Thailand’s Streamlined Laws, Regulations, and Application Procedures for Businesses:
Thailand possesses a well-deserved reputation as a desirable place to conduct business. The Thai government has long been lauded for its fair, transparent dealings with foreign investors.
According to a 2018 World Bank report, Thailand ranked 26th of 181 countries in ease of doing business. It climbed to 21st place in the Doing Business 2020 rankings.
The Thai government maintains its spot near the top of the rankings by eliminating unnecessary bureaucratic red tape and legislation. Thanks in large part to Thailand’s laser focus on making it easier to do business in the country, it has reduced the time needed to start a business from almost a month to less than a week. As much as possible, Thailand has eliminated hindrances to foreigners owning, operating, or expanding businesses.
The Thailand Board of Investment (BOI), the country’s principal investment promotion agency, also offers a number of incentives for businesses in six industrial sectors. Chief among the incentives is eight years of tax exemptions for companies in the following areas:
- Agriculture and food
- Renewable and alternative energies
- Electronics, information and communication technologies (ICT)
- High added-value services (including leisure, health, and tourism)
Thailand’s embrace of foreign investors means that, unless companies are applying for special BOI incentives, no prior government approval is required to invest in Thailand. Most economic sectors are open to foreign investors.
For the IMD’s World Competitiveness Executive Opinion Survey, investors were asked to list Thailand’s top five attractiveness indicators. Here, in order, are what investors most value about doing business in Thailand:
- Business-friendly climate
- Dynamic economy
- Open and positive attitudes
- Reliable infrastructure
- Competitive costs
Would you like to receive a Thailand Market Report? Sign up for our newsletter here: http://asterlion.com/market-report/
Aster Lion is an Employer of Record (EOR / PEO) & Payroll provider headquartered in Thailand that can assist with Thailand visa & work permit application, employee contractor management and payroll solutions. You can reach out to us for any inquiries on how we can assist you with your staffing & employment requirements in Thailand.