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Many foreigners who fell in love with Thailand’s intrinsic beauty and charm want to have a legal reason for staying in the Kingdom permanently. Some opt for marriage with Thai nationals and the others try the avenue of doing business in Phuket, Thailand. And depending on the type of business venture an expatriate would like to have in Phuket, Thailand, setting up from scratch can be pretty easy and straightforward for as long as you comply with all the legal and financial requirements of operating a business in the island. After all, the costs involved are significantly lower by western standards.
For those who have stayed in Thailand long enough, they have a pretty good idea of what could be beneficial for a foreign investor – setting up a company from scratch or just buying an existing business from a Thai entrepreneur for instance. The latter may seem to be the easy and quick option. An existing business has an existing established customer base, location, existing inventory and trained employees, all of which one would need to build up when they start their own business.
While buying an existing business provides value for the foreign entrepreneur, there are also some traps that need to be avoided. The following are important information one must have when planning to buy a business in Phuket, Thailand:
If you are able to check out all these things, the next important consideration for an expat is to be in Phuket, Thailand during the negotiation process. This process will require a broker, a lawyer and an accountant to sort out all the legal and financial documentation requirements. They will also be able to help determine the viability and feasibility of such undertaking.
Consulting a law firm or an accounting firm in Phuket will guarantee compliance from all the government requirements for foreign and local investors. An accountant knows all the weaves of business financing, a broker is knowledgeable in leasing space for business, while a lawyer is well versed when it comes to legalities. To ensure that every business turnover will be legal and binding, hiring professionals will eliminate ‘under-the-table’ agreements.
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