Some Essential Tips for Doing Business in Thailand

Thailand is among the most powerful business centers in the Southeast Asia and it is said to be a potential and viable market in every respect. Thailand’s economic growth has made it a very popular target for western investors. Tourism, textile and garment industries, cement, computer parts, agricultural processing, light and beverage manufacturing industries are the major drivers of this country’s economy.

Doing Business in Thailand

If you are looking to succeed in doing business in this country, there are a number of things that you should be aware of. You should conduct an extensive research about the Thai business practices, customs, rules and regulations. As a foreigner, you have to understand the people and their culture so as to be successful in your business.

There are also some legal requirements for doing business in Thailand that you should be aware of. Among the legal requirements you should comply with relates to immigration and labor. Here, authorities are firm in immigration policies and if you have to hire expertise from other countries, you should ensure that they are cleared properly by the due process. The immigration authorities only allow work permits to people aged over 18 years and only countries that have diplomatic relations with the Thai government are allowed to work in the country.

To do business in Thailand, you are also required to have all the required business permits and licensing. There are several legal documents required to do business in this country hence you should understand the procedure of acquiring them. Tax payments are also a legal requirement and these payments are done on the basis of accrued credits and debits.

Aspects That Will Help You Succeed In Your Business

There are some aspects you should know to be successful in your business in this country. You should learn the business culture. While most Thais are welcoming to foreign investors because they want to see their country fully developed, there are some instances when they are quite stubborn and will not accept to change their way of living. For example, many companies work only half day on Saturdays hence it might not be a good idea to hold business meetings on a Saturday.

To do business successfully in Thailand, you have to earn the respect of people you will be work together with. Thais do business with the people they respect and developing a healthy business relationship to your advantage might take a while. An individual’s rank is important in Thailand and sometimes this is on the basis of age.

During a meeting, you should be patient and stay standing until you are told to sit. Ensure to dress in a conservative manner, particularly because Thais judge people based on their clothing and accessories. You should also be punctual during meetings. While punctuality is a personal attribute, it shows respect for the party you are meeting and this will earn you more respect. Communication is another essential aspect if you want to succeed. Remember to be respectful and courteous and note that formal and non-verbal communication is considered more vital than verbal communication. When carrying out business in Thailand, your readiness to learn and change to the new culture will guarantee your success.