
Smart "I" – Investor Visa:
1. Minimum investment of 20 million THB
2. Investing in technology-based companies in targeted industries
Smart "S" – Startup Visa -
1. Fixed deposit of 600,000 THB with a maturity term of one-year and upwards
2. Participating in an endorsed incubation, accelerator or similar program, obtaining joint-venture status, or being endorsed by a relevant government industry
3. Must setup a company in Thailand within 1 year with at least 25% ownership in, or being a board member of a company in the targeted industries
Business Opportunities in Thailand
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