So you’ve decided to start your own business in Thailand and now like a wise man used to say, before you jump into the pool, check the depth first.
Cost of doing business in every countries are different and Thailand, I have to say, it is surprisingly affordable to do business here as a foreigner.
Here’s the average cost of operating a business in Thailand
1) VAT Approved Virtual Office & Call Answering Service – THB50,000/year
2) Monthly Accounting & Tax Reporting Service Fee – range from THB8,000 – THB15,000/mth
3) End of Year Audit / Annual Return – allocate THB50,000 for this
4) Corporate Tax – depends on your company nett profit.
– Net profit from 300,000 not exceeding 3 millions baht = 15%
– Net profit above 3 millions baht = 20%
AND not forgetting
– Your personal income tax and social security contribution
and your company SSO contributions for your employees (maximum is THB750 per person)
and you will need to pay the Revenue Department the VAT (7%) that you collect from your customer here after offsetting your own VAT expenses.
Last but not least, as a foreigner, there is a 10% withholding tax on declared dividends.
As a foreigner, you should also take into consideration the cost of having a valid VISA here in Thailand as well as your accommodation and monthly food & entertainment cost. We know most foreigner can live a comfortable life here for about THB50,000 a month – which include a decent full facilities 1 bedroom condominium for about THB15,000/mth and the remaining THB35,000 for your daily commuting, food and entertainment.
