Thailand is an excellent place to start a business for foreign investors, thanks to its various government incentives and initiatives. The country also has business-friendly policies and a steadily growing economy, which attracts many foreign entrepreneurs and multinational companies. The country’s development is mainly because of the government’s persistent efforts to enhance both the business incentives and regulatory environment.
Investors and entrepreneurs intending to set up a business in Thailand should consider important business resources that are critical for operations and market research. From government agencies to embassies, here is a list of vital business resources in Thailand every entrepreneur be familiar with.
Board of Industries
Operates under the Ministry of Industry, the office of the BOI is a government organization for supporting investment activities in the country. The BOI is responsible for executing the government’s arrangement for propelling some businesses in the country, which is considered beneficial to the country’s business and economy. It helps the locals and outside financial exports to start and direct establishments in attractive areas of monetary exercises by providing incentives arrangements.
The government found BOI to give investment incentives to both local and foreign entrepreneurs who are looking to capitalize on the organization’s promoted operations in 1997. Skilled employees and foreign experts who wish to obtain working privilege under the Thailand BOI need to abide by the Investment Promotion Act 1977, wherein need to consider two sections.
Thai Embassy and Consulates
All foreign nationalities who want to travel or stay in the country for business must acquire Thailand visa and work permits. Thailand offers various types of visas, including a marriage visa, business visa, retirement visa, one-year Thai visa, and ninety-day Thai visa. Foreigners will pick their nationalities and visa type, which can be offered by their respective countries.
Other embassies and consulates in Thailand include the American Embassy in Bangkok, the Australian Embassy in Bangkok, the Austrian Embassy in Bangkok, Bangladeshi Consulate in Chiang Mai, the Belgian Consulate in Lampang, Greek Consulate in Chiang Mai, and French Embassy in Bangkok.
Government Agencies or Immigration
A state government within a federal system or a national government can establish a government agency. The government agencies’ accountability and independence vary widely. Before coming to the country to work, investors who wish to establish a business operation in the country need to contact the Immigration Division to obtain Non-B immigration. They can apply for a working permit in Bangkok within ninety days.
Thai Chamber of Commerce
The TTC or Thai Chamber of Commerce is a central establishment and offers business suggestions to the Thai government about the country’s economic development. It is the country’s primary trade and service institution which utilizes strong knowledge, information, corporations, and networks to boost the country’s capacity to compete and sustainably expand in the global market.
National Statistic Office
The National Statistic Office holds every basic information about the country, which includes an industrial census which is beneficial for market sizing calculations. For instance, the number of businesses by industry.
Department of Business Development
The Department of Business Development of DBD’s website offers a database of the country’s registered companies. One can also obtain the listed companies’ financial figures that are publicly displayed, including their annual profits.
DBD also received the registration obligations, business development and promotion duties, and the trade association and chamber’s promotion from the Department of Internal Trade and new obligations like service and ecommerce business promotion. Moreover, the DBD is obligated to maintain measurement and commercial registration, specifically, patent, trademark, and company partnership, which are under the Ministries’, sub-ministries’, and departments’ obligations.
Ministry of Commerce
The Ministry of Commerce is responsible for boosting the country’s economy and trade and positioning the country as one of the leading trading countries in Asia. It also acts as the registrar of Thailand companies and a source of support for SMEs and entrepreneurs.
Office of Industrial Economics
The office of industrial economics offers monthly production information on production utilization, capacity, domestic sales, and export.
Some industry associations in Thailand take in information from their members and publish industry reports regularly. Nevertheless, not all associations give out information to their members actively. Thailand’s industry associations which provide relevant industry and market information include the following:
- Machinery Intelligence Unit
- Iron and Steel Institute
- Thai Cement Manufacturers Association
- Thailand Automotive Institute
- Thai Feed Mill Association
- Thai Photovoltaic Industries Association
- Thai Plastic Industries Association
- Thai Bioplastic Industry Association
- Thai Game Software Industry Association
Getting help from professional Company Registration Services in Thailand
Foreign entrepreneurs, especially first-timers, should get help from an established company registration provider to help them register and set up their company properly as required by the country’s regulations.