6 Factors to Consider While Starting Overseas Business in Thailand
The business landscape in Thailand is constantly improving. With the government liberalizing the processes, a large number of foreign investors are targeting Thailand as their next business destination. The superior infrastructure, cost effective labor and developed communication system have helped Thailand to make a prominent place on the global business map.
In case you are interested in doing business in Thailand, then here are several factors that you must consider:
1. The legal processes in Thailand is very complex. To start a business, you must be well aware of its intricacies. You need to fill several documents and apply to various governmental agencies before you start a business there. Also, once your business is running, there are other legal formalities such as filing income tax, maintaining balance sheets to ensure smooth operations. So, it is important to learn about the legal system.
2. Conduct a research on your target market. This will help you in identifying the competitors and proper placement of your product. Also, studying the target group ensures that you are aware of their needs and requirements and adopt relevant marketing strategies.
3. Learn about the business structures in Thailand. There is four type of business structure in Thailand. This includes Partnership, Joint Venture, Limited Company, Representative Office. Each structure has their own legal procedures.
4. Reserve a company name and file a Memorandum of Association. Follow the guidelines by the Business Development Office to reserve a name for your company. Once you do that, file a memorandum of association. Include details such as name of the company, the location, business objective, capital registered while filing the memorandum.
5. Once you have decided the share structure of the company arrange a meeting for the approval of articles of incorporation. After this meeting,submit an application for establishing a company. The directors of your company must submit this application.
6. Once your business is registered, get a tax ID card. Also, within 60 days of incorporation of your business, get your company number from the Revenue Department.
These steps are essential in case you are an expat starting a business in Thailand. In case you are looking for qualified legal professionals to help you establish a business, get in touch with us. We have an in-depth knowledge of the complexities of the legal system in Thailand. Call us today at +66 26260277.Tags : business registration company in Thailand, expat starting business in Thailand, Overseas expat opening a business in Thailand, setting up a company in thailand, starting a small business in thailand, thailand franchise business opportunities,