If you are planning to sell your products online to the Thai shoppers, you can be sure that you will have a good sale. The internet penetration rate in Thailand makes it a perfect destination for e-commerce business. Thailand is the second largest e-commerce business in the consumer market, the first being Indonesia. The large numbers of internet users have created a favorable climate for e-commerce businesses. The present revenue rate of Thailand is US$3.5 billion and it is expected to be US$5.8 billion by 2022. Therefore, e-commerce merchants can start a business in Thailand
In this article, let’s explore why Thailand is the best country for e-commerce business.
It has been found in various market reports that online shoppers in Thailand purchase the majority of their products from social network sites. Therefore, to reach a wide targeted audience using social sites, many of the e-commerce merchants make use of social site pages like Facebook and Instagram to post their products and their details. This allows the online buyers to know about their products and they can get information from the merchant directly. There are near about 10,000 online stores in Thailand that you can find on Instagram and Facebook. The companies that are trying to break the e-commerce market have to face serious competition with these online platforms.
One of the main accepted modes of payment that you will find in Thailand is cash. About 75% of the online purchasers love to shop online using the Cash on Delivery mode of payment. COD prevails over the other payment options. However, there are various other alternative options for payment as well as- internet banking, e-wallets, debit and credit cards, mobile banking. These payment methods are gaining ground under the national e-master plan of the Thailand government. Therefore, doing business in Thailand via e-Commerce can be considered as the best because you can do that online. Over 550 thousand EDC terminals have been set up to facilitate credit and debit card payments. The Prompt Pay service has been started since 2017 which allows the registered users to transfer money by using their citizenship ID or cell phone numbers. The mobile applications have been renewed by large banks and private enterprises. The non-banks are promoting their services to attract more e-wallet users.
There has been a huge demand for logistics services because of the high increase in the development of the online business. A lot of changes have been brought in the logistics operation and in the supply chain of Thailand. Various companies providing delivery services are bringing cheap and high-quality logistics services for satisfactory delivery throughout. To cope up with the pressure, central warehouses have been set up along with small pickup and drop off destinations in various parts of the country. This is highly beneficial for small and medium enterprises because they can now pick up the deliverables from their nearest location to ensure the fastest delivery to the consumers at a very affordable price. Some of the major e-commerce companies are- Lazada, Kerry Express, DHL Express Thailand, etc. Therefore, any businesses from large to small can start a business in Thailand and we can assist you in it.
A program was started in Thailand in 2016 with the name of ‘The Digital Thailand 4.0 program’ to create several opportunities for e-commerce business. This program has encouraged small and medium enterprises in rural locations with a high emphasis on the adoption of the internet. This program has helped these rural-based small and medium firms to make use of e-markets and e-payments for selling their products.
Also, the varieties of products that are sold on online platforms are expected to grow rapidly. For example, the food industry will rise from US$187.2 to US$225.4, the fashion and beauty industry will rise from US$531.3 to US$703.5, etc. In terms of the total sales, media and electronics are leading e-commerce verticals.
Read more about Thailand digital scenario
One of the major drivers of the e-commerce market in Thailand is the Government. As mentioned above, the Thailand 4.0 program is supposed to boost the eCommerce business because it is facilitating the use of digital payment modes and e-marketing both inside and outside the country. The program has an agenda which includes the following:
The rising influence of the young generation, modernization by private and public parties and active participation of the international and the local players have boosted the growth of the e-commerce market in Thailand. In this section, we will explore the factors that have facilitated the online business in Thailand.
Every set of business has own set of challenges and constraints. The e-commerce market in Thailand is of no exception. Some of the challenges faced by the market include:-
These are some of the problems that you might face if you start a business in Thailand. However, with so much improvement, one can surely climb the ladder of success. Ask Andy Aditya, an experienced Startup Specialist for any assistance, should you need any, for doing business in Thailand. Contact Startup in Thailand for a piece of FREE advice.
Here are some more Interesting Reads
The post Is Thailand The Best Country For e-Commerce Business? appeared first on StartUp in Thailand logo.
Source: Asian Correspondent
Thailand is quickly growing to be the biggest economy and power in the South-Eastern Asia sector. With a steady rise in its GDP and economy, the Thai people are working really hard in order to contribute to the country’s growth and ensure that their country develops to be one of the biggest economies in the world.
Due to the consistent efforts of the government and the people, the country was able to establish itself as one. Many investors and MNCs have shown a massive interest in setting up their own business in Thailand due to the prospect of such huge growth. If you plan and implement your ideas in the right way, then Thailand can provide you with strong revenue growth over time and you can turn the face of your business within a few years. If you have made up your mind of setting up a business in Thailand in this southeast Asian country, but via a franchise then it is a step towards the right direction. Starting a franchise reduces the risk of your brand-new business or startup idea going down the drain. It mitigates the risk. So, here are the top 10 franchises that you would love to start in Thailand. Make sure to check them out and decide which one interests you the most.
There are several businesses for sale in Thailand that can provide you with huge returns. So, take a look at the top 10 of them in this segment below.
TopGun barbershop chain is the largest chain in Russia and the most intensively growing chain in the world! The chain is already spread in three different countries, 45 cities, more than 250 open barbershops and has acquired more than 290 signed contracts. By purchasing a TopGun barber franchise, you are instantly getting a ready-made business model to work on. You will also get support from the management of the company at each stage – be it software, special conditions for equipment purchase and men’s cosmetics, regular chain advertising campaigns and various other factors that need to be worked on. The initial investment for a TOPGUN barber franchise will be around $55,000 – $60,000. This initial investment includes – 4 chairs and sink, repair, cosmetics, consumables and three months of premises lease. So, it is a really interesting and promising franchise that you can take over.
If you have a significantly bigger budget which is particularly more than $1 million, then Flip Out is one of the best businesses to start in Thailand. Flip Out is a rapidly expanding global brand with having opened over 70 centers in the last 5 years in Australia, New Zealand, South Africa, Taiwan, Malaysia, Dubai, Mexico, Germany the United Kingdom and Saudi Arabia. They have already made huge plans in their company to reach more than 200 global stores worldwide in the next year including many within Europe. The market for extreme trampolining has very recently sky-rocketed in the United Kingdom and Europe and also around different countries globally. Thailand is the hub for entertainment and adventure sports. Therefore, it is a great opportunity for you to cash on if you want to make some great revenue in the coming years. The initial investment is anywhere between $1 – $1.4 million. It will include Use of the brand, Access to various systems, Multiple revenue streams, Development of design layout of the store and also brand-new custom equipment.
If you have a small capital to invest and start a franchise with, do not worry because there is a solution for that as well. Cleanbros Franchise is offering brilliant franchise business opportunities to those who want to start a cleaning business. The company has already carried out more than around 45,000 cleanings and 75% of customers became loyal to them and their number is constantly growing. “Cleanbros” is not just a cleaning company. They offer unmatchable features and services which allow the people to get amazing cleanliness and time-saving facilities. It is the service that has no analogs. 90% of all the Cleanbros Franchise cleaning processes are automated, which allows the people to save time, money, and keep the best prices. The initial investment is around $15,500 – $16,500 which makes it possible for those with small capitals to enjoy a lucrative franchise business in Thailand.
If you love a cup of coffee every morning, then why not start a business with coffee only? Tucano Coffee franchise is one of the fastest-growing coffee business in many parts of the world. Tucano Coffee is not a simple coffee shop. Rather, it is a cafe with a mix of the culture of indigenous Latin Americans along with that one of California specialty coffee. Tucano Coffee is a rapidly developing international business that is spread over 3 different countries and they have already set up 12 coffee shops in all. Their main ambition has always been to make the life of their customers brighter with love and a unique atmosphere. The cafes are decorated with lush interiors along with various delicacies available at affordable rates which attracts a huge amount of customers on a regular basis. Tucano Coffee franchise has a fee of up to $9,310, with a total initial investment of $84,000. It includes – room repair, necessary equipment, and furniture costs, lump-sum payment, outdoor advertising, terrace equipment costs, working capital and the third-party specialist’s services costs, and others.
Who does not like the smell of delicious barbecue and sausages during lunch? Everyone does. So why don’t you set up a delicious franchise of SEORAE Galmaegi in Thailand and provide people with a grand food experience? Seorae is a Korean pork skirt meat BBQ specialty restaurant. They have their own special and unique recipe of marinated pork which differentiates them from other Korean restaurants. This is what makes them so special and popular. Currently, they have more than 94 successfully operating stores in 10 foreign countries that include China, Hong Kong, Canada, Australia, Macau, Singapore, Cambodia, Indonesia, and Japan. They are now looking to expand their business even more and establish a global name in the food industry. The SEORAE Galmaegi has the franchise fee of up to $350,000 (License only) and the cost for store set up investment is around $300,000 – $1,000,000 depending on the size and decors. The cost includes – use of the brand, use of all the recipe, manual and operational system, development of layout design of the store, and the development of brand-new menus. So, if you are a food lover and want to provide your customers with Korean delicacies of the highest order, then a franchise of SEORAE Galmaegi is your best bet.
Everyone likes to eat sweets and doughnuts, throughout the year. However, in Thailand, there are not many popular sweet shops that will provide you with a world-class doughnut, sweets, and other crispy cookies. But Krispy Kreme Doughnuts, Inc., can make that possible. Together with its subsidiaries, Krispy Kreme Franchise operates as a branded retailer and wholesaler of doughnuts, coffee and other complimentary beverages, and treats and packaged sweets. They have more than 1,400 retail shops in 32 countries that are successfully running and generating huge profits. The initial investment for the franchise will be anywhere between $50,000 – $65,000 USD.
RoboThink is an exciting and unique edutainment franchise focusing on STEM enrichment: Science, Technology, Engineering & Math. They provide fun and interactive education and learning classes to the children which offers them with friendly new knowledge and help them to develop skill in various field. RoboThink Franchises offer educational and fun classes, camps, workshops, and events in the fields of robotics, coding, and engineering. RoboThink has a franchise fee of $25,000, with a total initial investment range of $40,700 to $110,500.
Sanford Rose Associates International, Inc. (SRA) is a network of independently-owned executive search firms assisting clients to fill their mission-critical positions by providing executive search and recruitment services for clients around the world. The company was founded in 1959 and is based in Plano, Texas. Various companies and Enterprises required emergency staff due to several reasons and if you open this franchise then it will be a great opportunity for you to make profits by providing high quality and trained individuals to these companies who are in need. Sanford Rose Associates has the franchise fee of up to USD 88,000, with a total initial investment range of $108,250 to $143,580.
Döner & Gyros Franchise will allow you to provide people with high-quality food and beverages that will help them to lead a healthy life. In a fast-paced world, it is important for you to provide the people with snacks and food items that they can eat on the go and Döner & Gyros Franchise does the same. Their initial investment depends on the demand in the location you want the franchise.
GERRY WEBER International AG is one of the leading German fashion companies with a group of 5 brands – Gerry Weber, Tai Fun, Samoon, HallHuber, and Talkabout. Together, they symbolize fashionable clothes and accessories for all those demanding and high-quality-oriented customers who do not want to compromise on what they are wearing. Gerry Weber has the franchise’s initial investment range of $90,000 to $150,000.
So, here are the top 10 interesting and lucrative franchise businesses that you can think to start in Thailand. Make sure to contact the company authorities of whose franchise you want to open and then discuss all the norms, regulations, and conditions that will be required to be followed in order to start a successful franchise business. Legal Assistance in Thailand is available for you on demand.
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Few More Interesting Reads:
The post Top 10 Franchises That You Would Love To Start In Thailand appeared first on StartUp in Thailand logo.
Source: Asian Correspondent
This is the age where the majority of the budding entrepreneurs are motivated to prove their worth in this prosperous culture of technology and innovation. One of the best things is that these motivated entrepreneurs are challenging the big industries. Though the majority of the startups are building up their presence amidst the already established businesses, there are some that unfortunately vanish in the blankness.
Now the question is why some of the startups are vanishing in the first place? Well, the very obvious reason is that the startups are associated with high chances of risk, adopting a new strategy and failing to execute them act as triggers. In this article, we will talk about the major problems of Thailand’s startups and its solutions. For example, setting up a business in Thailand comes with a lot of challenges like-product differentiation, financing and lack of ICT talent.
When discussing startup firms in Thailand, one of the major dynamic players in the market are the telecom operators. Other than the ordinary key players in the market like business sectors, VC’s, and others, the telecom service plays an active role in the market. The pattern of contributions made by Telco in new companies is something that is observed in other nations as well, for example, Indonesia’s Telkomsel, Singapore’s Singtel, and Philippine’s Globe Telecom. It is highly appreciating to see such a thing taking place in Thailand as well. However, here are some of the problems that the majority of the new startups face.
One of the essential things required for setting up a business in Thailand is the availability of a sufficient amount of funds. It requires a smooth flow of cash to survive in Thailand. One of the biggest problems faced today by small firms is the lack of finances. With an increase in income, there is a simultaneous increase in expenditure. Moreover, the startups are highly dependent on the investors who provide them with sufficient support.
During such situations, the first one that faces problems in managing their finances is startups. As a result of this, they have to face a lot of pressure. Though the entrepreneurs have to ensure that they have sufficient funds to carry out their business activities, at the same time, they need to pay salaries to the employees and have to pay the bills for mortgage and groceries as well.
A good read could be How to obtain financing for your business in Thailand
To start a business in Thailand, companies have to consistently discover methods for limiting their expenses. To speed up receivable processes, the method of invoice factoring has to be selected. With the advent of new technology, things have become very easier. We can now make use of digital means to make the invoice payments and therefore, there is no wrong in asking for immediate payments from the clients. Credit needs to be secured before any requirements of the business because this will help them to know how much amount of funds will be needed to carry on with their business activities. Using accounting software is also essential to keep a track on the Money going in and out.
The majority of the startups come up with brilliant ideas and innovations, but what is evident is that the entire business equation is lacking marketing strategy. It also lacks a proper strategy for branding, using media and PR, developing a corporate identity that includes a presence in the online market, using online and offline strategies to gain a wider user range, investors and vendors.
What is ironic is that majority of the agencies that are involved in promoting accelerators; incubators and corporate hubs are all run by those who do not have any basic knowledge to use marketing strategy. Let’s ignore the whole marketing range! Considering only on Media and PR, you will see that majority of the persons do not have an idea on how to explore these platforms to fulfill their goals and objectives. There are also a few startups that do not have an idea of how to use the media for promoting their businesses.
The availability of digital means has opened broad channels for marketing- mobile, electronic, print, online and video advertising. Before setting up a business in Thailand, it is essential for these new companies to adopt new and innovative marketing strategies, using advertisements to promote to let people know about their services and the products.
In a nutshell, a good marketing plan is one that should have a proper vision, mission, and a proper business goal. The plan should be able to help others know about the role of your products and services. The strategy needs to be efficient that would motivate the customers to be loyal to your products and the services. For example, Apple Inc. is successful because of its exceptional advertising plan and its products are highly spontaneous and user friendly.
One of the universally recognized languages and an accepted medium of language, both for local and international business is the English language. Most of the schools and universities in Thailand impart education in English and therefore it is not always a problem to find English spoken candidates or employees for your business. But the major problem is that the startups in Thailand lack proper English skills and therefore, it becomes difficult to communicate and sell their products and ideas to the international entities. If you are thinking that only the local language will be sufficient to doing business in Thailand, you are absolutely wrong.
Thailand is a business hub and you will find people from different countries residing here. It will not be sufficient to target only the Thai market. You should also keep this in mind that the entire concept of startup was coined in English and therefore, each and everyone who is planning to set up a business over here, need to have good command over the English language. The worst part is that there are various accelerators and startup agencies in Thailand where English is hardly spoken or understood. There are shreds of evidence where such agencies have not been able to keep up with the language in foreign events including present a proper business plan in English.
The only solution to this is that before you start a business in Thailand, it is very important to have a strong command over the English language. If you have plans to do start something new, then you should take English classes so that you can at least present your business and marketing plan or deal with the foreign investors. You need to decide on what is your direction for your startup idea. If it is only for the Thailand market, then you may or may opt for English proficiency but then the business spread becomes quite limited. Any startup initiatives, we feel need to have a wider spread and that is only possible in embracing a universal global language like English. You can make your venture more profitable a lot of profit if you are head towards in the right direction.
A successful business does not always mean that it has a lot of customer base or it has a wonderful market share. What matters is whether the company has a strong employee base or not. One of the challenging things for any company is to create a dedicated team of employees working together in cooperation and harmony. The focus remains on efficiency but that should not mean just adding more numbers to the company. There is a need to find someone who can work on your project and who is trustworthy and reliable. Though Thailand has a good quality of honest, sincere employees, but lacks a proper set of ICT based skills and talent. The technologies are improving every day but the level of skilled workforce in Thailand is not unto the speed and is lagging behind in terms of knowledge. Thailand needs to step up technology education right from the school level to ensure the growth needed. You might like to read a bit more on the technology scenario of Thailand
Thailand is full of people looking for opportunities and jobs. In fact, there is supply more than demand, which means there are more jobs available than the people interested. However, not all of them are capable of doing everything that you are looking for. Properly advertise your jobs and state down the qualifications and the requirements of your job to get hold of the right employees. Also, the education system needs to be developed more and more so that the upcoming graduates are well versed in English and they acquire proper working skills. the universities should include more practical sessions so that once they pass out of the college, they can get recruited in a reputed company. On the job training at an early stage of employment is also very effective and capable of reducing the void of experts in the field.
Setting up a business in Thailand is difficult because of fierce competition. The number of startups being launched in the market is huge. Nearly every day, a large number of startups are being introduced and they are dominating the market. This poses a lot of challenges for new businesses to stay in the market.
You need to have a lot of creativity and innovations in your mind because the other newcomers have entered the market with a lot of new ideas. But this also has a positive side. The variety of new ideas pushes entrepreneurs to think out of the box. There is a huge gamut of scope and opportunities available but the newcomer has to make proper research on his niche industry that has to be different in outlook and its approach. This will help you to stand out from the rest!
Interesting Reads :
Source: Asian Correspondent
If you are willing to venture into a new business then Thailand is the place to be. With the second-largest economy in Southeast Asia, there is no other place that can offer you such a growth in the business. If you are in Thailand then there are various options to consider.
You may expect a huge growth if you are willing to venture into the huge industrial sector of the country. You may also like to sell customized services in the country ensuring the fact that you have huge growth. If the business is your goal then this is the place to be. Even if you are willing to open a small business in the country than the country will certainly assure you of huge growth.
A major benefit of doing business in Thailand is that you do not have to be a resident of the country as there are multiple ways of doing it while you manage your business from overseas.
So, Thailand is surely the place that stretches its arms open to all the business enthusiasts promising growth and letting one to make millions in the fastest possible way.
Here are some business ideas that might grab your attention:
Every year there is a huge number of tourists visiting Thailand. This is one of the best destinations for tourists from different parts of the world. Imagine your leisure time with some great craft beer. So, here comes your brewpub offering the best Craft Beer with different tastes. If you have a brewpub in Thailand you will surely generate huge sales. The market has seen a huge expansion over the last few years.
A microbrewery is a new trend in the brewing business. If you think that brewing is a difficult process then you are mistaken. All you need to do is to follow the right steps. This will make sure that you establish a successful brewed beer business in Thailand attracting huge customers every day. However, you need to make sure that the quality and the flavor being offered by you is unmatched.
Another important factor that needs to be considered is the legal formalities. You need to have a license to sell beer in Thailand. You must follow all the steps of documentations and get the finances arranged. Once you are done with that you are good to go with your business.
If you are a talented chef then this one is for you. Venturing out into the catering business will keep your profit margin high. This is one of the most profitable businesses in Thailand. If you have to think of one of the most financially rewarding businesses in Thailand then the catering business would top the list.
However, be prepared for hard labor and meeting deadlines. Your customers would wait long as they have multiple options. You need to be quick when it comes to the delivery. At the same time, you also need to maintain quality. The new trend of a destination wedding, business tours and a huge amount of tourists visiting Thailand make the catering business one of the most lucrative businesses in the country.
Food online is picking up these days and once you develop your business, you can tie-up with local online food delivery companies to utilize their network for your catering service.
One benefit of the catering business is that you can set a home-based food production unit that would lower your investments to a major extent. As tourist is coming every all year you will get the opportunity to sell your food products to a large variety of customers. So, catering business is one great idea for those who are interested in cooking and are keen to serve delicacies to the food lovers.
With the world becoming one huge digital platform the digital marketing agencies in Thailand as seen rapid growth over the last few years. As businesses grow in Thailand there is a huge demand for digital marketing.
In Thailand, you are not just limited to making websites for products and services but will also get the opportunity to design digital games for the online portals. This is a way through which the businesses would draw the attention of clients. If you are confident about your skills and if you are passionate about the digital marketing space than Thailand is the place where you will see your dream come true.
However, before venturing into such business you need to make sure that you have the necessary skills. If you are capable of designing attractive ads online or you are a skilled manager of social media or you are good at online promotions and advertisement than the digital marketing space is the best choice that you can make. A good read can be to look at the digital scenario in Thailand.
It is also essential that you have the right structure for your business which is per the government requisites. Alongside you also need to make sure that you complete all the legal formalities and get yourself a business license. The government often offers special incentive schemes once your company is registered under the Board of Investments
The economy of Thailand is growing and so is the Auto Industry. This is prominent with the fact that there are more cars in Thailand than ever. This can be seen as a huge opportunity for business.
Not every car owner would know to drive a car. Getting a license to drive a car is also a huge hassle. What if you set a business that helps the owner drive their car and also get a license. All you need to do is to establish a driving school. Over a while, it is seen that there is a rising demand for driving schools in Thailand.
If you are willing to have a driving school in Thailand than you need to have a franchise. The fee for having a franchisee in Thailand is not that high. This is the best way of establishing a driving school helping you to mint money quickly. However, in Thailand, you need to be specific about your driving school. You can have a commercial driving school or you may want to have a driving school for the physically challenged people. In both cases, the approach would slightly differ based on your priorities.
Surf the internet and you will come across several motivational speeches talking about dreams. But one thing that is being most talked about is passion. If you want to get into a business in Thailand you need to have a passion for the same. You need to love what you do. Most millionaire who climbed the ladder of success states the fact that passion for your business is an important element.
Another important and necessary factor is investing in self-improvement. Self-improvement is a quality that one needs to have when they are willing to get into a business. Looking at every step and finding the chances of improvement is an essential quality. You also need to learn the skills of making your income high. You may like to invest in books about entrepreneurship.
If you think that all you need is money for a business than you are mistaken again. If you are skilled enough to start a business you will have financial organizations ready to offer you money. All you need to do is to develop an organized plan. Above all, you need to make sure that you are organized and goal-oriented.
Your focus and vision is an important factor that needs to be your highest priority in life. This is how millionaires are made.
Source: Asian Correspondent
The majority of the foreign and the local investors are looking forward to starting a business in Thailand. But the question is what makes Thailand a startup hub? Thailand has an ambitious goal of developing 50,000 high skilled workers. Even the Prime Minister, Chan-o-Cha has high expectations to make Thailand a global startup center to attract investors from different corners of the world.
The startup goal goes hand in hand with the initiatives taken by the national government to modernize Thailand by making use of technology. It wants to transform the business economy into a value-based economy through the mobilization of innovations and technology.
Thailand is a beautiful destination known for its exotic beaches and pleasing sceneries. The economic condition of Thailand entirely depends on the tourism sector. The mouth-watering delicacies, intoxicating beauty, friendly people, relaxing lifestyle, lower living costs, and the pleasant climate makes it a perfect destination to start a business in Thailand
There are various factors that make Thailand a perfect destination for startups. People here can work from their laptops or smart devices from any part of the world. Let us now take a look at some of the reasons why you can think of starting a business in Thailand
One of the main reasons why Thailand is a perfect startup destination is that the cost of living in Thailand, especially Bangkok and Chiang Mai is low. Therefore, it is always profitable to start a business in Thailand.
It all depends on how much comfort you wish to have but you can easily live a comfortable life within a salary range of $800 to $2000. Also, the rental spaces in Thailand are cheaper and you can easily rent a shared apartment between the price ranges of $250 to $450 every month. You can also rent spaces at a very affordable price.
Thailand has an excellent transport system connecting not only within the cities but also throughout the southeastern region. The easy accessibility of transport will be more convenient because the new investors would come up here and start a new business that would flourish the industry.
Infrastructural opportunities and location make it possible for starting a business in Thailand.
Thailand is located in the center of Southeast Asia with huge naval and ground links with bordering countries.
Thailand is a perfect gateway to the Asia Pacific and ASEAN markets thus making it a perfect startup hub. The infrastructure also plays an important role which includes an improving computerized structure that reached sky limits after the introduction of 4G benefits in 2015. This innovation helps opened wide the ways to web-based business, a prominent business inside the Thai society that is moving the essence of the nationwide financial make-ups.
Infrastructural issues like slow internet connection and power cuts are not a major problem in Thailand and therefore it allows you to start a business in Thailand successfully. Infrastructural supports are also available in Chiang Mai and Bangkok.
Thailand holds a beneficial position because it is within ASEAN’s highest three in terms of volume and size of international trade. Zero levies between the best five ASEAN individuals (counting Thailand) were executed on 10th January. Read more about ASEAN Region
The Thai government invites remote speculation and by and large leads professional venture approaches, something that pulls in enthusiasm from universal investors. The nation likewise keeps up a market-oriented and open economy and foreign investment is viewed as a method for advancing Thai business, technology, and economic development.
The government of Thailand offers a wide range of services through the Board of Investment of Thailand which includes- support services, tax incentives, and import duty franchises to organizations from different divisions trying to put resources into the market. Download the BOI Guide to understand how it operates.
An important feature of starting a business in Thailand is that the business culture is supported everywhere including Phuket, Bangkok, Chiang Mai (the second largest city of Thailand). Furthermore, there is a large group of collaborating space in Bangkok. The expansion of business visionaries and collaborating space in Bangkok are real factors that make it simpler to oversee business activities and it is done at reasonable expenditures.
The majority of the ventures find it difficult to get access to venture capital. Venture capital in most of the markets is tricky, hindering the development of numerous new companies. However, this is just the opposite in the case of Thailand. First of all, there are all of five significant investment firms situated in Bangkok, Thailand. Also, the businesses get financial help from the incredible six worldwide firms that are committed to providing financial support to these businesses.
Thailand has been able to draw in investment financing, which is similar to the case which took place in 2014 and everyone wondered why business visionaries are rushing to, and flourishing in Thailand. In 2014, Thailand was able to pull in $30 million in finance. Along with access to project funds, businesses in Thailand can get tax free incentives from Thailand BOI. If you wish to start a business in Thailand you can enjoy the benefits of the Board of Investment. The benefits include a tax package consisting of attractive incentives like – essential work certifications, no constraint on manufacturing undertakings.
Bangkok is a metropolitan city that is affordable as well as modern. All the luxuries and life conveniences can be enjoyed without breaking your wallet at all. The people of Thailand are friendly and the city is beautiful and attractive as well. Because of the friendly nature, you can easily cooperate with other people, make friends with local and foreign investors, get access to funding for your ventures and work together with other entrepreneurs. You will find that the lifestyle is high but the city is cheaper than it is in other cities.
A well-educated workforce plays a very important role in business growth and success. The majority of the citizen living here are well educated and knowledgeable. If you are planning to start a business in Thailand you will not have to face any difficulty regarding the hiring of local staff. The people here are competent and highly qualified so you can expect quality work from them. Even the local people have good command over English and they can speak with you in a fluent manner.
Thailand is a beautiful destination known for its exotic beaches and pleasing sceneries. The economic condition of Thailand entirely depends on the tourism sector. It is one of the most visited destinations which also includes Bangkok and Phuket. It would make incredible advantages and a bit of leeway for the proprietors to create meaningful relations with the customers. Individuals from around the world make a visit to this spot and find opportunities to meet their potential clients who might be concerned about their business. You can earn a very high profit if you start the right business in Thailand. If you want to start a business in Thailand, you need to know your strengths and weaknesses first. Without the right choice of business, you may not earn a handsome profit.
The major contributor to the economy of Thailand is the Tourism sector. Therefore, the startup opportunities in Thailand are more in this sector. One of the major examples of a startup is Local Alike, an endeavor that joins social obligation with the travel industry by working together with Thai people groups and organizations to make credible and vivid encounters for explorers.
The most attractive ventures among foreign investors, along with payment and fintech is the E-commerce startup. The rise in the number of online users and high rates of penetration are the sole causes of rising in e-commerce ventures. Few other factors influencing the rise of the e-commerce venture are the rise in the middle-class population acquiring high powers.
However, the new companies are also looking for new doors in more specialty showcases as well. An example of such a venture is the Wishbeer, which became a very famous online selling beer shop on the internet. Having more than 500 stocks, the customers can order an Agri-Tech beer and it will be delivered to them within Thailand in the shortest time possible.
Agritech and savvy cultivation are very much popular because 30% of the population depends on agriculture for fulfilling the basic necessities of life. Thailand is also planning to launch accelerators for setting up an Agri-Tech venture in Thailand in collaboration with global startup accelerators.
Also, Thailand is a safer place for doing business. It is considered to be a safer country as compared to the others. Therefore, one can carry out their business operations in a hassle-free manner. If you are starting a business in Thailand, it would be the best decision and with the right choice of business, you can earn a good amount of profits.
If you are looking for startup options in Thailand or a representative option, let the startup specialists assist you. Connect with us for any investments in Thailand and we would be able to guide you through a smooth process to success in setting up your business in Thailand.
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Source: Asian Correspondent
The coronavirus is having a great impact on the world’s economy and hence governments across are worried about it. As for now only China came out as a right policymaker in fighting corona and alleviates it.
This disease has hit us more than the 2007 recession which was considered as the Greatest Financial Crisis in 2007-08. But Corona has impacted all the areas of a person’s life from household to business, financial institutions to markets. Everyone across the globe is forced to work from home for days together and it seems the only option to get over it.
What the United Nations Has to Say On Global Economy
UN Department of Economic and Social Affairs (DESA) declared that Corona has shrunk the global economy by almost 1%,.and this pandemic (COVID-19) is disrupting the global supply chains and international trade. Under such conditions work from home is advisable. Thus have a look at how it can be useful.
Everyone talks about work-life balance and economy but very few think about it in an appropriate way. According to researchers work from home is the best way to the work-life balance of their employees. Many love to work from home.
Most of the major companies like Amazon, Facebook, Microsoft, Twitter, and Google have already implemented work from home policies for many of their employees. Many researchers have presented in their report that how work from home can increase the productivity of their employees. Though it is still a debatable issue what is more profitable and appropriate when we talk about work from home.
But recent natural disaster has forced everyone to get into this unique scenario of working from home. Everyone has come to realize that it is not as difficult as it is thought to be and it can really provide flexibility, independence and take performance to a different height. We have talked to several people and found out that most of them are putting in more hours of work than if they were at the office. However, this we have only seen amidst the Asian people, working in non-manufacturing companies. For Non-Asians, we are sure that productivity would be good as well, only that we did not do the research yet.
Read More about – How to mix pleasure with Business
• It saves their commuting time: This can be both morale booster and time-consuming. Also, fewer amounts will be spent on transportation and we can protect our environment from getting polluted.
• Flexible Schedule: Now you can maintain your schedule and take breaks at any moment you feel like. There is no need to rush up or hang up on your family members; also you have your meals on time.
• Easier and convenient: We should be thankful for the internet which has actually made it possible and we can easily remain connected to the office. We can find access to wifi anywhere these days and various applications like zoom or skype help make remote communication a breeze.
• Need not to pay for office space: Working from home means either there is no office or less office area is required. In this way, a lot of money can be saved which is spent in the name of infrastructure. The money thus saved can be utilized for various other purposes like the expansion of business, marketing, etc.
• No extra expenses: On the one hand when we talk about less office space or no office then, on the other hand, we can also save a lot of money which is spent in the name of office inventory, supplies or snacks.
• A company can hire the best: No office means that you are capable to work or hire your employers from any corner of the world. Many freelance networks have capitalized on this concept. Various top companies have hired one of the best software developers from all around the world.
• No time wastage on useless meetings: Now employers, as well as employees, concentrate the maximum of their time towards increasing productivity rather than spending it on useless meetings.
• Employees may be less likely to quit: Employees feel happier while working from home and if they are happy then there are chances that they will not quit.
• Increase in employee loyalty: Work from home is a dream of many employees. When the employee feels he is happy working happily at home then chances are there he will remain loyal to the company.
• Fewer sick or casual leaves: This will ensure the reduction in the number of casual or medical leaves. The employees who feel mildly ill can still work from home. Also, it prevents the further spread of some diseases like cold or flu.
• Reduction in the need for vacation: Working from home is already a homely feel for the employees. They remain recharged as they know that along with work they are spending time with their family as well. So the inclination towards vacation may reduce in them.
• Employees can work longer: Now as the commuting time is getting saved, the employees now can work for more hours. The spent on commuting can be spent on productive work.
• Custom environment: Employees can set the environment they work in like the reduction in noise levels or the usage of the lights or any such thing.
Companies are certainly following the trend and most of them have given the flexibility of working from home to their employees, if not every day then at least once or twice a week. This thing is changing the way of work, especially in the tech zone. Thus not only employers but employees also finding it more productive, time-consuming and it can save money as well. Moreover, it makes employers have a balanced work-life scenario.
Many of the people who are working in the tech sphere find it more beneficial. For them, it sounds more befitting to their personality. The women are the best who are getting the maximum benefit from it. They can handle their children, family and work efficiently.
Today, more and more entrepreneurs are working from home, as digital workspace is extending to connect the world together.
Self-discipline is as important as your meals. If you are self-disciplined you can conquer anything. So is in case of work from home, it is a must that you set up a regular time for office hours. Getting organized is the most important task you need to learn in order to have a healthy work-life balance especially when you are working from home. Start your work on time as you would do at the office.
To get the maximum benefit of working from home, it is imperative that you structure your day which should include your working time, rest time, mealtime and other activities time.
You can make a list of urgent tasks and less urgent tasks. Do the urgent tasks which need your attention on that day or which is pending. Do not open your email box before that. Looking at emails is a big distraction for you and it will sway you from your urgent works. The first 2 hrs are most important for you to work on priorities, as memory and concentration happen to be at its peak during that time. So this way you can plan for a more productive day.
Consistency is the key to any work done with success. Try to set a designated area for yourself, maybe a spare room in your house or a table in the corner of your living room or drawing-room. Keep it spick and span.
Everyone needs their own space to work. A cluttered desk with unnecessary things takes away your concentration. Keep it clean and we are sure you would feel much more motivated to work.
Set a time to take a certain break from your work-time to time. It will not make you feel exhausted. Take breaks for lunch, meals in between. Even sometimes you can socialize and can get out with some friends. If you keep fitness as your priority then you can also go to the gym. Keep it flexible but well planned.
It should not happen that while working you keep munching snacks all the time. This is not only bad for health but takes away part of your concentrated work effort. Plan your day and week well in advance.
This is one of the biggest challenge in case one work from home. We know we are surrounded by family and there are many chores to do an errand to run. But staying focused will help you to be more productive. Again, planning things in advance is a good idea. However, everything cannot be planned and we need to take adjust our plan to ad-hoc situations. Think ‘working from home’ is a project and your success will depend on how well you can handle the Project including the change management of it.
Though we know we are at home and feel comfortable in Bermudas or t-shirts. But the way you dress impacts your psychology so try dressing appropriately even you are working from home. Try to follow the office culture at home.
If your office is traditional, then wearing long-sleeved shirts, trousers, and a tie is desirable with the option of a jacket if its not too hot. However, if your office culture is non-traditional then you can wear jeans, casual shirts, etc. The idea is to dress as you would be in the office. This only elevates a certain amount of respect not only to yourself but also to your family members who feel that a part of the house has turned to be an office for a good cause.
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Source: Asian Correspondent
The customs of Thai people appear to be quite conservative that may not be very easy going for the westerners, but in the general sense, the people of Thailand are very friendly and are relaxed. If a foreigner fails to show up etiquette, the people of Thailand will not accept it wholeheartedly.
Therefore, if you are thinking of setting up a business in Thailand, make sure that you are aware of their culture and traditions. Since most of the business is predominantly done in Bangkok, which is a vast city and with the prevailing traffic conditions, it is almost certain that anyone would not be able to squeeze in more than 2-3 meetings in a day. Of course, nowadays people are not so reluctant to having virtual meetings online.
Thailand is a Buddhist country but one can also find Muslims in the southern part of the nation. People over here enjoy holidays in April and May. This is the time when most of the businessmen go on for vacations. So the best time that we would recommend for opening a business in Thailand would be either June to November or Jan to March.
Thai society is a hierarchical society and it is observed that the people of Thailand might ask you several questions when meeting for the first time. These questions are asked to understand their level in the hierarchy. The foreigners who come here for opening a business in Thailand may not like these questions but the best thing will be to accept them in a friendly manner. Doing business in Thailand will give you different perspectives on Thai culture. Thais are easy-going, friendly and relaxed. The Business contacts will remain unaffected if you maintain a social etiquette. Knowing more about Thai culture can help a lot when making first impressions.
As mentioned earlier, do not get offended if they ask you too many questions. They just want to confirm your position in their social hierarchy. You should make use of business cards because it helps a lot in showing your work title clearly.
Setting up a business in Thailand is not an easy job. Before you even think of doing business, the first thing that you need to do is to find potential clients with whom you can do your business. Usually, the first meetings revolve around entertainment and lunch. But now the question is how can you make meaningful relations with others? Smile is considered a great way and it can make a huge difference. Stay positive and relaxed. Be sincere with your work. Hugs and Public displays of affection are not at all common and therefore, a smile will do the job. The people of Thailand prefer building friendly relations before discussing business. Before reaching a final decision, the issues need to be addressed at different levels. This is because Thailand has a pro-business attitude. The first meetings take place over entertainment, lunch or drinks. This is one of the important parts of building mutual relations with your potential clients. Another important criterion in Thai communication is the way you use your body language. Always communicate with others with respect. Indirect responses and delicate body language help in preventing any kind of misunderstanding and confusion.
Meeting schedules and appointments have to be made beforehand. Before making arrangements for business, it is important to decide on the date, time and venue of the meeting. You can show your respect by proving your punctuality. Thais are highly punctual and conscious about time. You have to be punctual during important meetings and discussions.
Before opening a business in Thailand, it is important to know the dress etiquette of the Thai people. The work attire is conservative and formal. Avoid any bold or dark colors. Try to go for light colors. Remember! Do not wear any complete black attire to the office. The black attire is used for funerals only. Here are few tips for men that they can wear on office days- Dark suits, ties, white and light-colored shirts (probably long sleeve shirts). Choose light materials that are breathable like silk and cotton. White or cream shirts with Black trousers are best worn in Banks and Financial organizations. However, it is apt for other meetings too. When strolling outdoors, you can put on your black jacket because that is highly acceptable.
The dressing choices are flexible for women as compared to men. They can wear colorful clothes except for bright red. You can stick to knee-length skirts, business suits with pants, gray-white-or dark-colored outfits, formal blouses that will cover your neckline and shoulders completely. There is a general thumb rule for both men and women i.e. they need to check their socks properly. There shouldn’t be any holes or mismatches when removing your shoes.
Titles play a very important role in business etiquette. The people of Thailand are very polite and soft-spoken. They address the foreigners with their first names. However, if you are addressing Thai people, use the term ‘Khun’.
As far as the business cards are concerned, they are usually given with the right hand after greeting and handshaking. You should give the card to the most senior person. One side of your card should be written in Thai so that it becomes easier for them to understand. In some of the Asian countries, it is considered as a respectful gesture to give comments after seeing the card.
Here mentioned are few tips for meetings and negotiations when opening a business in Thailand.
As far as the negotiations are concerned, here are few things to do:
Now we will discuss the management aspect of a business. The first interaction usually serves the purpose of building relations and rapport. The final decision is made only after a lot of debates and discussions at different levels. A small conversation is highly appreciated before directly jumping into negotiations. The connection, status, and power play the primary role than the subject matter in discussions. The Thais willingly accept offers from foreign business owners because of their strong business network and connections. Thais are extremely courteous and they do not reject offers directly. They try to remain courteous by giving vague answers. Therefore, if you are setting up a business in Thailand,you have to be polite and maintain a subtle attitude especially when they give you negative responses. The delicate discussions are usually held by senior managers. Do not interrupt the Thais when they are speaking. Do not put your hands inside the pocket and do not wave your hand when talking to the Thais. Waving hand is a sign that you are angry.
The Thai culture, food, and traditions are quite different from western countries. Therefore, if you are opening a business in Thailand, make sure that you are completely aware of their culture, religion and their beliefs so that you can initiate good relations with the people of Thailand and attract a huge client base for your business.
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Source: Asian Correspondent
If you are planning for opening a business in Thailand, consider it to be the best decision of your life. You will need to find a location that is not just cost-effective but it should also be able to motivate your workforce. It has to be a location where you can find other entrepreneurs sharing some thoughts with you and you can find like-minded businessmen to build up your own network. The maximum GDP of the nation is from items that are exported far and wide.
Thailand is a big place and you need to decide which will be the right location for you. After thorough research, it has been found that the district of Phrom Phrom or Asoke in Central Bangkok is the best place for setting up a company in Thailand.
Thailand is blessed with an abundance of raw resources and varieties of fisheries and stones. Thailand is one of the major exporters of textiles, jewelry, tourism, electrical gadgets and so much more. Therefore the investors, both local and foreign ones, find it to be the best destination to start a business.
In this article, we will talk about why it is best to set up your business in this influential area.
Bangkok is one of the ideal locations to set up the real estate industry. Phrom Phrom or Asoke in Bangkok is the right place because it is located in the central area. The district is home to two of the very famous subway stations where you and your employees can travel. Bangkok is home to a variety of shopping destinations and businesses and therefore, your employees won’t feel bored after meetings. Benjasari Park and Queen Sirikit Park are one of the famous parks in Bangkok where the office goers can rejuvenate, especially if the lush green landscapes oversee their offices. Your employees will be happy and satisfied if you plan to open your business here so they can relax after work.
Bangkok is also home to various shopping malls and delicious lunch places. Therefore, it becomes very exciting for the employees to work as well as enjoy varieties of delicacies and also visit the shopping malls. Just imagine your office is located somewhere near to this locality with so many amenities. Your employees will not be enjoying their work but will also have a healthy working environment. It will decrease their stress levels and make them more productive.
The majority of foreign investors think of setting up a business in Thailand because of the low wage rates, which is much lower as compared to other western nations. The daily wage will vary depending on the qualifications, skills, and expertise. However, the starting salary will be a minimum of $8.5 per day. The workers have to work for 8 hours a day and the workers are given permission to work up to 48 hours per week. The majority of the companies have a working schedule from Monday to Friday and they operate for 8 hours daily. Also, the employees can enjoy 13 national days every year and a minimum of 6 days holiday after working for a consecutive 12 months. The best thing is that the female employees can enjoy 90 days of maternity leave, out of which payment for 45 days will be given to them.
Thailand is home to more than 68 million people and comprising of different nationalities and ethnic minorities like Lao, Chinese, Indian and Cambodian people. Do you know why opening a business in Thailand is advantageous? Because Thailand is home to so many minorities and nationalities, each individual brings different skills into play. You will find people having different skills from different company backgrounds which can prove to be beneficial for your business. The world constitutes 1.01% of the Thai population which means that out of every 100 people; at least one of them belongs to Thailand.
Thailand is a perfect gateway to the Asia Pacific and ASEAN markets thus making it a perfect startup hub. One of the best reasons to start a business in Bangkok is that it has a perfect location and is home to one of the largest rising commercial marketplaces in the modern world. Thailand maintains trade relations with India, China and newly formed associations of the South East Asian Nations. Altogether it has been termed as ASEAN.
If you are setting up a business in Thailand, you will easier access to the sub-region of Greater Mekong, where new potential markets are emerging and enhances the chance of doing greater business over here. Thailand is the founding member of ASEAN and has actively participated in the formation of a free trade area of ASEAN. This is also known as AFTA, which came into force on 1st January 2010. You can also get accessibility to the dynamic markets of the region. Thailand is attractive for its production base and therefore it attracts various foreign companies to get into a free trade agreement with Thailand.
The majority of the ventures find it difficult to get access to venture capital. Venture capital in most of the markets is tricky, hindering the development of numerous new companies. However, this is just the opposite in the case of Thailand. First of all, there are all of five significant investment firms situated in Bangkok, Thailand. Also, the businesses get financial help from the incredible six worldwide firms that are committed to providing financial support to these businesses. Startup in Thailand has a panel of investors who can assist you to get funding or JV opportunities.
You may read some interesting articles on Angel Investors in Thailand and how to obtain financing for your projects in Thailand
Though most Thai business is still done under the Thai language, the upcoming generation is taking English seriously and working hard to break the language barriers which is keeping them from being competitive in global standards.
Finding employees having good communication skills are becoming easier to be found in Bangkok, Thailand. This is because almost all the universities and schools teach English to the students. Therefore, the majority of the young generation of Thais living in Bangkok can fluently speak in English. However, outside Bangkok, it is still an issue as English is hardly spoken.
Many schools teach Chinese and Japanese. Some of the graduate candidates also have a command over French and German language. This number is constantly on the rise. Therefore, if you are opening a business in Thailand, you can make deals with other countries as well. The demand for studying business in universities is also gaining ground. However, you will still find the language barrier in Thailand. Usually, the employees below the management people speak in the Thai language, thus making it difficult to have a dialogue with the foreigners.
Thailand is described by relentless development, strong exports, and a pulsating consumer market. Availability of natural resources and a talented and financially savvy work power aid to pull in outside speculators and empower them to flourish and create an industry in Thailand.
Along with high connectivity to highway systems, Thailand also provides- Seven noticeable worldwide air terminals, city-wide mass travel in Bangkok, 4G/Wi-Fi and broadband access all through the nation, two worldwide waterway ports, deep seaports including fluid piers, tank farms, containers. Thailand has also thought of developing new railway systems connecting Bangkok with east, west, south, and north of Thailand. The BANGKOK transit system has been expanded into the suburbs as well.
The Board of Investment of Thailand provides various tax packages with incentives and support systems to the employees. This is done to meet the national objectives of development; starting a business in Thailand is beneficial for this purpose. Board of Investment (BOI) also provides investment promotion honors to the companies. It is known for coordinating the activities of work permits and service centers. If any foreign company is issued a BOI certificate, it is also permitted to bring in foreigners under work permits on a 1:1 ratio.
The educations standards are acknowledged by numerous worldwide bodies and there is an enormous number of global colleges and schools in Thailand that provide top-quality education, and some of the famous colleges rank first in the nation. Regarding medicinal services, Thailand has built up superb notoriety all around because of medical staff, highly qualified and trained doctors, and the availability of modern tools and medical equipment. The majority of the destinations and the major cities in Thailand have world-class global hospitals where patients are treated with a westernized approach and the prices are in accordance with the western prices. One of the rising industries in Bangkok is the medical tourism industry, where people from different parts of the world come here to get checkups from professional and high qualified doctors. You can think of opening a business in Thailand based on medical tourism.
The industrial production in the nation has grown enormously along with strong support industries and economic development. It has been identified by the government that there is a total of 15 activities that are extremely beneficial for the nation. Some of the activities include-
If the projects are based on these activities, then you do not need to pay corporate income tax for it.
Also, starting a business in Thailand is beneficial because of strong corporate governance. Whether you are setting up your own Thai Company or opting for a Representative model, working with experienced Startup Specialists would let you understand the intricacies of doing business in Thailand and you can relax while the setup is done.
Source: Asian Correspondent