Phuket has been a place in Thailand preferred by foreign investors or retirees to set up their small or big business in. Phuket being the largest island in Thailand, it is also a favorite tourist destination of many foreign visitors. This is the reason why the place is so dynamic and active. Tourism activities abound and with more potential for any business to thrive and succeed. The potential rewards of doing business and setting up a company in Phuket are great with proper preparation and due diligence. The intricate local laws on foreign business-ownership may seem insurmountable at first but with the right people to help you with the process, it is not a struggle as one would surmise at the beginning.
A few reasons considered by many foreign investors and business owners with established business in Phuket include:
Thailand is extremely receptive to foreign businesses despite some restrictions on the local laws limiting the ownership to not more than 49%. It is a nation of people spending on the heels of China’s unprecedented growth and as such is on the receiving end of an exploding middle class generation with lots of cash to spend. This is enough motivation for foreign investors to come in and take a share on that market.
Phuket in particular has a lot of potential for a successful business provided you have a strong concept and sound business plan; have more than sufficient startup capital and steady stream of cash flowing in to continuously operate the business initially; and the willingness to understand the local culture, attitude and mentality and keep an open mind and a lot of patience.
One very important thing that potential business investors in Phuket should remember is that through all the rigorous process of business setting up and registration, it will be a whole lot easier if you have someone from Phuket who has solid familiarity with the local laws and regulations pertinent to doing business in Phuket as this would be extremely helpful in facilitating the smooth and successful conclusion of the various processes needed to setup a business in Phuket.
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