Advice For Those Wishing To Set Up A Business In Thailand

If you are running a business in Thailand, or are thinking of joining the many expats who live and work in a tropical paradise, it is crucial to always be compliant with local laws. Being a guest in a foreign country is one thing, but running a business is completely another ball game and all of your business activities fall under Thai law.

• Making The Right Choices - As with most countries, there are several types of business that you can register, each with its own set of benefits; many expats set up a limited company, with the Thai wife holding 51% of company shares, while the foreigner holds the remaining 49%. The company is also permitted to acquire real estate, which is a big benefit (foreigners are not permitted to own land in Thailand), and the lawyer can even handle your accounting, making sure that your tax returns are filed in a timely manner.

• Never Overstay Your Visa- This is very important; overstaying could lead to deportation and even blacklisting for several years. Your lawyer can apply for the suitable visa and work permit, which allows you to manage your business. Regarding work permits, one has to be very careful.A restaurant owner, for example, is not allowed to wait tables, cook food or serve drinks; as a business partner, you are allowed to offer guidance in a managerial position but any manual work must be done by a local. There are certain sectors and trades that prohibit foreign involvement; you can’t farm rice or fish, nor can you provide any form of manual labour.

• Major Business Incentives - The Thai government welcomes foreign investment, as this injects money into their economy and by hiring English-speaking Thailand BOI company registration lawyers, you can make the most out of the support offered by the Thai BOI. The lawyers can also facilitate visas and work permits, which are essential if you are to have any real involvement.

• Always Be Compliant -If you have seen ‘Banged Up Abroad,’ it should act as a motivator to always stay on the right side of the law, and note that it is very easy to fall foul of Thai laws. Once you hook up with a Bangkok-based law firm, you have zero compliancy worries and that’s a nice feeling to have. If you need to employ foreign experts or Thai people, the lawyer can facilitate the process on your behalf.

• Seeking Local Partners- You might be looking for a Thai partner to strengthen your business; this makes everything smooth and you won’t get ripped off when buying equipment and leasing commercial premises. The law firm would be able to connect you with suitable locals with the kind of skills that you need and together, you will make a formidable team.

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With the local law firm handling the business registration and visas, you can focus on other aspects of your launch, knowing that you are always fully compliant and with the best advice, you will make all the right decisions.