For anybody thinking about setting up a business abroad, you should consider the long-term prospects of setting up shop in somewhere like Thailand, there are many benefits to take advantage of as will follow. There are, however, some restrictions for non-nationals looking to set up and run a company operating from within Thailand, for some people it isn’t plain sailing so it would be wise to seek the help of somebody in the know before making any decisions.
Because of where Thailand is situated within Asia, it lends itself to being the gateway to other parts of the biggest continent in the world! The infrastructure that is already in place also makes Thailand part of the biggest growing economic markets in the across the globe, in relative terms, China and India are only a stone’s throw away, both of which are two of the main contributors when it comes to the growth and success of Asia as whole.
You will want to appoint an accounting Company in Thailand if you want to set up a business if you want to set up a business, they will make the whole process ten times easier for sure and will likely confirm that, not only are you jumping into the mix with the biggest players in the world but also be conducting business within the ASEAN network of countries which follow a Free Trade Area policy.
The ASEAN network includes Thailand itself, Singapore, Malaysia, Indonesia, Philippines, and Brunei, the ‘Free Trade Area,’ also known as AFTA features a zero-import tax, duty, policy so, there are zero import taxes to pay for any business done between the six countries. Import tax duties on goods from other countries can be a little high, so, making the most of the zero-tax rule within the AFTA network, if you can do all of your trading within the AFTA area then it could make a huge difference to your bottom line.
More so over recent years, large international brands have decided to set up shop in Thailand ranging from some of the biggest worldwide coffeehouses and roastery reserves all the way through to fast food joints and fashion outlets. These big brands have had such an impact that if you ask a local child what their favourite food is, they may well say something like, ‘KFC.’
Not quite what you’d expect from a young person who is surrounded with some of the best Asian cuisines that there are to offer in South East Asia. Nonetheless, it paints a very good picture of what is on offer in terms of business. Being in and around these big named brands will most certainly bring with it, more customers and, more money.
Conducting business is easier, year upon year
Each year a survey is done, conducted by the World Bank and its purpose is to highlight how countries are changing over time when it comes to the ‘ease of doing business.’ In 2020’s report Thailand ranked number 21 out of 190 countries which shows a 6 place leap up the chart list from the previous year, if that continues year upon year then you may very well of made a very wise choice indeed.
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