What Business Idea may work in Thailand?
Starting a business in Thailand is straightforward. Nowadays, people are opting for Thailand as their business hub. People register their company in Thailand because of the schemes and benefits that BOI (Board of Investment) provides to the business holders. Moreover, Thailand is solely dependent on Tourists. According to a study, more than 40% of people residing in Thailand are tourist. However, registering a company in Thailand will require paperwork and proper identification, which will make you eligible for putting a shop or business centre in Thailand.
Moreover, there are numerous job opportunities in Thailand. It is said that annually more than 30,000 people visit Thailand for pleasure. Therefore, you can imagine the profits you can make if you have the right business centre in Thailand. If you are deciding to register your company in Thailand, here are some ideas of what business you can do to create profits.
Business Ideas for Thailand
1. Import and Export
Establishing an Import Export business in Thailand can be profitable. Thailand consists of one of the largest routes for import and export. This route is because of a large network of seas and oceans that makes Thailand one of Asia’s main transportation hubs. Numerous products have shown significant profits in the past few decades. Some of the products include:
- Mineral oils- $38 billion
- Electric equipment- $45 billion
- Iron and steel articles- $7 billion
- Chemicals- $5 billion
- Vehicles - $11 billion
Thailand has imported around $24 billion in 2019, which was an increase in revenue by 2015 but had a fall in revenue from 2018. Moreover, in 2017, Thailand represented more than 1% of global imports and exports with an income of around $20 trillion. However, it is seen that approximately 75% of imports are purchased from other Asian countries.
2. IT services
Nowadays, Thai people are becoming more and more aware of the need for IT services in Thailand. People understand the need for technology in their lives. Moreover, around a 9% increase in IT sectors in Thailand is seen in the past few years. Nowadays, more and more companies are hiring IT professionals in their organizations. Moreover, numerous individuals are establishing their own IT businesses because they are fully aware of establishing an IT business in Thailand.
The Thai government is also putting numerous effects to boost up the IT sector in Thailand. They have installed cloud security, helping people save their work files without any security issues.
3. Translation services
As we all know, around 40% of the population in Thailand is due to tourists. Therefore, if you are a tourist and setting up a business in Thailand, you will need people who can help you with the language. Nowadays, there is an increase in translation services due to more and more tourists. Therefore, translation services can help you gain some profits.
Registering your business in Thailand is very easy nowadays. You can opt for numerous types of business ideas for making yourself successful. However, you must first understand Thailand’s demographics and people’s minds to know about their demands and needs.
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