One of the reasons Thailand is a profitable place for the food and beverage industry is that it boasts exotic flavours and interesting cuisines. In fact, food is one of the country’s top attractions for tourists.
Although the food and beverage industry has suffered in the past two years due to the pandemic, it shows promising potential as the national economy continues to recover from the setbacks.
Moreover, since international travel is opening once again, now’s the perfect time to seize this opportunity and start your own restaurant business. So, to help you achieve this, take a look at the step-by-step guide below.
Register your Company
To accomplish this step, you’ll need to do the following tasks:
- Choose a Location
Find the best location in your area with a lot of visibility and traction. Be sure to do prior research to determine a specific region in the country where you can engage with your potential target market.Your location plays an integral part in your restaurant’s success, so take your time and engage with professionals if you need further assistance.
- Finalise the Business Structure
Once you’ve identified the ideal location to build a restaurant, the next step is to finalise your business plan.What structure do you plan to incorporate? What food and products will you offer? These questions will help you flesh out the concept for your business, which is essential to the company registration process.
- Appoint a Director
According to the law, every business should have at least one Thai director to facilitate the registration and licence acquisition. The appointed director will sign the necessary documents to proceed with the company incorporation.
- Register with the Ministry of Commerce
After signing all the necessary paperwork, you must submit all documents with the information above to the Ministry of Commerce for approval.From preparation to submission of the documents, it will take you approximately two weeks to successfully register a Thai company. For more ease and convenience, don’t hesitate to reach out to a company incorporation services provider.
Register for Tax and VAT
Since your restaurant business aims to generate income, you will need to register for tax and VAT to operate legally and efficiently in Thailand.
To register for VAT, you must fill out a form known as PP.01. Submit the form alongside the certificate of incorporation, tax residency certificate, and a copy of a valid passport to the Revenue Department.
Once VAT registration is complete, the department will notify you via the VAT System for e-Service (SVE). This process should take two days to accomplish.
Open a Company Account
As you start to earn money, you will need to set up a corporate bank account for all business transactions. Doing so will help you separate any corporate expenses from your personal ones.
Our experts at Reliance Consulting can help you prepare all the documents you need to open a bank account. Besides that, we can assist you in managing your finances. Our services include internet banking and payroll system management.
Apply for the Necessary Licences
The final step to setting up a restaurant in Thailand is to obtain the necessary licences, such as:
- Restaurant Licence
- Food Business Licence
- Liquor Licence
- Construction Permit
Before these are granted to you, an officer will inspect your property and your products to ensure that you meet the criteria for health, safety, and hygiene.
Other Considerations
Accomplishing Thailand company registration is the first step to your success. The next—and arguably the more challenging—step is to run your business. So, to help you out, here are some tips you need to follow.
- Have an Interesting Concept
Because of the food and beverage industry competition, it can be challenging to remain on top. So, you need a concept that will stand out. Leverage on unique experiences your restaurant can bring that other cannot. Doing so will enable you to attract more customers to your business.
- Hire Employees
The success of your business also depends on the competency of your employees. So, make sure to hire individuals who have experience in the field. Otherwise, devote time and money to provide them with ample training.
- Manage Annual Legal Requirements
Legal requirements like applying for social security, submitting withholding tax, and paying your staff salaries are crucial to running your business smoothly. Failure to comply with these obligations can result in penalties and lawsuits.
Engage with Our Experts
As you can see, the entire process of incorporating and running a restaurant is not simple. Fortunately, we at Reliance Consulting can assist in this endeavour. From registration to managing your finances, we offer comprehensive services to ensure your success.
