Foreigners are absolutely welcome in Thailand. There are laws that are designed to make the country friendly to foreigners, especially those wanting to invest in the economy. There’s the Condominium Act that allows foreign nationals to purchase condo units. There are also free trade agreements that give nationals of certain countries perks when doing business in Thailand.
If you’re the sort who has friends who likes to do business, then chances are one of those contacts has had ideas of investing in Thailand. That’s a good idea, but bear in mind that the legal landscape there is different from what you’ve been used to in your home country. You need to find out what steps you need to take if you are to invest in a business in Thailand.
There are legal advices available online, but we’ll get to that in a moment. At this point, you should first do research on what Thai law in general says about foreign investment. This is not meant to discourage you, but we’d need to remind you that ignorance of the law is not an excuse. The specifics are a work for the experts, but at least you need to have a general idea of the rules in the Kingdom regarding foreign investment. At least, at the onset, you can tell that what is being proposed to you is illegal so you can say, “No” or suggest a few changes.
This stage is called a feasibility study. Starting a business good, but you have to find out if there’s a market for what you and your friends are planning on selling. You’d need a lot of statistics here to justify your decision, so you should spend a considerable amount of time in this step. Take note that you could find some information that might indicate that your planned business is not feasible. Don’t be discouraged – you’ll just have to back up and think of another idea that’s more feasible in Thailand.
When you find that the planned business is feasible after researching the market in Thailand, it’s time to take the most important step. Find yourself a legal advisor. The legal advisor will be able to give you sound advice on what to do and can help you out in steps like registration and incorporation of the business in Thailand.
When you’re going over your choices for a legal advisor, make sure to look at the credentials of that attorney. Make sure he or she has adequate expertise, and lots of expertise in the subject matter. Most importantly, however, the legal advisor must be fluent in both English and Thai. This is to prevent misunderstandings of the law that can, unfortunately, have serious legal repercussions.
Having a business in Thailand is a great idea, but only if you do enough research and have someone at your side that can help you out with your concerns. That is what a legal advisor can do for you. If you need any help or if you have inquiries, don’t hesitate to contact us!