The Royal Thai Government is targeting to elevate Thailand’s ranking on the Ease of Doing Business (EODB) scales of the World Bank. The government has set an ambitious goal of reaching among the top 10 positions by 2022. This is a call for an extended support and cooperation from government level in facilitating business registration and setup process in Thailand.
Be it for Thai nationals or foreigners, now it is going to be easy for you to set up and run your business in Thailand.
Deputy Prime Minister Supattanapong Punmeechaow said, “To reach the top 10 position, it is very necessary that both the public and private sectors work together closely.” He further said, “In the last five years, the government has consistently put efforts in streamlining the approval process for doing business in Thailand.”
Special schemes were announced to promote the adoption of digital systems in government services. Improvement of rules and regulations are aimed to be at par with the changing business environment across the globe. Such efforts helped Thailand climb six positions in the 2020 rankings, to 21st out of 190 nations.
The latest EODB report released mentions that the country scored 80.1. The score is marginally below Malaysia which ranked 12th with a score of 81.50. Thailand’s total score increased by 1.65 percentage points from the previous year in the 2020 study.
Thailand improved on two indicators:
- Coping with building permits (to Rank 34th from 67th in 2019), and
- Protecting minority investors (to Rank 3rd from 15th in 2019).
The Royal Thai Government committed to improve the ease of doing business in the coming year. At a cabinet meeting, Prime Minister Prayut Chan-o-cha directed relevant agencies to boost improvements focusing on the EODB processes.
The World Bank postponed the 2021 EODB edition due to the pandemic, according to Onfa Vejjajiva, Secretary-General of the Public Sector Development Commission.
Ms Onfa said, “The government wants the public and private sectors to work together to create Thailand’s National Digital Trade Platform (NDTP). It will make export and import procedures easier. It’s also working on the National Single Window (NSW) connecting data from 37 state agencies and 18 banks“. Now NSW will connect the NDTP and the ASEAN Single Window.
According to Deputy PM Mr. Supattanapong, Thailand is responding to the World Bank’s advice as well as the “Ten for Ten” plan by five Thai ambassadors.
He said, “Thailand is prepared for Ease of Doing Business reforms. The Thai government has spent the last five years preparing infrastructure, such as the Eastern Economic Corridor (EEC), transportation, and technology infrastructure“.
The following are the ten steps Thailand is taking to reach the top ten in the World Bank’s Global Ease of Doing Business Index:
- Simplify and Digitize Cross-Border Clearance,
- Simple and Smart Licensing,
- Increase E-Government Availability,
- Simplify BOI Applications,
- Account-Based Customs Processing,
- Pivot to Digital Commerce,
- Simplify Skilled Labor Entry,
- Prioritize Accountability,
- Enhance Bankruptcy Processes, and
- Increase Digitization of Thai FDA Approvals.
Such a focus on BOI Applications, cross-border clearance and skilled labour entry, is a good indication for foreign investors. If you are planning to start your business in Thailand, now it is the perfect time to do so. With the government extending hands for collaboration with foreign investors, you can stay assured about your positive ROI.
For more information on methods, legal guidelines and assistance to register you business in Thailand, mail us at [email protected]
