THAILAND, August 14, 2020— Reliance Consulting, the leading accounting service Bangkok agency, shares five common mistakes foreigners do when doing business in Thailand.
Ranked as the 21st easiest nations to start a business and the 8th best-emerging market, Thailand has become one of the best countries to do business in the Asia Pacific region. However, doing business in the country might not be as easy as it may seem. Many international companies and foreign investors commit mistakes that may jeopardize their business in the long run.
One major mistake foreigners make when planning to start a business in Thailand is not visiting the country before setting up their business. "Foreign entrepreneurs should travel to Thailand at least once before settling their business in the country so that they will understand the country's culture and people better," explained Mr. Hans Teo Han Siang, the director of Reliance Consulting.
He further added, "This visit also allows foreign investors to conduct preliminary surveys on the demand of their product or services and assess where they stand amongst their competition."
Picking the wrong location is another common mistake that foreign entrepreneurs make. "The company's location is critical to ensure both prospective customers and employees have easy access to the company," stated Mr. Hans.
"Before registering a business in Thailand, foreign entrepreneurs should find a good space for their business that is accessible, has decent amenities and functional surrounding infrastructures, and is suitable for their business' nature, size and culture," advised Mr. Han.
Some foreign investors also fail to conduct market research before setting up their company in Thailand. "Market research is crucial as it serves as a guide for entrepreneurs to make the right business decision. It gives them a clear insight on the sustainability of their business and opportunities they can exploit," said Mr. Hans.
Another common mistake that foreign inventors do is not making relations. "Building a relationship is a cardinal key to a successful business in Thailand. A good relationship with the locals helps elevate the company's reputation and build loyalty," explained Mr. Hans.
Collaborating with experts and outsourcing agencies in Thailand, such as professional accounting Bangkok and company registration company, can also help foreign entrepreneurs set up their business faster, run their company efficiently, and in compliance with the country's law.
In addition, some foreign investors tend to ignore the local custom. "The Thais are quite particular about the dress code. When doing business, they typically follow a formal dress code. Entrepreneurs are not permitted to wear casual attire when conducting business operations in the country. Also, they should always bring their business cards," advised Mr. Hans.
Reliance Consulting Co. Ltd is a professional accounting services provider in Bangkok, Thailand. The company offers payroll outsourcing, withholding tax, audit, and assurance services. It also provides comprehensive business solutions, including company registration and corporate secretarial services.