Considering to start your own business in Thailand, be it as a route to obtain Work Permit to stay in Thailand for a long time or purely for business reasons, starting a business in Thailand is not as hard as it seems.
Thailand is rank 21 in the world for the ease of doing business. That is not bad at all 🙂
Here’s the check list
Company Setup – selecting the correct Company Structure is important and should be considered carefully. Most foreigner start with a Thai Limited Company
Formal Business Address – You may rent an office or a serviced office to start however please check with your landlord whether the space allows businesses or not and whether they have and can provide all the documentations that you need for your business. Alternatively you can also use a Virtual Office like UnionSPACE to jumpstart your business.
Decide whether you need to register for VAT or not – if your business annual turn over is expected to be below THB1.8 million, it is not mandatory to register for VAT. If your annual turn over is expected to exceed THB1.8 million then it is by law your company need to register for VAT
Work Permit and Visa to stay in Thailand. If you are a foreigner, you need to figure out how to obtain the necessary Visa and Work Permit that allows you stay and work in Thailand.
Company like UnionSPACE provide full suite of services to assist business owner to Incorporate their Company, Monthly Accounting and Tax Reporting and Work Permit for yourself.
Hiring – Avoid hiring friends or someone you know from the bar 🙂 Linkedin works quite well in most cases otherwise try one of the paid job listing websites.
Language – if you intend to market your product or services to the Thai market, you need to have Thai speakers and marketing material. Google translating your materials to Thai WILL NOT work.
