Complete Guide to Open Spa Business in Thailand
A survey conducted by Japan External Trade Organization (JETRO) in 2006 projected Thailand will be one of the most lucrative location for investment within a decade. As one of the fastest growing economies,Thailand continues to attract foreign investment in every sector. With improved infrastructure and communication system, Thailand has emerged to be the top choice for businesses across the world. Opening Spa business in Thailand is one of the many profitable business undertakings. If you are interested in opening a spa in Thailand, then you have to consider the regulations before making any move.
Why Do You Open a Spa Business in Thailand
Thailand has a vibrant domestic consumer market. The abundance of resources and cost-effective labor has attracted a huge number of foreign investments. Thailand has a structured foreign investment policy and also encourages free trade. A report called Ease of Doing Business, 2016 published by the World Bank has ranked Thailand as the 49th easiest country for doing business in the world. On the other hand, the United Nations Conference on Trade and development (UNCTAD) has also placed Thailand as the 8th most profitable host economy across the globe for the years 2014 to 2016.
Legal Requirements to Open a Spa in Thailand
When considering a plan for opening spa business in Thailand, find out whether you’re entitled to operate a business in Thailand or not. The Thai law prohibits any service activities by foreign investors. You can only proceed once you’ve obtained the foreign business license. However, under the U.S Amity Treaty, US citizens are allowed to own majority shares in companies carrying out business in Thailand. If you are a non-Thai and non-US citizen, you can apply for a foreign business license. The entire process will take 6 months to a year to complete. Otherwise, you can invest with a Thai partner and start a joint venture. The Thai partner will hold 51% of the total shares and you will own 49%. Also, obtain a registration certificate from the Ministry of Public Health.
Advantages for a Business Owner to Open a Spa in Thailand
The Board of Investment (BOI) Thailand offer a number of incentives to foreigners doing business in Thailand. You’ll enjoy tax benefits, exemptions from import duty. If you’re planning to open spa business in Thailand, you can easily obtain a permit for bringing skilled experts from outside.
Disadvantages of Unregistered Spa and Saloon
You can easily become a spa owner in Thailand, however, there are many unregistered spas in Thailand. This has affected the quality of spa therapy in Thailand. However, the Thai Spa Association has taken steps to curb this issue. They constantly monitor and supervise the quality of spas and ensure that they meet international standards.
Spa and Health Industry Business in Thailand
Opening Spa business in Thailand is a great way to earn high profits. Before you open spa in Thailand, consider all legal and administrative factors carefully. Conduct enough market research and know the business scenario properly. Also, get plenty of funds to support your business. If you have ensured all these factors, then you can enjoy the rewards of a successful spa business in Thailand.