Even though Thailand has a foreigner-friendly environment, expats should be aware of the Foreign Business Act (FBA) as it regulated non-Thai participation in some business activities. Like, you may be told that a foreigner is allowed to invest in agriculture, but were you told that you won’t be able to participate in rice milling. And to overcome such restrictions, you can always look for alternative business models.
Similarly, foreigners often inquire about starting a proprietorship in Thailand little realizing that under the FBA, they are not allowed as at least 51% of the shares must be there with the Thais in a company. Scanning through the FBA may help you in understanding your advantages and limitations better.
Another challenge could be inappropriate knowledge regarding Board of Investment companies. You must be aware of the benefits you are likely to derive from a BOI promoted company, but do you know that not every business is given the opportunity. Only if your business matches with the BOI promoted sectors you will be allowed registration.
It is crucial to have a good rapport with the Thais and how would you ensure that? By simply being friendly to them. Also, you must take interest in understanding their culture and etiquette. Well, if you want you can take up Thai classes. It will be great if you learn the language. However, even if you don’t there are translators who can be by your side.
Apart from all, it is extremely important to get legal help from the very beginning of the process as you may face hard times in getting into the legal nitty-gritty. So get in touch with the one for professional guidance. Seek their advice in every step. In fact, some of them even offer post-company services like accounting and taxation. So, you are covered there.
