The Perfect Guide to Start a Successful Business in Thailand
The country of Thailand has a booming economy that shows a rich growth for the future. Because of this, several potential entrepreneurs have flocked to this country to build new and successful business. With a business visa to Thailand, you can begin your business journey here. In this article, we give you the perfect guide to start a successful business in Thailand.
Official Documents for Opening the Business
Before you begin the process to start your business, you must apply for a business visa to Thailand and a work permit. The Business Visa to Thailand can be applied at your home country and the process should take about 3 to 4 weeks. Once you have received your visa, you must travel to the country and apply for a work permit. Normally the work permit takes around a week to be processed, which is a short time. Once you have the necessary approvals and documents you can begin the process to for your business.
Sufficient Capital
Each business requires a certain amount of capital in the beginning. The capital should be divided for the start up, running of the business and as a cushion for the future. There are various factors that are needed to be considered for capital like rent, supplies, inventories, salaries of employees, utilities etc. you should have the perfect business plan to incorporate a possible loss in the first few years before you start earning in profit.
Registering the Company
There are three types of business organization in Thailand which include Sole proprietorships, partnerships and limited companies. The private limited company is the most popular choice for foreign investors in this country. There are certain rules when it comes to starting a business in Thailand. While foreign are not allowed to own 100% shares of any business unless you are a citizen from US, local nationals can hold a major percent of the shares in the company.
Therefore, ideally, you can either register a business under a Thai national’s name where you can have at least a maximum of 49% of the shares in the business. In such cases, you must have a trustworthy partner who is ready to work alongside you.With a Business Visa for Thailand, you can travel to this country and meet like-minded individuals for a partnership deal.
Research Target Audience
For your business to survive in this country, you must research about your target audience demographics for it. The key to a successful business in Thailand is to ensure that the Thai demographics are your major sales with foreigners making up the smaller percentage of sales. The reason is because foreign customers may come and go through the year but Thai nationals are always loyal to their favorite places of business. So ensure you do not make the mistake of targeting the foreign customers exclusively.
