All businesses in Thailand are on one of the three business lists put forward by the Thai government. It is advisable to check which list your business category is a part of, before you decide to move business operations to Thailand. If your business is on List 1, you will not be allowed to set up your business in Thailand as these businesses can only be run by locals.
For businesses that are on the second list, all that you will need to start running your business on Thai soil is an approval from the Thai Minister of Commerce and the Thai Cabinet. Businesses on List 3 will need to get the permission of the Director-General of the Department of Business Development, along with approval from the Foreign Business committee.
Based on which country you come from, you may need a certain visa or entry pass. For example, as per Thai immigration laws, there are forty one countries whose residents are allowed to stay in Thailand for a month, without a visa. Lists of eligible countries or countries with restrictions on them are available at every Thai consulate or Embassy.
The financial industry in Thailand is under the aegis of the Ministry of Finance (MOF) and the Bank of Thailand (BOT). Banking in Thailand is a fairly simple process, and opening an account and making transactions are banking processes with no restrictions on them within Thailand.
Remember that direct taxes like personal and corporate tax, as well as indirect taxes like the value added tax and the specific business tax are a part of the Thai tax system. Self-assessment is usually the preferred methodology with regards to taxes in Thailand, although the Revenue Department is authorised to perform random checks on individuals and businesses.
Running a business within Thailand is made easier by the low average wages in the country. Thai employees are hard-working, diligent and loyal. Most lower and middle rung workers in Thailand get paid between one hundred to two hundred baht daily. The strength of the Thai workforce, coupled with the low wages results in most goods within Thailand being sold at bargain prices.
As far as etiquette in Thai business circles go, do remember that touching Thai people is considered an invasion of their personal space. This is why it is advisable to maintain decorum and greet them with the “wai,” which is the traditional Thai greeting and involves putting your palms together, almost as if preparing for prayer and bowing your head slightly.