Why are Japanese Companies interested to open a Business in Thailand?

Why Japanese are showing interest in opening a business in Thailand even though they have the third largest economy in the world. Well, the investors in Japanese see Thailand have a brighter economic outlook, boosted by growing exports and spending on the government infrastructure projects. Apart from these, Japan’s social and cultural boundaries and limitations for Japanese youths are some of the other reasons why aspiring young entrepreneurs are willing to invest in Thailand.

Thailand is the land of freedom, it not only creates business opportunities for the established businessmen, but also for youths. Besides, Thai-Japanese government level cooperation is another encouraging aspect for the Japanese investors to visit Thailand while investing in an expansion of the Central Business District of the city Bangkok. Additionally, Thailand is one of the biggest manufacturing centers for Japanese companies. When Toyko willing to counter China’s impact in the Southeast Asia, Japanese is reaffirming its financial ties with the Thais.

But the investors want the Thai government to continue working more with their human development policy in order to meet the changing workforce demand from several foreign companies to IT industries.

However, if you are willing to open a business in Thailand, then you must the below-mentioned steps;

Step #1

Name Reservation

Your company’s name must be reserved and it should not be close to any other company’s name. Also, you must consider the Business Development Office guidelines to know about the names that are not allowed.

 Step #2

Filing Memorandum of Association

A MOA must be filed that must include your company’s name, the province wherein your company will be situated, the capital that must be registered, the names of the promoters and your business objectives.

Step #3

Convening the Statutory Meeting

Once the structure has been defined, you must convene a statutory meeting during which the incorporation articles and the bylaws will be approved. Similarly, the Board of Directors will be elected as well as the auditor will be appointed.

Step #4

Company Registration

Within 3 months of the Statutory Meeting, all the directors must submit the papers to apply for company registration in Thailand.

Step #5

Tax Registration

Businesses that are liable for income tax should obtain a tax identity card and a number from the Revenue Department within sixty days of incorporations.

To ensure that each of these is followed properly you must gather all the necessary documents.