Why Set Up Your Business in Thailand?
Planning to set up your business soon in Southeast Asia? Setting up business in Thailand, should be at the top of your consideration list. Being one end of receiving middle class income shoppers in Southeast Asia, this proves the strong buying power and great business opportunities.
Thailand, or formerly known as Siam, a Southeast Asia country which was established in the mid-14th century. It is bordered by the Andaman Sea, Gulf of Thailand, Indian Ocean and countries of Myanmar, Laos, Cambodia and Malaysia, with Bangkok as its capital.
Human Resources
Being recognized as the 20th-most-populous country in the world, with about 66 million people, we can assured of the efficient work force required when we set up business in Thailand. On top of that, the manual labour are more affordable compared to other countries.
Economy Growth
Besides, Thailand has been recognized as a newly industrialized country. According to The World Bank, Thailand have become an upper-middle income economy in 2011. Over the last four decades, Thailand has grown from low-income country to an upper-income country in less than a generation.
Apart from that, the Thai economy has been recognized as the world’s 20th largest by nominal GDP and the 27th largest by GDP at PPP. In addition, Thailand also works as an anchor economy for its neighbouring developing economies, for instance, Laos, Cambodia and Myanmar.
Business Opportunities
According to the World Tourism Organisation, in 2013, Thailand was identified as the most visited country in Southeast Asia. Being identified as one of the most visited countries, especially for shoppers in Southeast Asia, with the number of tourists visiting to the country, as well as the strong buying power, this will definitely secured the business opportunities and benefits all businesses who setting up business in Thailand.
Sufficient Infrastructure
Rest assured with the infrastructure in Thailand, the world’s 51st largest country. There are various types of transportation available in Thailand, including airports, heliports, pipeline, railways, roadways, waterways, merchant marine, ports and terminals.
Besides, there are 23,000 free public internet hotspots in Bangkok, the capital of Thailand.
Participations in International and Regional Organisations
Thailand is a major non-NATO ally and Priority Watch List Special 301 Report of the United States. The country also remains as active member of ASEAN which developed increasingly close ties with other ASEAN members.
In 2003, Thailand served as APEC host. In 2005, Thailand attended the inaugural East Asia Summit.
On top of that, former Deputy Minister of Thailand, Dr. Supachai Panitchpakdi serves as Secretary-General of the United Nations Conference on Trade and Development (UNCTAD) from 2005 to year 2013.
Thailand is extremely open receptive to foreign businesses. With its strategic location, sufficient infrastructure and work force, huge tourist volume with strong buying power, active participation in international and regional organisation, it surely is a good choice of your consideration if you are planning to set up a business in Thailand, Southeast Asia.
For further information and guidance regarding the procedures for setting up business in Thailand, send an email to info@honoraudit.com or visit Honor Accounting Solution Co., Ltd., Thailand’s Website.
