Besides being a famous tourist destination, Thailand is also an increasingly popular choice for foreign businesses. It is the 2nd largest economy in South-East Asia, right after Indonesia. They are heavily reliant on exports, which make up to 60% of their total GDP. These exports consist of products such as agricultural produce, electronics, textiles and rubber.
Benefits of setting up an office in Thailand
- Investment-friendly policies
The Thai government has always priorities having a free and open economy. Hence, foreign investment is welcome and highly encouraged. In fact, the Thai government offers various incentives for foreign investors
- Emphasis on intellectual property rights
If you are a media producer, inventor or designer, you can be sure that your intellectual property rights are well protected in Thailand. Thailand is as civil law country which has multiple acts and policies that regulate intellectual property rights.
If you’re one who values nature and understands the need for environmental protection, then you will definitely find setting up an office in Thailand to be a wise choice. Thailand has several regulations which protect their natural heritage which are norm rather than the exception. These environmental efforts are not so evident for many other similar developing countries.
Factors to consider when setting up an office in Thailand
The public transport systems in Thailand leaves much to be desired, with Bangkok being the only city in Thailand with a metro system. Buses and cars are also have to contend with the long traffic jams on city roads and highways. You will likely end up taking some of the more mobile alternative forms of transportation, such as tuk tuks!
Silom is Bangkok’s most important financial centre, as it houses the headquarters of many banks, as well as important financial institutions. It is also relatively well connected by the city metro. It is also nearby the entertainment districts, and also houses the famous/infamous red-light district, Patpong.
Sukhumvit is Bangkok’s most popular retail shopping and business district, and is often thronged by crowds and both weekdays and weekends, thanks to tourists who come by for their shopping fix. There is a constant buzz of commercial activity which never really stops. It’s also a very popular location for businesses to set up their offices.
Sathorn is home to many luxury and business travellers, who carve out a spot for themselves in the upmarket serviced apartments that are widely available in the area. This has resulted in the growth of a strong expat community in the area, which acts as a pillar of support for the many expatriates that live and work in Bangkok.
Besides being one of the best cities in the region, Bangkok is also one of the cheapest. However, you should note that prices and rentals are steadily increasing, even in a cheap city like Bangkok! Even the suburban areas that are away from the business districts are also experiencing a rise in office rental rates.