Why should I start business in Thailand?
People love coming to Thailand for its beauty and affordability. They enjoy the delicious food and may even meet their life partner here. So, they want to stay longer and need to work to make a living. They need money to do what they want to do. Starting a business could be their solution. More and more entrepreneurs are choosing Thailand to start their businesses because location, cost, and accommodation. But is it good for expats to start a business in Thailand? Read on to find out.
In 2023, there are 3 to 4 millions expat living in Thailand and some of time apply for business visa , making up around 5% to 6% of the population. Thailand has a monarchy and a government system in place to keep things running smoothly.Every year, thousands of people apply for business visas in Thailand, showing that the country is a popular choice for business and investment. Mostly, they think it is affordable and easy to do.
Location
Thailand has a big and growing market, with over 70 million people. Being close to Southeast Asia like China and India makes it a great place for businesses to expand and reach more customers. The location in Thailand is perfect serving as gateway to great ecomony.
Business Friendly
Thailand's economy welcomes businesses of all sizes. The government introduced the 'Thailand Plus' stimulus package to attract foreign investment. It offers tax incentives and simplifies visa and work permit processes. The new e-Registration system makes business registration easier and cheaper, allowing foreign businesses to appoint representatives.
Cheap
In Thailand, labor costs are cheap compared to Western countries. This keeps prices for goods and services lower overall, thanks to lower living expenses and wages.
Tourist
There are so many tourist and tourists bring money to Thailand, which helps improve business, transportation, electricity, and communication. Tourism also creates jobs for locals and promotes Thai culture worldwide. Thailand's tourism industry, contributing almost 20% of GDP in 2019 with around 40 million visitors, will benefit from open borders and China's return to travel.
Big city
Opening a business in a big city offers access to a large customer base and tourist, compared to smaller towns. The variety of businesses in big cities provides customers with more choices, and better infrastructure simplifies business operations. Additionally, big cities offer more resources like banks and venture capitalists, supporting business growth.
Internet
In Thailand, internet access is common. In Bangkok, the internet access is widespread, with internet cafes and Wi-Fi available everywhere. A reliable high-speed connection is important for smooth communication and business growth. Companies rely on fast internet for better productivity. It plays a vital role in operational efficiency, and business communication. Whether communicating with colleagues or addressing client inquiries promptly, the internet is essential for optimizing daily workflows.
Great transportation
In Thailand, you can travel by bus, train, taxi, tuk-tuk, motorbike, or boat. Buses are great for long trips, while in Bangkok, the Skytrain or Metro is fast and easy to use. Transportation is vital for businesses as it connects them with suppliers and customers, helping to move goods efficiently.
Close to China
China and Thailand have strong potential for successful business partnerships. In Chonburi, an industrial park caters to high-tech Chinese manufacturers. Thailand is China's third largest trading partner, and China is Thailand's largest among ASEAN countries. Their close proximity makes business between the two nations convenient and distance-free.
Visa
Getting a business visa for Thailand is easy and quick, usually taking 5-7 working days after approval. First, decide on the type of visa you need, gather your documents, submit your application, pay the fee, and wait for processing. Once approved, your visa will be stamped in your passport, allowing you to conduct business in Thailand. Remember to check the validity dates and any conditions attached to the visa.
Family
If you do business and wish to live with your family. You can certainly bring your whole family here, it is easy. You just apply for Thai dependent visa. Thailand, a Family-Friendly Destination and excellent family vacation spot. There are fun activities for everyone in the family, including kids, and relaxing spots for the whole family to enjoy.
If you want to learn for more information about doing business in Thailand, feel free to contact us via Thailkru.com. We have Video Consultation Service for you!!