Each country has its own uniqueness when it comes to governance system and business policies. These differences made them excel in another way just like how Thailand expand and grow rapidly after they encountered several challenges.
Thailand did not start strong and abundant when it comes to their economic status. The country’s primary problem several years ago is poverty. This hinders them to grow however, they also make this as their stepping stone to aim for improvement. This is what makes them unique. They are able to survive and exceed to several economic ranking globally.
Being the 12th easiest country in the world to do business, it proves that unique business strategies they have are highly effective. Companies who choose to do business with them received tax incentives and investment promotion which motivate investors to invest in the country.
If you are planning to put up a manufacturing or factory business in Thailand, the country does not require licenses. You just need to notify the officials about your startup. There are instances wherein licenses are required before the operation is commenced. Once you obtain the license, it can be renewed after 5 years.
In company registration in Thailand, they require at least three promoters for the private limited company while there should be at least 15 promoters for the public limited company. Unlike other countries, the private limited company allows promoters starting at the age of 12 and above while public limited company requires the age of 20 or older.The promoters of both the public and private limited company must be included in the initial shareholders right after the registration of the company.
The government encourages companies to have a fair and free trade for the benefit of businesses while maintaining low-cost business projects and services. This is primarily its focus making it as the best location for business startups.
One of the robust businesses it has is the medical tourism. Its reputation for having a fast-growing tourism through this field of the industry enables them to gain profit. We all know that Thailand is the favorite location of internationally-certified doctors and they make use of state-of-the-art facilities to accommodate patients coming from different parts of the world while they are still able to maintain extremely affordable services for health care system.
The government also promotes sharing of information freely to establish bargaining advantages and build a trust. To set your expectation, Thai businessmen prefer themselves compromising as their way of professionalism.
The business culture of Thailand is also hierarchical following deliberate processes. Before senior executives make a decision, they still consider consulting with their subordinates as they are concerned to the best of interest of their organization.
Knowing all these differences of Thailand from other countries, you may already realize how to adapt to their business culture and different process of registration of your company in this country. There are lots of opportunities waiting, and you may be one of them who would like to benefit from the abundance of Thailand.
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