BANGKOK – Thailand was voted the Number One ranking of the list of Best Countries to Start a Business for the second year in a row out of a total of 80 countries surveyed by the US News and World Reports.
Commerce Minister Sontirat Sontijirawong said Friday (Jan 26) that the US media company also placed Thailand on the 8th ranking of a list of 25 Best Countries to Invest In.
He attributed Thailand’s improved ranking in the two categories to the Commerce Ministry’s cutback on the red tape for the registration of new business in Thailand and the expenses for registration for business operators.
The report was based on the random survey of the opinions of 21,000 respondents worldwide.
“Starting a business in Thailand takes about five days, according to the World Bank. New business density is one of the lowest in the region, leaving room for hopeful entrepreneurs.
Though ranked among the top affordable country to business decision makers, companies that are not majority Thai owned are subject to the Foreign Business Act, under which many endeavors that could attract entrepreneurs to Thailand are restricted, including rice manufacturing and tourism,” the U.S.News and World Report said in the Best Countries to Start a Business ranking report.