Important Strategies for Successful Business Management in Thailand
December 17, 2014 | Sharon Cheong
With the number of new businesses increasing all the time in Thailand, competition for business can be extremely competitive. In order for your company to enjoy high levels of success, the implementation of quality business management strategies is extremely important. Regardless of the ability of your staff, providing high levels of leadership is perhaps one of the most important aspects of your business formula. By understanding what is needed for your business to be successful, in both the short and long term, you can begin to create a number of different management strategies
One of the key factors in relation to business success is finding the best employees. Recruiting employees who possess all the knowledge and expertise can be the difference between failure and success. In order to keep levels of customer satisfaction, production and profits high, you must have an exceptional team of staff. It can be difficult for new businesses to understand the intricacies of a successful staff recruitment campaign, but there are a number of key aspects that can help. By understanding the requirements of each different role within your company, you can put together a list of desirable qualities and match potential staff accordingly. Thailand possesses a pool of talented individuals regardless of which sector your business operates in. Universities in Bangkok, Chiang Mai and other major cities are improving all the time and producing extremely capable graduates. Many businesses place great emphasis on experience. However, it may be worth taking a chance on a new graduate. Whilst they will invariably lack experience within the role, they will undoubtedly bring passion and enthusiasm together with a fresh approach. In addition to this, cities like Bangkok are thriving at the moment in term of business opportunities. Many of the most talented people in Thailand are relocating there to secure employment. This means that your business has a lot of options in terms of recruiting top quality employees.
Business Taxes for Small Business Owners in Thailand
December 3, 2014 | Sharon Cheong
Foreign businesses operating in Thailand locally or from sources outside of it are required to pay Corporate Income Tax (CIT) to the Thailand Revenue Department. These businesses include juristic partnerships as well as companies such as branches of foreign companies, associations, foundations, registered partnerships that are either limited or ordinary, joint ventures, and limited companies.
The country of Thailand has long been considered a nation of untapped financial potential. Following a brief surge in business and the financial markets in the 90's, Thailand has been at the center of a political power struggle that has somewhat hindered its progress. However, with stability assured for the foreseeable future, Thailand is in a good position to push forward again. There are many businesses owned and managed by Thai nationals. Additionally, many foreign companies have opened branches in the country or relocated their business interests there. One of the main reasons for this is in relation to operating costs. Thailand is significantly cheaper than many other countries throughout the world in terms of employee salaries, products, equipment and rental prices. Despite this, it is prudent to take measures to further reduce your business costs and there are certainly a number of ways by which to do this.
Starting a business in Thailand is not as difficult as many women might think. Despite the old Thai proverb, "A man is the foreleg of the elephant and the woman the hind leg," the country's business scene is open not just to eager businessmen but to women as well.
How Can a Serviced Office in Thailand Save You Money
Oct 24, 2014 | Sharon Cheong
There are many reasons why people set up a business in Thailand, which is also known as the 'Land of Smiles'. Starting a business in Thailand onlytakes approximately 33 days, compared to the world average of 38 days. Thailand, which means 'Land of the Free', was never occupied and has always been cordial to people of all backgrounds.
Small business entrepreneurs who wish to start and maintain a company in Thailand need to possess basic bookkeeping skills and comply with the requirements and regulatory laws of the Civil and Commercial Code, Accounting Act, Public Limited Company Act, and other laws of Thailand.
What You Should Know Before Starting a Business in Thailand
October 3, 2014 | Sharon Cheong
Thailand is one of the most dynamic and opportunity-laden Southeast Asian countries. It has faced major challenges in the recent years such as the economic crisis of 2008, and the great floods in 2011 to 2012. These demonstrate that Thailand's economy is resilient and dependable, which makes it appealing to foreign investors and business owners.
A decade ago Thailand was a developing country where majority of its population worked in the agricultural sector. In a span of ten years, Thailand developed its human resources and homegrown technology, and significantly increased its access to information by utilizing technology.
Thai people generally take life (and business) in an easy-going and relaxed manner. They may seem conservative to westerners but they will seldom be offended if a foreigner does not strictly follow Thai business etiquette. However, foreign businessmen should be aware of Thailand's business culture and etiquette.
Whether you run a small or startup business, work from home, or need a new office space in a new location, opting for a virtual office is the right solution. In a nutshell, a virtual office is a business location in cyberspace where business owners and employees work from home or from any location through a web-based communication and technologies. A virtual office has all the elements of a traditional brick and mortar office sans the exorbitant cost of renting or owning, and maintaining an actual work space year in and year out.
How to Choose a Virtual Office Provider in Thailand
August 15, 2014 | SERVCORP
When choosing a virtual office provider in Thailand, you should go with one that offers you everything you'll ever require and want in terms of office-related needs, such as a receptionist, a telephone, an answering machine, a fax machine, a computer, an Internet connection, and a computer network as well as an IT department. Aside from a staff of employees and a human resources department, a virtual office has all the virtual equivalents of your basic office necessities, such as VoIP or voice-over IP (Internet phone line), online receptionist (that doubles as the answering machine), and an Internet facsimile machine that sends faxes through your printer/scanner rather than from one fax machine to another.
Economic Review of the First Six Months of 2014 in Thailand
July 25, 2014 | SERVCORP
During the first quarter of 2014, investors shied away from investing in Thailand, resulting in a decline of sorts. However, the Thai economy remains hardy, resilient, and stubborn. As such, the Bank of Thailand quite recently revealed that the Thai economy has recovered from its first quarter woes. Therefore, during the first six months of 2014, Thailand had a bit of a debacle in terms of economic growth, and it's only recently that it has shown signs of recovery and a steady rise from the decreases earlier on in 2014. Business confidence in Thailand is also improving. However, despite the slight Thai recovery, exports will likely miss its mark and end up in a financial standstill.
The recent political turmoil in Thailand seems to have made an impact on its economy. Is a recession looming on the horizon? Reports say that Thailand's 2.9% economic growth in 2013 went down to 2.1% in the first quarter of 2014. The value of baht has contracted 5% since June of last year. The tourism industry in Thailand reportedly declined by 5% in the first quarter of 2014.
You need a virtual office in Thailand because it should provide you with everything that you'll ever need in terms of office-related requirements. Technology has advanced enough to allow businesses to operate with barely any staff to speak of. Do you need to fax someone in Thailand? There are Internet faxes in existence that turns your printer into a facsimile unit and sends your fax across the Internet rather than a mere phone line like with your traditional fax machine. You can also avail of online receptionists that you hire on a service-by-service or case-by-case basis rather than as an employee, you pay wages and benefits to on a semi-permanent to permanent basis, saving you loads of money.
Thailand was deemed the "darling" of journalists and economists from 1986 until the 1997 Asian financial crisis. Before the crash, Thailand's economy was one of the fastest growing economies worldwide. Foreign investment in Thailand flourished, but the economic boom could not (and did not) go on forever.
How to Choose a Serviced Office Provider in Thailand
June 9, 2014 | SERVCORP
Thailand has enjoyed unprecedented economic growth since the last quarter of the 20th century. This could be greatly attributed to the tourism industry that continuously attract millions of tourists the world over. Thailand's progress is also partly credited to the friendly business environ, capable workforce and the government's persistent thrust to build Thailand's infrastructure.
Let's say you've finally established yourself as an entrepreneur and started your business in Thailand. You've done all the necessary paperwork and you've gotten a Thailand partner or liaison to deal with the local issues that you, as a foreigner or foreign investor, are not aware of and you wish to make your organization flourish in this brave new market.
Thailand has bounced back from the economic crisis, it experienced in the late 1990's. The economic crisis led to mass unemployment and the collapse of the buying power of Baht which are enough reasons for the Thais to avoid the financial blunders they committed in the past.
When searching for traditional secretarial services for your Thailand-based business, it's important to hire a local who is bilingual. However, more than that, that same person should be able to effectively organize all of your required assignments, meetings, appointments, and schedules for you.
In the 1980s, the quiet residential street of Khao San Road was flooded with a surge of indefatigable, seasoned, backpackers who came from various parts of the world to attend the bicentennial celebration of Thailand. Homeowners on Khao San Road were left with not much choice as the first wave of tourists negotiated for rooms to let. Overnight, the residents of Khao San Road established their first home-based business. But that was 30 years ago and such establishments are no longer encouraged in Thailand.
Business address services refer to services offered by a service provider wherein a startup company can avail of a host of reputable office addresses that can raise the stock of their burgeoning organization within a given country, in this case Thailand. Even a multinational company looking for viable, competitive addresses for their local branches and virtual offices can get the best Thai business address services money can buy. These addresses can serve as a superb means of improving your company communications to boot, because even if you're based off a faraway foreign land, you can still have local offices in Thailand without having to build them from scratch (yet).
If you want to invest in a country like Thailand, then here are some ideas you can try out. Investing in another country might entail either creating your own business or becoming a shareholder in an existing business. You can also serve as a company that exports your goods to a given country to acquire money in return, or you can import their goods in exchange for your goods or your own money. You can also invest in their local stocks or do foreign exchange investments with their currency. Those are the things you can do in general, when investing your money in a foreign land that you can also use when investing in Thailand.
"Sanuk!"- Be Happy! Thais are known for their happy, relaxed, non-confrontational, tolerant, conforming and cool disposition. They are family-oriented, polite and pleasant. It is indeed the Land of Smiles!
The economic progress in Thailand has attracted foreign investors since the time that globe-trekking backpackers "discovered" the beauty and potential of the country in the late 1970s. Thailand's unprecedented economic growth is partly due to the adequate nationwide infrastructure and competent workforce, which are strongly backed by the government.
Serviced offices-also known as executive centers, executive suites, managed offices, and business centers-are realty office rental services located in major business districts of metropolitan cities across the globe. They are usually in the form of an office space or building that's fully furnished and equipped with a facility management service for upkeep purposes. Instead of having to create your own office from scratch, you can rent out everything, from equipment to furniture, as soon as you order a serviced office within a given area. These offices are particularly popular with small businesses and startups looking to establish themselves with what little capital they currently have reserved at the moment. In short, as soon as you can get this office, it can get occupied immediately.
Thailand is full of small business opportunities. If you wish to establish a moneymaking venture in the Kingdom of Thailand, the first thing you need to do in order to maximize your chances for success is localization. English is fine, but learning the language and culture is even better. Your business should also reflect some sort of panache to it that makes it both foreign and local at the same time. It's a difficult balancing act. Thais are willing to try out foreign food or goods for the novelty, but you also need to adapt to their specific tastes and sensibilities in order to win them over with whatever it is you're selling.
Short Guide for Foreigners about Investing in Thailand
February 28, 2014 | Valerie Wong
When it comes to foreigners wishing to invest in Thailand, they should realize that adaptation to the culture is their first and foremost concern. Unlike many other Southeast Asian countries, Thailand is more open and welcome when it comes to acquiring investors (in that there aren't any special taxes for them or special treatment of local businesses), but in order to truly make an impact investment-wise in Thailand, you should be aware of several things. First, you can't own land in Thailand. Second, it's a conservative country, so you need to adapt to this conservatism in order to make your cash count and get something out of your investment.
For those who've lived under a rock in the past few decades, Calvin Klein is an American fashion icon that founded the company that bore his name. When he was young, he spent his time inside his room teaching himself how to sew clothes and sketch designs. It was tough for him to have a passion for an industry that few of his friends shared. Regardless, this was his real passion, and he didn't feel an ounce of shame or embarrassment for it. He joined his mother's quest for discount clothing, and saw what each and every shop lacked. Ideas began hatching inside his head.
The first thing you need to remember when starting a business and making money in Thailand is the importance of localization. Thailand is the type of country that encourages and fosters foreign relations and investments, so right off the bat foreigners who wish to begin their own business in the Asian nation have their foot in the proverbial door, so to speak. Travelers enamored by the Kingdom of Thailand's fair and prosperous lifestyle will probably wish to settle there and begin their own startup. Many tourists who wish to be permanent Thai residents even use the act of setting up a business as a means of staying in the Kingdom.
For those who believe that the economic prognosis for Thailand is less than satisfactory, they should take a more objective look at the happenings as well as the fact that things could be much worse in light of the political tensions and the ongoing recession of sorts. At present, Bangkok is a place where thousands of protestors against the government are relying in order to go about a standstill. As for the government, it's able to function regardless by using buildings on the outskirts of Bangkok, but those who are stuck in the middle of the city truly have experienced somewhat of a halt in business.
For the most part, Thailand has strong export industries, generally pro-investment policies, a free-enterprise economy, and a well-developed infrastructure. This has allowed the Southeast Asian country to receive steady growth. It's particularly strong (and dependent) on agricultural and industrial exports such as processed foods, automobiles and vehicular parts, agricultural commodities, and electronics. The country has been attempting to maintain and continue its economic growth by encouraging public investment and domestic consumption to offset its weak exports just a year or two ago, in 2012.
What Is a Virtual Office and How Do You Choose One?
Jan 2, 2014 | Valerie Wong
Are You Spending Too Much on a Conventional Office?
Are you spending a fortune on a traditional office? Do you want to cut costs and still have the basic uses of an office, like communication and address services? A virtual office may be just the solution for you. You can still maintain that appearance of business professionalism without going all-in for a real office. A virtual does not demand any kind of conventional lease, and you can often get a contract that runs from month-to-month