Setting up a new business can be tricky, especially if you are considering somewhere like Thailand. Some people are doing extremely well, others are failing and perhaps could have done with a bit of help, here are a few pointers to help you on your way
The following steps will give you some important tips for setting up your international business:
Learn your marketplace – and potential customer base. All of this can be done prior to getting into the nitty gritty of business plans and business models. For example, if there is absolutely no need for winter jackets in Thailand then you’ve already saved yourself some time.
Sunglasses on the other hand might be more appropriate.
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Do your homework – Thailand has gone through some rough times recently due to lock downs and restrictions, many businesses have had to shut their doors for good, that doesn’t mean that there aren’t some great opportunities for company startups in Thailand to be had but, you will want to do a thorough sense check first.
A local contact – You’ll probably want to employ the services of a local business advisor or an accountant that can guide you through the various processes. Most people use an ‘agent’ of some kind. At least until they get on their feet and start to make a profit.
Business Plan – Business plans should always consider the short term and long-term trading goals of the company. You may not always need to follow them to a tee, but a rough idea is always useful when entering into negotiations or discussing with potential employees etc.
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Business Model – Business models might seem outdated in this modern age of digital media, but they still hold true when it comes to earning money from any business venture. Always to look into alternative methods that allow
Thailand’s Foreign Business Act 1999 – is a good resource for checking out what activities are prohibited in Thailand. This act covers both domestic and foreign companies, so it can be used as an important reference to see which businesses need approval from related government agencies before starting up shop here – or if there’s anything you might have overlooked!
Check out incentive schemes – The Thailand Board of Investment (BOI) offers schemes to drive investments in Thailand, so if your business meets the criteria, submit an application. You may be eligible for tax incentives such as exemption from corporate income taxes for up to 13 years (depending on the company’s activities and other conditions), 50% reduction on customs duties with certain zones only- among others!
Where will you stay? – it can be easy to get caught up in all the important business stuff that you may not have considered where you will stay. First, you’ll need to determine if you are going to live in Thailand or run the business remotely. Either way, you will need to make a trip at some point and do bear in mind that incentives might only be available to people living in Thailand.
