Hats off to them who chooses to setup business in a foreign land. I almost end up panicking thinking the amount of toll one has to take to even trying to make an identity outside his home country. However, thanks to Thailand, the country has saved so many from spending sleepless nights. But one cannot totally avoid the problems of starting a business in Thailand as the reasons are personal. Let’s find out a few of them and probable solution;
- Choosing the One: When you are in Thailand, it becomes extremely difficult to actually settle for one type of business. Once you have been to Thailand, there is no coming back. This is, therefore, the first hurdle that you need to come across in order to start a business in Thailand.
So, what must you do? Simple, invest in something that you are confident of and you know that you will be able to pull off well. Similarly, you will have to look whether you are allowed to do the kind of business you want to. Speak to a business advisor to know.
- Language Barrier: That’s a problem no matter where you go. When thinking of investing in a foreign country language is definitely a barrier. But since Thailand is quite a foreign-friendly country, it is likely that you will feel like being at home. Just a suggestion, have a professional by your side with whom you would be comfortable. The person will then be able to guide you through the business laws in Thailand and can save you from unnecessary trouble.
- No Enough Finance: Having a perfect business idea and the zeal to pursue it wouldn’t be of any value if you do not have the means to do it. Before you jump into any decision, speak to an advisor and get an approximate quote and manage your finances accordingly. If possible find investors.
- Finding Investor: Having said the above, it is equally difficult to get someone who is willing to invest. You can speak to your colleagues or acquaintances for the help if required. Besides, you may attend seminars, where you are most likely to find potential investors.
In fact, Thailand keeps on arranging such platforms for start-ups and investors and franchisors at regular intervals to promote foreign investment. Thus, get your PowerPoint Presentation ready.
- Hiring a Lawyer: Not that there is a shortage of it. The problem is there are ample. Therefore, is the difficulty in choosing the one. However, the easiest of way is to go for referrals. But if you want to see it for yourself trust nowhere then the website. You will apparently get all the information plus the fees also. Experience, expertise, client base, English-speaking or multi-lingual and fees are few things to be looked out for.
