The Land of Smiles might be a serene and tranquil tropical paradise, but the world of commerce is very competitive and not knowing the language or culture can put you at a disadvantage. In this short article, we offer a few good tips for those who wish to do business in Thailand.
- Meeting with Thai business people – Relax, they are the host and would certainly like to choose the meeting venue. Be prompt, even though being late is the norm (Bangkok traffic) and the first meeting would likely be over dinner. It is customary for the host to pay; don’t make them lose face by insisting to pay at least half. Thais rarely cut to the chase, it might be that the first meeting is all about dining and enjoyment, this is the Thai way and eventually, business will be the topic for discussion.
- Hire an English-speaking lawyer – If you are looking for โกดังให้เช่าปทุมธานี (warehouse for rent in Pathum Thani), the lawyer can scan the lease to ensure you are not restricted in any way. The lawyer can facilitate your business registration and give you a list of documents to produce, while also opening bank accounts in the company name. They will also ensure you are 100% compliant, which is important. You might be better off hiring freelance for certain services, as this limits your liabilities.
- Working in Thailand – If you are seen to be working, you should be able to present a work permit issued by the Ministry of Labour; your lawyer can facilitate this. There have been cases of an expat washing dishes in his restaurant and because he didn’t have a work permit, he was duly arrested and fined. Of course, you can be the brains of the operation, but without that work permit, you should not do anything at the business premises. Click here for warehouse operations advice.
- Hire a local accountant – The last thing you want is to end up with a drawer full of receipts; enlist the help of a local accountant and use their bookkeeping service; store your business data on the cloud and allow them access. Keep the books up to date and your tax returns will be filed in good time and minutes of meetings are in order. Remaining compliant brings peace of mind and you can sleep soundly at night, knowing you are adhering to the rules and regulations.
- Written agreements – We all know how things can easily go awry when doing business, so always have agreements in writing that are clear and easy to understand. This can help avoid minor conflicts that can arise over a verbal agreement. A contract is binding by law and unless you have that, you have no basis for any legal activity.
Thailand is a wonderful place to live and doing business can be a real pleasure, as long as you are aware of potential pitfalls. It is wise to find a Thai partner if you want a trading company, as the local markets are complex.
