Reasons for Foreigners to Start a Business in Thailand
According to The World Bank, Thailand is a development success story! Its smart economic policies have made it an emerging global economy with sustainable development goals.
If you still haven’t thought of taking your business to Thailand, here’s why you need to do so now.
Thailand is a gateway to Asia, primarily due to its strategic location between India and China, both of which are fast-emerging economies. Thanks to its association with ASEAN (Association of Southeast Asian Nations), Thailand also offers ease of trade with other member countries. ASEAN also comprises Singapore, Indonesia, Malaysia, Brunei, and the Philippines. Thailand is also an essential member of the ASEAN Free Trade Area, which is why importers get to benefit from duty-free transactions. The Thai government has long been a strong advocate of free trade and has signed many fair trade agreements in this regard.
As an employer in Thailand, you don’t need to worry about hiring innovative, passionate, competent, talented, and skilled employees. The Thai government is particularly active in terms of preparing the next generation of entrepreneurs.
It incentivizes and urges educational institutions to train the students to become innovators rather than be a part of the conventional skilled workforce. To improve human resources and talent acquisition practices throughout the country, universities are collaborating with the corporate sector to offer experiential learning. In this regard, the Thailand Board of Investment (BOI) recently signed an agreement with some of the country’s most prominent universities to strengthen the linkage between academia and industry, foster innovation, and promote competitiveness. In terms of the entrepreneurial support ecosystem, Thailand ranks at 71 among 137 countries.
Flexible Business Landscape
Thailand is a vital hub, especially when it comes to the automotive industry. It’s a major production center for electronic appliances and their components. Other than that, it’s also a leading producer of agricultural commodities and fishery products, despite being a service economy. It’s a popular tourist destination, with some world-famous beaches, heritage sites, islands, and wild nature sites. In 2019, Thailand broke all records and welcomed nearly 39 billion tourists from all over the world. Over 140,000 tourists arrived every day!
In short, the business landscape is diverse, flexible, and versatile. It is a viable playing field for all industry sectors. If you have a great business idea that you think would work well in Thailand, Visa Service Bangkok could help you get your work permits and Thai business visa.Here’s how our Thai visa agents can help with the company setup process.