Many businesses in Thailand utilizes a professional services provider to satisfy their specific needs. But as the business owners plan to hire a service provider, they need to put in considerable thought to make sure they get the right partnership, to their business on various levels.
From identifying the best business structure to avoiding legal issues, the Business Services agency offers a wide range of services needed by business owners in Thailand. Here are five essential professional business services needed by most Thailand companies.
All companies in Thailand have various responsibilities when it comes to accounting. They need to prepare and submit their accounts, including financial statements and annual returns, to relevant authorities unless the law exempts them.
The company has to prepare the accounts according to Thailand Financial Reporting Standards, which was introduced by the Institute of Certified Accountants and Auditors in Thailand. The reports should reflect the assets and expenses of the company accurately. Also, its financial reports must be assessed and certified by an eligible accountant.
Considering the complicated function and regulation of accounting, the simplest way to get the accounting right without violating any law is to outsource the accounting functions to a competent accounting services agency in the country.
The key benefits of outsourcing accounting function include:
- Enables in-house employees to focus on core functions for business growth
- Ensures consolidated resources across distinct places in Thailand
- Allows business owners to understand the company’s cash flow better
- Gain access to accounting experts in the industry
- Makes collaborative accounting possible
Hiring business consulting services agencies in Thailand help local and foreign entrepreneurs to set up their company on the right foot. They help the clients choose the right business structure, such as a branch office, representative office, or limited company, which fits the clients’ business.
A consulting agency like Reliance Consulting helps foreign business owners get 100 percent foreign ownership of their business through various options, such as securing a BOI or Foreign Business License.
Although legal services are not necessarily required to navigate the entire business operations, they help prevent future legal problems, ensure the company stays compliant with the country’s current regulations, and avoid costly fines and penalties.
Generally, an attorney helps business owners to get a better understanding of various legal issues related to their business. Common reasons why business owners in Thailand hire legal services are for reviewing and negotiating legally binding agreements. The lawyers ensure the company’s legal rights and business interests are well-protected.
There are many types of business contracts that business owners may enter, such as lease and partnership agreement. The process of forming business contracts requires exchanging information between involved parties. Business lawyers are needed to oversee this process and ensure the contract is valid.
In Thailand, taxes are imposed on both local and national levels. The primary taxing authority is the central government. The main business-related taxes levied by the government include personal income tax, corporate income tax, value-added tax, withholding tax, and specific business tax.
All Thailand companies are required to pay corporate income tax on the revenue earned from conducting business within and outside the country. Branch offices are also subject to this tax. The standard corporate income tax rate in the country is twenty percent.
Engaging with the right tax services help business owners to properly navigate with Thailand’s tax regime and allow them to optimize their taxes, keep their business tax-compliant, decrease existing tax liabilities, and free up more time for high value-added operations. Some professional Business Services Thailand agency that offers tax services also help entrepreneurs to plan tax strategies that work best for their company, allowing them to stay on top of their tax duties.
The current digital landscape allows business owners to choose from a wide range of marketing options, from an in-house marketing team to online marketing agencies. A comprehensive marketing services agency offers substantial value to all business sizes in Thailand. They help the company build an effective and cohesive brand, increase its brand awareness, and drive more sales by driving in more new customers.
Compared to in-house marketers, the cost of outsourcing marketing needs to marketing experts is considerably cheaper. Marketing agency also has a broader skill set and wide marketing experience.
Choosing the right Business Services agency in Thailand
Selecting the right Business Services agency in Thailand that you can collaborate and begin a successful venture with is key to ensuring your company gets the most out of its budget.