For some people, establishing his own business is much better and more satisfying than working for somebody else. After all, personally owning a business is having the chance to do things his way and his own time by using his personal methods.
And for starters and veterans alike, Thailand cannot be a bad choice to start a business. Expatriates are very much welcome in the country. Other than that, the economy is on a favorable condition and its government has been continuously revamping its rules and has embarked on initiatives to help facilitate and fast track the establishment of such ventures.
Actually, the availability of guides in establishing, conducting and managing one’s own business in Thailand is enormous. These guides can simply be found everywhere. One can find them at the bookshops, magazines and through the simplest method, searching them through search engines.
But, not every written step found on these guides can simply be done by anyone, especially, to a newbie in doing business in Thailand. Moreover, faithfully following every step do not really guarantee 100% success rate or 100% kink-free processing of the business application though when in Thailand, to minimize the impact of such risks, there are only two things that a beginner in doing business in the Kingdom must remember: never circumvent or violate any Thai laws and do a research.
Doing a research
This does not necessarily imply for an aspiring businessman in Thailand to diligently adhere to the “basics on research methods.” Doing a research simply means, the soon-to-be proprietor in the Kingdom must know everything that he should know with regards to his prospective Thai market.
Yet, when considering Thailand as his business destination, chances are, this business-minded individual already had an idea on what type of venture he will be introducing to the Kingdom.
With research, he will be informed that expatriates are only allowed to engage to a limited number of businesses types as some of them are restricted for Thais only while some may be allowed to foreigners like him.
Other areas of concern that he must consider including to his research are the following but not limited to:
- Taxation
- Type of business allowed to expatriates
- Licensing procedures
- Incorporating procedures
- Legal issues
- Property ownership
- Required capitalization
- Labor and related issues
Also, a good research work in Thailand will bring him to the Thailand Board of Investment center, the One Start One Stop Investment Center (OSOS).
Comparing to the guides found on magazines and the internet, the information that the business-venturing individual can obtain at this center will surely be genuine, up to date and precise.
Why is this so?
It is because the OSOS houses every government departments and offices that an enterprising individual needs to approach and inquire.
Here, the aspiring businessman in Thailand can compare the information that he obtained through the magazines, books and the internet or through small talks with established business owners with the information that he will get at the OSOS.
But, aside from obtaining information and if all the necessary documentation are already in place, the businessman can also submit his application at the center too.
Never circumvent or violate any Thai laws
Circumventing or violating the laws in Thailand should never be an option for an aspiring businessman even if doing such will ensure fast facilitation, approval and establishment of his business in the Kingdom.
Like in any other country, he must abide by the laws and policies of Thailand otherwise his application will be rejected or worse, his shop will be closed down and he will find his immigration status in peril if ever he will be granted with the permit and license to operate a business in the Kingdom.
While he can obtain the information on what Thai laws and government policies to follow at OSOS, it will be of his best interest if he will find a topnotch and reputable corporate lawyer or Thai law firm and tap their expert views and opinion on the legal side of conducting business in Thailand.
Not only that, hiring the services of such lawyer or law firm will also help him ensure that his rights as an enterprising expatriate will be protected as guaranteed by law.