Doing Business in Thailand – Top Tips from Seasoned Expats

Any foreigner who wishes to do business in the Royal Kingdom of Thailand needs to do some serious research. Thailand has a unique culture and language, which can be a barrier to moving into a business market, and with that in mind, here are some very useful tips to help you facilitate a successful entry into the Thai world of commerce.

• Consult with an English-speaking Thai lawyer – There are numerous forms of business registration, and in order to choose the correct option, you should consult with an experienced business lawyer. The lawyer can explain the pros and cons of each option, offering advice on how best to proceed, and when that decision has been made, they can facilitate the business registration process.
• Outsourcing makes things easy – If, for example, you need your bookkeeping and accountancy done, you could hire a local freelancer to ensure that your tax returns are filed on time. Thai office staff can be found at a top-rated Thai recruitment agency, while all services can be outsourced. If you need to instruct local staff, you can hire a meeting venue in Bangkok for the day for a reasonable price.
• Understand Thai culture – When doing business with Thais, you need to slow down your approach; make some small talk at the first meeting, which would typically be at a hotel or restaurant, not the office. This might extend to two social meetings before you are invited to the office; the best solution is to go with the flow and let the Thai lead the way. Always dress conservatively and never be late for a meeting, even though Thais are often late.
• Stay compliant – It is critical that you always remain compliant with the many laws, rules and regulations, which is something your international lawyer can ensure. As you would expect, laws are complex, and there is no leeway; make a mistake, and you may have to pay a fine. Click here to learn about the powers of visualisation when meditating.

• Set aside extra funds – You never know what is going to happen, so it is important to set aside a sum of money for emergencies. The top reason for a new business to fail is a lack of money; if things are tight, you can apply for a business startup loan from an online lender. The first 12 months see the organisation in peril; it only takes a few unpaid invoices to put a small business in the red.
• Applying for a work permit – If you plan on having an active role in the running of the business, you will need to apply for a work permit, which you can get from the Ministry of Labour. There are specific requirements, and your lawyer can help you prepare for the application process.

We hope that this short article helps you navigate the business registration process in Thailand, and we wish you success.