Doing Business in Thailand
Thailand is one of great destination in South East Asia for not only travelling purpose but also great market for exploring the new business. It is a country rich in natural resources and cultural diversity. Key industries in Thailand today include hospitality business; tourism, including medical tourism; rice, maize, and other agricultural products; food products and food processing; textiles; gems and jewelry; and many more.
The Thai government has long believed in a free and open economy and is recognized for its transparency in dealing with foreign investors. Thailand is ranked 13th from 181 countries on the ease of doing business by the World Bank in its 2009 report.
In general, foreign investment is welcome in Thailand; though restrictions are placed on certain key businesses, exemptions are granted for businesses given investment incentives. The main legislation governing foreign investment is the Foreign Business Act which sets out the types of businesses open to foreigners as well as regulations and restrictions. For certain specific sectors such as financial institutions business, insurance business, and real estate; foreign participation is set out under specific laws.
Many incentives are granted through the Board of Investment (BOI), the Industrial Estate Authority of Thailand (IEAT), and the Petroleum Act which give special consideration and tax incentives to target and priority businesses and products. Further the BOI and IEAT may grant investment incentives and exemptions to legal restrictions concerning priority or target industries.
Please find links of websites of authorities concerned for useful information on doing business in Thailand in tab “Links”