Thailand is consistently one of the most prosperous nations in the Asia Pacific for attracting Foreign Direct Investment. The country’s strategic location, stable economy, business-friendly environment, and cost-effective labor contribute to the country’s appeal to foreign entrepreneurs.
Registering a company in Thailand is relatively easy. In the 2020 World Bank rankings for ease of doing business, Thailand ranked 21st out of 190 nations, making it one of the most accessible places to start a business. Also, there are various business opportunities for entrepreneurs and startups to take advantage of in the country. Here is the list of the five most profitable business opportunities in the country for startups.
Import and Export businesses
Thailand is one of the primary transportation centers in Asia, and it shares superb transportation connections with nations across the region through road, rail, air, and sea. There are several excellent options when it comes to starting a thriving import and export business in the country. The course chosen relies on the startups’ personal experience, preferences, and connections.
Most successful import and export businesses in Thailand obtain resources from their home countries which are hard to find in Thailand, such as a specific brand of drinks, food, and other goods, all of which will be exported to Thailand. The popularity of these goods is mainly due to local people and the millions of ex-pats, who highly sought after them. They are willing to spend money on these products than they would for the local products.
Successful importers of such goods are those who are capable of creating secure connections with leading supermarket chains and retailers, allowing their products to be shown to the general public.
Exporting Thai goods, such as Thai handicraft or clothing lines, is also a great business opportunity. Startups planning to start this business need to conduct thorough research of the market and demand of the countries they intend to export their products.
Socializing while dining has long been a vital element of Thai culture. Most critical business decisions in the country are also executed on the dining table. Nevertheless, Thailand’s urbanization drowns many modern people in Thailand in hectic schedules. They have less time to prepare and cook large meals to entertain their guests, allowing catering business to penetrate and rise in the marketplace.
Catering agencies are increasingly popular in the country, especially among the middle and upper-class locals as well as ex-pats. Private catering has also become popular over the years as many people opt for a catering company to provide meals for themselves and their loved ones.
Moreover, thanks to the many companies offering Western delicacies and other goods, finding the ingredients needed to put together dishes from all around the globe can be relatively easy. And with the large numbers of ex-pats in the country, setting up a catering company with multinational menus can be a viable opportunity.
Thailand is one of the best nations in the Asia Pacific region for professional healthcare, with an increasing demand for first-rate medical care in the country among the local people, ex-pats, and travelers. The country boasts of trained health practitioners, including doctors, pharmacists, and nurses. With the rising population and increasing demand for healthcare services, there are business opportunities for companies in this industry.
Medical tourism has also established its place in Thailand’s marketplace. Many people travel to Thailand from countries like the United States and Australia to seek medical treatment, which costs relatively cheaper than their home countries.
The ever-increasing number of foreign investors and traders doing businesses in the country result in the rising demand for translational services. Individuals and companies alike consistently require essential documents, such as contracts and other legal documents, to be translated from a foreign language into Thai and vice versa. Many companies need either an in-house translator or have to outsource translational work to a translation firm regularly.
Hence, setting up a translational services company can be a very lucrative business opportunity once startups have gathered a team of skilled translators, editors, and marketers.
Web Design Services
Businesses in Thailand has become more aware of the importance of digital marketing to boost their brands and sales and stay on top of their competition. Therefore, more and more companies in Thailand have turned to professional web design companies for a comprehensive marketing package of web design, traffic, and lead generation to attract new prospects and retain their existing customers.
Seeking help from Thailand Company Registration Service Providers
Startups, especially foreign entrepreneurs who are planning to start and run a business in Thailand, should seek professional advice from a competent Thailand company registration service provider for a legally compliant and smooth business set-up.