Thailand—a Southeast Asian (SEA) country currently gaining a lot of traction and development over the past few years due to multiple reasons. May it be because of their rich culture, their representation in various pieces of media (like the third season of HBO’s The White Lotus), or famous Thai people who achieved breakthrough, Thailand has become a household name of a country in terms of development and economic success that their neighboring Asian countries are having a hard time keeping up with.
Known for its diverse ecosystems and a plethora of attractions—from major cities (like Bangkok, Pattaya, and Chiang Mai) to the mountains, rivers, beautiful beaches, and coasts, Thailand has attracted investors and tourists wanting to explore the country’s flexible and interesting dynamics.
Aside from its attractions, Thailand is also known for its mixed economic system with centralized economic planning and privatized freedom with government regulation that attracts investors to start a business or open a branch in the country. Moreover, Thailand also offers government grants and funding for starting businesses that offer fresh and new innovations, ideas, or services that will help locals in Thailand. Some of these grants that are being offered are the Thailand Board of Investments (BOI), which provides an array of benefits for businesses; the Thailand Smart Visa, which also possesses useful benefits; and some other funding and grants from the Thai government that give support to multiple business fields.
As of writing, Thailand owns the 2nd biggest economy in Southeast Asia, 2nd only to Indonesia. Being more open and less conservative compared to other Asian countries, Thailand is much more becoming a haven for investors to settle their businesses because even though Thai customers often prefer established brands and local shops, these customers are also open to change which makes Thailand a perfect place to open up a business.
On the other hand, finding a country or a new territory to put up a branch of an established business can be a huge dilemma to business owners and proprietors. Market research needs to be meticulously conducted and analyzed in order to ensure that the new branch would be successful in the new place or territory. Studying a place before establishing a branch there would also be beneficial in assessing and predicting possible gains and losses, which will be useful in assessing if you really need the branch to be in that place, otherwise, failure will only follow without proper study and market research.
The main purpose of establishing branches of businesses in other places or countries is to expand market reach, heighten brand recognition, and give convenient access to customers who want to avail the products or services in their respective locations. Branching out would always be a smart move in expanding and making your business bigger, which is why choosing a perfect location for it would be a really important decision.
Thailand has been a top place where brands have been expanding their business lately. Being a business-friendly country with a large number of consumers, Thailand is a top Asian country when it comes to putting up branches of your business that will be successful in the long run. here’s why:
Thai Power: a highly skilled workforce
Especially in the technology and manufacturing sectors, Thais are known to be highly professional and hardworking. Their strong workforce, equipped with strong technical and operational skills and people that are willing to learn, will help in ensuring your branch in Thailand to be successful. How else could Thailand benefit from your branch? This is of course, by employing Thai locals that are skilled—all for the purpose of making your business reach its goals in their land.
Government perks: The Board of Investment (BOI) Incentives
As aforementioned above, Thailand offers multiple government funding and grants to foreign businesses operating in Thailand. One of these is the Board of Investment (BOI). The incentives range from reduction of import expenses for materials, a 50 percent reduction of the corporate income tax, twice deduction for transportation, water supply, and electricity costs, among other wide array of benefits. Since its establishment, the Thailand BOI incentives have been helping and supporting business owners and their ventures to reach new heights in the market that does not only improve Thailand’s economy but also its business owners. It has attracted a lot of foreign investors over the years for its beneficial incentives which can make setting up a branch office in Thailand more ideal and suitable.
You own yours: 100% Foreign Ownership
Through the help of the Board of Investment (BOI), complete ownership of your branch office even if you are not a Thai local is possible in Thailand. There are options for you to have 100% ownership of your branch if you become accepted for the BOI which makes it perfect for setting up a branch office.
Level up Thailand: the growing economy
Bangkok and other major cities in Thailand are quickly becoming a hub of greatness and development in the whole of Asia, let alone Southeast Asia. Emerging as hubs and markets for various startup companies and various township developments, Thailand is gearing up to be an unstoppable force in economic development, which makes your branching out venture worth it. It attracts people—which makes your business be more visible and accessible not only to locals but even to tourists who visit Thailand which further promotes innovation and expansion, for your business’ own good, all while contributing to Thailand’s tourism and economy.
Where the future lies: future expansions
Building and establishing a branch office in Thailand becomes a kickstart for business owners and investors to learn even more about Thailand’s market strategies. It can provide market knowledge and create more business opportunities and innovations that will be useful for Thailand, therefore, fully investing in Thailand.
Thailand is waiting for that branch office of yours!
What are you waiting for? With all the reasons above, Thailand is waiting for your business’ arrival. With an abundance of possible opportunities and growth, Thailand is a perfect place to set-up a branch office that will make your business reach new heights.
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