A Few Tips for Starting a Business in Bangkok
Starting a business in Bangkok is not always a straightforward process for foreigners. All the business documents are supposed to be filled in Thai language which may be daunting for foreigners. Foreigners can make the process friendlier by hiring an experienced professional in the field. The professional will guide through the process and update you with business activities that you can be involved in. The following are some useful tips that you may help you when setting up a white collar business Bangkok.
Cost of Starting a Business
The cost of opening a business from start to finish in Bangkok is likely to be cheaper than in your home city. However, the cost may be slightly higher if you are setting up the business in a prime location due to high cost of rent. Prime locations are usually the best because they attract many clients, allowing you to make more money. In addition, construction and manual labor are very affordable among other recurrent expenditure such as staff salaries, electricity and water.
Start a Legal Corporation
There are many types of corporations which you can start in Bangkok. Your choice should be based on your interest, expertise, the amount you want to invest and how well you know your to-be partners. It is important to remember that foreigners who aren’t US citizens aren’t allowed to own majority shares of any corporation in Thailand. You may consider registering your corporation under a Thai person who you can trust with your hard earned money. This approach is very fast and will cut costs since it may save you the hassle of involving a lawyer in the process.
It is very tricky for foreigners to get reliable Thai staff when starting a business in Bangkok. This is due to many factors, including language barrier and limited exposure. You can consider hiring agencies that connect employers with potential employees. You only need to do a Google search to get a reliable hiring agency and give them the qualifications for the type of staff you want. There are many agencies which are willing to help you at a small fee. You may also organize for interviews with the agency to get the best employees.
Consider a Serviced Office
Bangkok has two business districts that offer many prime locations for setting up offices. Foreigners setting up a business here may consider renting a serviced office in Bangkok from an established office management company. Serviced offices come with substantial cost savings for office users without reinstatement and dilapidation liabilities in case of vacating. They have other benefits that include premium interiors, security, prestigious location and address, ease of administration, networking opportunities with other business in the same building and flexibility in terms of growth and payment.
Having a successful white collar business in Thailand is a sure way to live longer in the city while making a comfortable living. It is not as hard as you may think, especially if you get the appropriate advice and business plan. Moreover, Thailand is very receptive to foreign businesses which make it easier for them to thrive.