It is not surprising at all to hear about many westerners who have been to Phuket, Thailand for a holiday, to like or love the place and the beach, the weather and the Thai ladies, that they keep returning to the Kingdom until they entertain the thought of maybe starting a micro business in Phuket, Thailand. Such an idea will hopefully, allow them to stay longer if not permanently in Thailand and generate some income at the same time. With such plan to start a small business, one should consult with company registration Phuket lawyers to know the details and requirements for venturing into business in Thailand.
While the government of Thailand is continuously promoting the country as the best place for foreign investment, there are certain restrictive laws covering the registration of companies or businesses to operate in Thailand in terms of foreign ownership of the business, etc. These details can be explained in details by Phuket lawyers, and accordingly advise the foreign investor on how to go about the company registration or what are the strict requirements that go with such activity.
Most foreigners staying in Phuket see money in operating bars without looking further when tourism season is low. What they usually see is the thriving business during peak tourism season. Most of them tend to forget that during low season, they should also have income to cover for the monthly expenses like rent, salaries, supplies, etc. Aside from that, this type of business is over-crowded as there are hundreds of bars already operating in Phuket. Any accounting firm in Phuket will tell the foreign investors that such is not a viable business to start with especially with the high competition. Looking at other micro business alternatives, it is important that the foreign investor is advised either by Phuket lawyers or accounting firm Phuket based of some important things to consider when planning to start a business in Phuket, Thailand.
As in any other business, it is important that consultations are made with other expats who have operated their business in Thailand before. Similarly, advice from local Phuket lawyers and accounting firm in Phuket on all legal and financial (tax liabilities, capitalization, etc.) requirements according to existing laws and common practices in Thailand is necessary before making the final decision of registering a company in Thailand to operate the business.
You must be logged in to post a comment.
Your reliable partner in Audit, Finance and Tax Advisory, and Accounting Services in Phuket, Thailand.
Our dynamic and expert team of Thai and Western financial specialists are providing personalized attention to all the accounting needs of your business.