There are many great places to do business in Asia and Thailand is one of them. Forget what you might have heard on TV, Thailand is a growing economy that has become more investment-friendly over the years. Setting up a business in a foreign country is never an easy task, but once you get things organized and the company is up and running, it can be highly lucrative. If you are planning on moving into the Thai market, here are 5 pitfalls to avoid when setting up your business.
1. Not Knowing the Law
You would be surprised at how many entrepreneurs choose to invest in Thailand without knowing the law. You do not have to learn about the law yourself, there is plenty of professional business service providers operating in the region who can assist you.
Many people have probably told you that you cannot fully own a business in the country, and they would be wrong. If you read more about BOI Company Setup in Thailand, you will learn that there are many benefits to taking this route and one of them is 100% ownership of the entity.
2. Not Getting Help from Local Agents or Regional Specialists
There are several ways to protect your business and make good financial decisions when you set up a company in Thailand. One way to ensure your project is a success is to work with a business service provider who specialises in the region.
When you are unfamiliar with a country and its laws, you take a big risk setting up a business without help. Thailand has opened the door to direct foreign investment in a big way with their Board of Investment option. But to register a company through this avenue, you must follow the correct pathways.
Although this has many benefits, it is also difficult to meet the criteria if you do not get help from a business service provider in the know. They will be able to handle everything by providing a BOI company registration package.
3. Not Investing in a Viable Business
Many investors put money into a business in Thailand without doing research and learning more about the climate and the company.
Although it is a great country with plenty of opportunities, you still need an economically viable business. Many investors jump at the opportunity to live and work in Thailand without doing their homework. To avoid a major disappointment, you must ensure there is a demand for your product or service.
4. Choosing the Wrong Business Partner
We have heard about the many advantages of investing in Thailand using the Board of Investment, but this will not be so beneficial if you choose the wrong business partner. Many people may come to you with money and offer to invest in your business, but what more are they bringing to the table?
If you need a business partner, you should only look for someone you can trust. They must also share similar business interests and agree on the goals, objectives, and vision of the company.
5. Not Using a Skilled Translation Service
Doing business in any country where they do not speak your first language is going to be tricky if you do not use a translator or translation services. Your website must be localised to ensure you reach your intended audience. When in the country, take a crash course in Thai or make sure you have a translator by your side.
There will be times when you need to translate certain documents into Thai, and you will need an experienced translator.
Company formation in Thailand is never an easy task, but it is a task you do not have to deal with once you get in touch with the right people. Why go through all the hassle when you could avoid any pitfalls by working with a regional business service provider? If you want to give your business every chance of success, learn from this article.