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Starting an International Business in Thailand Can Be Easier than You Think

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Starting an International Business in Thailand

According to the World Bank, Thailand is the third most favoured nation in Southeast Asia to both start and maintain international businesses in the capital of Thailand.

However, Thailand does not score as highly on the same scale from a global perspective. What this means is that if you wish to start a new international business in Thailand from the United States or any other nation, it can be a mixed experience depending on how someone approaches it.

Let’s look at some of the established ways to improve your chances of success next.

 

Speed Up and Simplify the Process of International Money Transfers

To successfully run an international business in any foreign location, the process of regular, international money transfers must be streamlined first. It is necessary for making investments in the business, paying employees, paying vendors, and maintaining cash flow.

This used to be a problem earlier as wire transfers took a long time to reach the intended foreign bank account.

While wire transfers do still take days to reach overseas accounts, the Ria international money transfer app presents an alternative solution which is cheaper, easier, and faster than any traditional method of international money transfer.

Ria Money Transfer serves over half a million locations around the world, covering 160+ countries. Irrespective of where your business may be located in Thailand, rest assured that you will be able to use their services to send or receive international funds.

Find the Right Niche and City in Thailand

Unless you have a groundbreaking new niche in mind, it’s better to be aware of the local market before starting anything. Even if you do have a groundbreaking idea, can it find footing in Thailand?

Also, just because a business sector is thriving in Bangkok, there is no guarantee that it will thrive in Chiang Rai as well. Be specific with your market research and understand the subtle diversities between the different Thai markets.

If your company has an established niche already, find a city where there is a demand for what you do. If you are still undecided, decide on the niche based on what is worth investing in that chosen location. As a general guide for 2022, the following sectors are worth considering for international investors in Thailand:

  • Tourism: Business has picked up after the pandemic and it’s only going to grow bigger from hereon.
  • Agriculture: Contributes to about 10% of the Thai GDP and employs over 30% of the local population.
  • Import & Export: One of the most lucrative multibillion-dollar industries for foreign companies.

Work with Local Partners

The aggressive business strategies that most Western companies are used to, will not work in Thailand. Business culture is vastly different here and the language gap can make things feel too difficult.

Learn the language as best as you can and work closely with local partners when traveling to Thailand. Closing the language gap will help in more ways than you may realize, while the connections of your business partners will see you through most of the difficulties that the average international company faces in Thailand.

International businesses can be very successful in Thailand, as pointed out by several successful businesses currently operated by foreign owners. However, any new international entrepreneur must do their homework first.

They should be aware of what they are getting into and how to simplify the seemingly complicated processes associated with international Thai business.