Factors to keep in mind while applying for a Thai foreign business license
Every country reserves certain rights and privileges for their own nationals or citizens, and so does the Kingdom of Thailand. It is all the more relevant in its case because it is fairly a newly industrialized country and to maintain a balance between foreign investors and self-development is important.
Over the years, Thailand has received and still continues to receive several applications by foreigners to obtain a foreign business license (FBL) and set up a new business. But because they have reserved certain sectors for Thai nationals only and some sectors are allowed to foreigners only under special conditions, the process to obtain an FBL is time-consuming and difficult.
But we have a solution for you!
There are certain factors which not only can help you obtain an FBL in the least time possible but can also help you gain various investment incentives. Let us know about them…
1. Choose the right business venture:
Despite the fact that Thailand government is welcoming foreigners with open arms to invest in the Thai economy, there are still some sectors which are restricted to foreigners and the Board of Investment (BOI) clearly states all rules. Hence, we advise you to go through the rules carefully or contact a Thai official to help you choose a profitable idea.
2. Generating employment:
Whatever foreign business venture you choose to set up in Thailand, if it generates employment opportunities for the Thai citizens then you are likely to get your approval and issuance of a Thai foreign business license in no time.
3. Providing technological support:
When a foreign investor puts in his capital in another country, he/she tends to bring in the use of advanced technologies and resources which are lacking. For a developing country like Thailand, receiving technological and overall support from a new foreign business or investor is a big profit (they can compete in the international market). Hence, they easily approve and issue a Thai foreign business license to those who are beneficial for the development of Thai economy.
4. Beneficial for both parties:
A person starts a business with an aim to earn profit but when a business is beneficial for both the owner and consumer, it becomes even more profitable. In Thailand, if a foreign business venture provides benefits to Thai citizens and economy; the government in return offers investment incentives so that both the parties can continue to prosper.
5. Opportunity generation:
Apart from generating employment opportunities, investing in a foreign business which will require Thai staffs and will provide them with an opportunity to showcase their skills and ability is considered a good way to obtain a foreign business license without much hassle.
If you plan on starting your own business in Thailand and want it to be a hassle-free and profitable venture; keeping the above factors in mind is most strongly recommended.Tags : doing business in Thailand, Foreign Business License Infographics, Investment in Thailand for foreigners, Setting up a business in Thailand for foreigners, start business in Thailand, Thai foreign business license,