When people think of Thailand, they often picture world-famous street food, rich culture, and warm hospitality. But beyond these images, Thai society offers deeper lessons that entrepreneurs can apply when starting or expanding their businesses abroad.
Connections Are Everything
Thai society places great importance on family, community, and networks. In business, strong partnerships and relationships can open new doors.
- In Thailand, foreign investors must have at least 51% Thai ownership to set up a company, showing how essential local partners can be.
- In contrast, countries like Singapore and Hong Kong allow 100% foreign ownership, giving full control to entrepreneurs. Still, success in these markets also depends heavily on building the right connections.
UnionSPACE helps entrepreneurs secure the right partnerships and establish credibility both in Thailand and abroad.
Adaptability Is the Key to Success
Thailand reflects a blend of tradition and modernity. Businesses expanding internationally must be equally flexible to succeed.
- Vietnam is one of Asia’s fastest-growing economies (GDP growth ~6% in 2023), but bureaucratic procedures can be complex. Investors need patience and strategic planning.
- Dubai (UAE) offers 100% ownership through Free Zone companies and major tax incentives. However, businesses must demonstrate “substance” with real offices, staff, and transparent operations.
UnionSPACE provides strategic guidance to ensure smooth adaptation to each country’s requirements.
Creativity Drives Growth
Thai street food is proof that creativity can turn limited resources into something globally admired. Likewise, businesses must innovate to thrive in competitive markets.
- Singapore actively supports startups and innovation-focused ventures.
- Dubai is investing heavily in new ecosystems such as Digital Assets and Crypto, making it a hub for creative entrepreneurs ready to test new ideas.
UnionSPACE goes beyond incorporation by helping entrepreneurs design business structures that are future-ready.
Strong Systems Build Sustainable Businesses
A successful company is not just about starting fast—it’s about building strong foundations.
- In Thailand, all VAT-registered companies must file monthly tax returns and undergo annual audits.
- Singapore and Hong Kong also require compliance steps like Annual Returns and appointing a Company Secretary.
- In Dubai, despite tax advantages, companies must comply with Economic Substance Reporting (ESR).
UnionSPACE offers end-to-end support—Virtual Office, Accounting, Payroll, and Legal Advisory—ensuring your operations run smoothly and transparently.
Conclusion: Thai Businesses Can Go Further Than They Think
Thai society teaches us that:
- Relationships create opportunities
- Adaptability ensures resilience
- Creativity turns limitations into strengths
- Strong systems guarantee long-term growth
If you’re planning to start a business in Thailand or expand internationally, UnionSPACE is ready to be your trusted partner. With over 20 years of experience and a presence across Asia, we help entrepreneurs navigate regulations and build sustainable businesses.
The future of your business is global. UnionSPACE can help you make that future a reality — start your journey with us today
