If you want to do business in Thailand, though there are certain general tips and guidelines that could apply to doing business anywhere in the world, there are some that would be unique to Thailand. By gaining a bit of insight on how the business world works in the country, you can increase your chances of your business thriving. Here are some of the do's and don'ts when you do business in Thailand:
Do Learn About Business Etiquette
Business etiquette in Thailand may be slightly different from what you are normally used to, especially if you come from the United States or Europe. For example, in Thailand, business decisions can take more time than in other countries, so trying to rush negotiations is not the best idea. Also, you should introduce your colleagues and partners before you introduce yourself at meetings.
If you want to learn more about business etiquette in Thailand, you can read some free information about the topic online. Of course, you can also ask locals in the Thai business scene for advice.
Don't Rush the Process
In the last few years, the Thai government has taken steps to improve its efficiency, and as such, the process to get your business registered has become more straightforward and can now be accomplished in a few weeks, as opposed to a few months. However, you should take the time to carefully plan and structure your business beforehand. Once you start the registration process, you should take the time needed to verify that you have all the necessary information and haven't skipped any steps. Trying to rush through the important steps when creating your business could result in mistakes that would be costly both in time and money.
Do Check the Infrastructure
This depends on what type of business you are planning to open and where in Thailand it will be located. In general, if you have an office in Bangkok, you will find that the city has a relatively good overall infrastructure, meaning that you can get reliable electricity, phone lines and Internet service. There are many modern offices available for rent in the capital as well. However, conditions could change if you go a bit further away from the capital. With that in mind, you should do the needed research about the reliability of the power and communications infrastructure in the location where you will operate your business.
Don't Forget About Workforce Planning
Who will be working in your company? Will you be hiring locals, or will it be mostly foreigners? While it is possible for foreigners to obtain a work visa in Thailand, there are certain specific steps that the employer will need to go through, as well as regulations to comply with.
If you plan on hiring some locals, you should do a bit of research to ascertain the availability of qualified individuals that could work in your industry. The good news is that you should have no problem finding individuals that can read, write and speak good English, plus people who are well educated and experienced in the country. Many Thais have university degrees and a significant number who come from upper-class families have done their studies abroad.
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