Thailand is known as the land of smiles and is famous for its exquisite beauty, beautiful beaches, historical treasures, and friendly people.
Thailand’s economy is heavily dependent on the tourism industry. People around the world visit this exotic country to enjoy the breathtaking natural beauty, idyllic beaches, and experience the beautiful culture. It also enjoys a strategic location and serves as a gateway into the heart of Asia and is home to one of the largest growing economic markets today.
The incredible natural beauty, mouth-watering cuisine, tropical climate, and relaxed lifestyle are the major reasons that attract a lot of people to start a new venture in Thailand. Thailand offers foreign investors a lot of benefits to make it one of the region’s most attractive investment destinations. Here are some of the reasons why Thailand is a good destination for business.
1. Easiness of application procedure
Thailand is ranked as the 21st easiest place for doing business in the entire world as per World Bank’s 2020 ranking which includes ease of doing business from the bureaucratic procedures and the application process and costs involved.
2. Open and welcoming economy
The Thai business community always loves to welcome foreign investments and companies who have a desire to establish companies in this country. World class ready made infrastructure is easily available for businesses to run their operation smoothly.
3. Reasonable taxation
Another advantage is the reasonable corporate tax which an establishment needs to pay to the Thai government. It may range from 30% to 10% depending on the amount of profit made by the company.
4. Thriving tourism industry
Thailand is known for its exotic natural beauty and beautiful beaches. It is one of the most visited countries in the world. People from around the world visit this place that in turn creates an opportunity for the Thai business owners to meet and get to know their potential customers who might be interested in their business.
5. Affordable business cost
Business and operational costs like office rental space is very affordable and reasonable as compared to other countries.
6. A skilled and well-educated workforce
Well educated and well-skilled working environment always adds on growth and success of a business. A growing number of Thai citizens are well educated and qualified. Finding and hiring competent and qualified people in the country is an easy task. Majority of Thai locals are able to communicate properly in English, with a large number being fluent. To employ foreigner workers read this article about Visa and Work Permit in Thailand
7. A friendly and rich culture
Thailand is a place that is known for its friendly people, natural beauty, and world-class cuisine. This place has gained a well-deserved reputation throughout the world for its kind and pleasant hospitality. The friendliness of Thai people and diverse Thai culture make the visitors feel safe and make them feel like home.
8. Sufficient infrastructure
In order to run a business successfully, proper infrastructure and facilities are required. Thailand has excellent infrastructure, modern communication and IT networks and convenient and cheap transportation facilities to provide excellent living and working conditions.
9. Convenient regional transportation
Thailand is popularly known to be the hub for transportation not just nationally but also throughout the south-east Asian region.
10. Ease of Internet connectivity
The Thais like to spend a majority of their time online and over the past few years, there has been a huge growth in mobile and internet connectivity. The wired network in Thailand is pretty easy to get online even in smaller towns. The wireless network, on the other hand, has seen a real surge in popularity and implementation however is much easier to put the infrastructure in place.
11. Thailand is safe
Thailand is actually quite a safe country in many respects. The Thais are (for the most part) very easy-going and a lot of what is portrayed in the west is hyped-up for the media.
Source: World Bank
As Startup Specialists, we have used our knowledge and experience to set up a free portal of frank, accurate information. Do check out www.startupinthailand.com for more details on doing business in Thailand /Asia or for a free startup consultation.
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