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:
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:
Are you looking to make your first hire in Thailand? Here is an article on 5 things you should know about hiring people in Thailand
Looking to navigate the complexities of establishing your business in Thailand? Our Ultimate Guide to Employer of Record in Thailand sheds light on how engaging an EOR can streamline the process, offering insights and support for a smoother market entry.
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