Can Foreigners Benefit from Opening a Business in Thailand?

Many foreign entrepreneurs choose to open a business in Thailand for a lot of reasons. Apart from the country’s growing economy, there are now legal ways for foreigners to have majority control or 100% foreign business ownership in Thailand, using the right business structure and with expert guidance from a provider of corporate advisory services. As long as you set up your business venture to be compliant, you will succeed in the market you’re in.

Strategic Location

Thailand is a strategic business hub with a fast-growing ASEAN market. It’s flanked by key regional players, such as Malaysia and Cambodia, giving you access to millions of consumers across regions.

• It’s accessible by road, air, and sea, with an efficient transportation system that allows for free trade and efficient transport of goods.
• Its proximity to China, India, and other major economies opens doors for cross-border trading and multinational operations.
• It has partnerships with ASEAN markets and other powerhouse economies that help reduce tariffs.

Pro-Business Government Policies

The Thai government makes it easy for investors and entrepreneurs to open, operate, and sustain their businesses in the country.

• Foreign companies benefit from the Board of Investment’s (BOI) numerous incentive schemes, including tax exemptions and fewer restrictions on hiring foreign experts.
• Businesses operating in any of the three provinces under the Eastern Economic Corridor (EEC) may receive tax breaks and infrastructure support, among other benefits. This government initiative is designed to attract investments in Chonburi, Chachoengsao, and Rayong.
• If your business falls under the suitable activities in the Special Economic Zones (SEZs), some of the incentives you will receive are tax exemptions, infrastructure support, and simplified regulatory procedures, among others. Suitable activities include manufacturing and industry, agriculture and agro industry, high-tech and innovation, logistics and infrastructure, and creative and tourism industries.

Strong and Diversified Economy

As one of Southeast Asia’s strongest and most diversified economies, Thailand offers entrepreneurs many opportunities to thrive in the business landscape.

• Its economy’s stability and growth draw strength from key sectors, such as agriculture, manufacturing and tourism, which means higher chances of success if you’re in the same sector.
• Thailand’s tourism industry is among the strongest in Asia, attracting millions of international visitors annually. The sector creates a high demand for various services, from hospitality to entertainment.
• Its manufacturing and tech sectors continue to grow and thrive, which is why the government is promoting the country as a technology hub.

Skilled and Diverse Workforce

If there’s one thing that attracts many foreign entrepreneurs to the country, it’s the pool of well-educated and skilled workforce.

• There’s a strong presence of skilled professionals in various sectors, such as engineering, finance and IT. If you’re looking for the best digital transformation consulting solutions for your company, you may not have to look long and hard.
• The number of English-speaking professionals in Thailand continues to grow as the country becomes more globalised. This capability to communicate in multiple languages makes it easy for any business to operate in the global markets.

In addition, Thailand is known to have a favourable cost structure for more cost-effective business operations, a highly developed infrastructure, and a rich local culture that offers cultural and social benefits. If you want to explore the possibility of opening a business in Thailand, Acclime Thailand offers corporate and advisory services that you can benefit from.