Tips on Doing Business in Thailand The US Treaty of Amity between Thailand and the United States permits US citizens to own businesses anywhere in Thailand. This privilege is not granted to citizens of other nations. Despite the treaty being in place doing business in Thailand is not always a cake walk. A number of bridges need to be crossed before the business can take off. There are numerous cultural disparities and legal issues that need to be resolved before setting up a business in Thailand. Despite all the pitfalls starting business in Thailand is relatively simple since the small nation is open to foreign businesses and favors capitalism. How to Tap the Business Potential in Thailand Like every other business venture doing business in Thailand necessitates a plan of action. A viable business plan along with supportive ideas for inducing growth is imperative. The next important requirement is having financial backing to take the business forward. This is crucial for the success of the business. Flexibility in attitude is essential. It helps overcome cultural differences and help pave the way to great achievements. A fair amount of persistence and tolerance is vital. The way things function in Thailand are not the same as back home and it is better to adjust to the way of life here. Learning to converse in the local lingo is always better than speaking in a foreign tongue. Local language has more warmth. You and your business will be easily accepted if you learn to speak the language. Finally assess your aspirations and go through your business plan before taking the final plunge. How Much Will Setting up Business Cost There are a number of things to be considered before setting up of a business and the cost depends on all those factors. The type of business, the size of the establishment, the number of staff to be hired along with other overheads will decide how much starting a business could cost. Hiring business premises can cost a lot of money annually. Rents depend on the location. Prime locations in Bangkok which help boost business cost more as compared to smaller office space in a not so developed part of the country. Labor in Thailand is cheap in comparison to other parts of the world. Skilled laborers draw an average salary ranging between 72,000 THB and 96,000 THB annually. These amounts are a fraction of what labor costs in the United States. An estimate breakdown of critical monthly expenses for running a business in Thailand is as follows -Salary for Staff - An average of 7,000THB for a full time employee and 3,500 THB for part-time employees. Rent - An office space of approximately 200sqft in Bangkok city could cost between 18,000 THB and 25,000 THB per month. Power Bills - Most office buildings in Bangkok are centrally air-conditioned and the cost is included in the rent. Power bill however will have to be paid for using fax machines, computers, printers and scanners, light bulbs etcetera. The total bill maybe close to 1,000 THB. Miscellaneous Expenses - These depend on various expenses incurred during the month and can vary between months. Doing business in Thailand does not cost a lot of money. There are numerous opportunities that must be exploited in order to flourish. directorybangkok/business/
Posted on: Tue, 25 Jun 2013 09:51:23 +0000
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