Important Factors to Consider When Starting a Business in Thailand
In building a business, there many challenges beforehand before you totally launched your company. There are risks you have to face and sacrifices you have to endure. Now that you are planning to have a business venture in Thailand, you also need to consider factors before you decide. This is to make sure that you made the right step and you will achieve what you aim.
Learn about the legal system of Thailand. Since it has a complex legal process, you need to be aware of its details. Be prepared to fill out several documents to be submitted to different governmental branches before you are able to start your business. Be also aware that even the business is already operating, there are still various legal formalities you have to fulfill like filing the tax income which is very important.
Make sure you know the demand of your target market. Having a proper research will help you obtain information about the trend in the market. It will also allow you to identify your possible competitors and products that excel so you can easily adapt to the requirements and needs of the consumers. In this way, you will have an idea about the marketing strategies you have to do to exceed their standards.
You must learn the four structures of business in Thailand. These are Partnership, Limited Company, Joint Venture, and Representative Office. You must know each of these structures implements each own legal procedures. In this way, you can determine which of the following structures your business falls into so you will also learn the legal procedures associated with it.
You need to follow the guidelines set by the Business Development Office in reserving a name for your company. It is their requirement to file a Memorandum of Association and to reserve the name of the company. In filing the Memorandum of Association, you need to include important details like the company name, location, capital register, and objective of the business.
You need to set a schedule of a meeting to obtain the approval of the incorporation articles. This is done right after you shared the structure of your desired company. You, as well as the company directors, need to submit the “Application for Establishing the Company” after the meeting.
Now that the business is successfully registered, you must get the tax ID card, too. This is very important aside from the documents in paying the tax to ensure that you have an additional proof that you are paying the business tax and they also recognize you as a responsible tax payer.
Now that you got all these important information, you can still continue to learn about their legal system to ensure that every step and regulation done by your company is based on the legality of the country to avoid any discrepancy and issues while your business is operating. It will be easy for you to adapt to the new working environment if you entirely know the appropriate processes they have.