We all love the Land of Smiles and for those who have never experienced Thailand, it’s just a matter of time before you are drawn to southeast Asia. Life in the west is not as it once was, mass migration, rising inflation, not to mention the poison they spray into the skies. Add to that a terrible climate and it is hardly surprising that people look further afield and as Thailand is the number 1 holiday destination, it is worth investigating as a place to settle down.
Get out of your comfort zone
Humans are creatures of habit and with the easy, convenient lifestyle we have, it feels comfortable to have a routine and if you’re not happy, you just keep going, telling yourself that things will improve but they never do. Sell the house, quit your job and move to Thailand, where business opportunities await!
Setting up a Thai company
Do some research on company formations in Bangkok and talk to an English-speaking lawyer who can explain the various options. You could, for example, include your Thai spouse to hold 51% pf the company shares, while you hold the remaining 49%; this enables you to purchase a home under the company name. Many westerners set up a restaurant/hotel/resort in a tourist area, which can be very profitable if managed well; others get into real estate, acquiring land and building a few villas.
Outsourcing to local providers
Bookkeeping and accounting can be outsourced to a local accountant, so you don’t have to worry about compliance or filing your tax returns on time. If you have the time and inclination, you could manage the books for a small business, but most simply hire a local accountant.
Work permit & long-term visa
Setting up a business in Thailand allows you to obtain a visa and work permit; your Thai lawyer can assist with this by applying for your visa with Thai Immigration and a work permit from the Ministry of Labour. Never allow your visa to expire, as overstaying can lead to imprisonment and deportation. Once you connect with a reputable English-speaking Thai lawyer, they can handle all immigration needs. Thanks to digital connectivity, you can manage your business from another country.
Learn to speak Thai
We recommend signing up for a beginner’s course, which you can attend in Bangkok, or vis a video call; there are many free learning resources online, download one of the language learning apps to gain a deeper understanding of the Thai language. There are 22 vowel sounds, as Thai is a phonetic language that uses 5 tones; the good news is Thai grammar is simple compared to English that has 14 tenses; Thais use time words to denote past, present and future contexts, while objects have a classification word.
Once you are settled in Bangkok, write up a business plan and browse the BOI website, which has all the information you need; then make an appointment with an English-speaking Thai lawyer.