8 Tips to Buy a Business in Thailand
Can I buy the business only without purchasing the company running it? How can I safeguard my investment? There are so many questions that might pops up when thinking about buying a business in Thailand. I mean an already existing business. While it wouldn’t be right to tell outright if investing in an existing Thai business will be right or not, we may look at the tips that you can consider when purchasing one.
- Choosing the Business
The first and foremost thing is choosing the right business. There are many online directories that will let you know about the available businesses; say suppose a scuba diving school in Koh Tao or a restaurant in Bangkok. It is up to you to choose the one.
- Choosing the Business Area
A lot of a business’ success depends upon its area. Like you buy a business in Bangkok in the heart of the city, it is expected that your business will be running good provided it is offering good quality products and services.
- What You have to Do When You Buy a Business
An existing business has its established customer base, inventory, suppliers, and good reputation in the market, an established location, and trained employees. All you have to do is improve what has already been achieved by them.
- Seek Financial Statement
When you buy a business in Thailand, make sure you seek its financial statement, so that it helps you to establish a value for the company. It will show significant receivables on the balance sheet. Similarly, this will give you an idea how the business has been performing over the past few years.
- Be Aware of Any Legal Responsibilities
You must know about all the impending legal responsibilities that are associated with the existing business you are planning to buy. See if the existing owner has any past, present or potential legal issues related to the business. Also, find out if it has any employment disagreements or leasing disputes.
- Obtain Contracts
It is important to obtain written contracts entered into by the existing business in order to be aware of the contractual obligations.
- Evidence of Registration
The present owner of the business should produce evidence of business registration. Ask him to show you all the documents that are related to government taxes, including tax ID numbers and tax returns and more.
- Safeguarding your investment
Since purchasing a business in Thailand involves a whole lot of money, so safeguarding them is crucial. Therefore, you must opt for title deed search in order to verify details about the targeted company. And for that, you can rely on us. We will take care of everything required to safeguard your investment plus buying the business.
