Expanding into
Thailand
Expanding to countries such as Thailand – which is characterized by a highly trained and educated workforce, multifaceted employment and tax laws, a robust infrastructure network, and leading sectors in agriculture, industry, automotives, services, electronics, and tourism – can bring both excitement to the possibilities, but also significant stress to ensuring the entity with the country’s rigorous legal structures and laws.
Get the Support You Need
Global Expansion is a step to make for any business, regardless of your goal. But the opportunities that can come with an expansion can be stimulating as well as intimidating and confusing, especially when you consider all of the registration procedures that need to be done and the documentation required.
Going at it without the proper support can increase the costs, time and risks involved.
The legwork and potential red tape can be worked through more efficiently and cost-effectively with the support of a Professional Employer Organisation (PEO) such as Bradford Jacobs, primarily through our Employer of Record (EOR) framework.
It can be best utilised when businesses are just beginning their expansion process and require more information before incorporating an entity and fully establishing themselves in that market.
Hiring Staff
in Thailand
Thailand is a newly industrialized country, with the second-largest economy in Southeast Asia and the 22nd-largest in the world by PPP.
The economy of Thailand is dependent on exports, which accounted in 2019 for about sixty per cent of the country’s gross domestic product (GDP). Its currency, the Thai Baht, which was ranked as the tenth most frequently used world payment currency in 2017.
The industrial and service sectors are the main sectors in the Thai gross domestic product, with the former accounting for 39.2 percent of GDP. Thailand’s agricultural sector produces 8.4 percent of GDP—lower than the trade and logistics and communication sectors, which account for 13.4 percent and 9.8 percent of GDP, respectively. The construction and mining sector adds 4.3 percent to the country’s gross domestic product.
Other service sectors (including the financial, education, and hotel and restaurant sectors) account for 24.9 percent of the country’s GDP. Telecommunications and trade in services are emerging as centers of industrial expansion and economic competitiveness.
Thailand is the second-largest economy in Southeast Asia, after Indonesia. Thailand also ranks second in Southeast Asia in external trade volume, after Singapore. The nation is recognized by the World Bank as “one of the great development success stories” in social and development indicators.
Thailand is also one of countries with the lowest unemployment rates in the world. This is due to a large proportion of the population working in subsistence agriculture or on other vulnerable employment (own-account work and unpaid family work). Thailand is a middle power in global affairs and a founding member of ASEAN and ranks high in the Human Development Index.
TSmall and Medium Enterprises (SMEs) are defined by the Thai Government based on the number of employees and fixed capital. Enterprises with less than 200 employees and a fixed capital of less than THB 200 million (USD 6.4 million), excluding land and properties, are considered medium sized enterprises.
Small enterprises are those with no more than 50 employees and a capital of less than THB 50 million (USD 1.6 million).
According to Thailand Development Research Institute (TDRI), the country currently has about 3 million SMEs (which constituted 99.7% of all enterprises), employing up to 12 million people or around 82 percent of total employment.
SMEs make substantial contributions to the retail and wholesale, transport, hospitality, and agriculture sectors – about half of all SMEs are in tourism and related sectors.
Social Security Number
VAT Number
United States, China, Japan, Hong Kong, Vietnam, Malaysia, and Singapore
Hiring Staff
in Thailand
The economy of Thailand is dependent on exports, which accounted in 2019 for about sixty per cent of the country’s gross domestic product (GDP). Its currency, the Thai Baht, which was ranked as the tenth most frequently used world payment currency in 2017.
The industrial and service sectors are the main sectors in the Thai gross domestic product, with the former accounting for 39.2 percent of GDP. Thailand’s agricultural sector produces 8.4 percent of GDP—lower than the trade and logistics and communication sectors, which account for 13.4 percent and 9.8 percent of GDP, respectively. The construction and mining sector adds 4.3 percent to the country’s gross domestic product.
Other service sectors (including the financial, education, and hotel and restaurant sectors) account for 24.9 percent of the country’s GDP. Telecommunications and trade in services are emerging as centers of industrial expansion and economic competitiveness.
Thailand is the second-largest economy in Southeast Asia, after Indonesia. Thailand also ranks second in Southeast Asia in external trade volume, after Singapore. The nation is recognized by the World Bank as “one of the great development success stories” in social and development indicators.
Thailand is also one of countries with the lowest unemployment rates in the world. This is due to a large proportion of the population working in subsistence agriculture or on other vulnerable employment (own-account work and unpaid family work). Thailand is a middle power in global affairs and a founding member of ASEAN and ranks high in the Human Development Index.
Small enterprises are those with no more than 50 employees and a capital of less than THB 50 million (USD 1.6 million).
According to Thailand Development Research Institute (TDRI), the country currently has about 3 million SMEs (which constituted 99.7% of all enterprises), employing up to 12 million people or around 82 percent of total employment.
SMEs make substantial contributions to the retail and wholesale, transport, hospitality, and agriculture sectors – about half of all SMEs are in tourism and related sectors.
Social Security Number
VAT Number
United States, China, Japan, Hong Kong, Vietnam, Malaysia, and Singapore
The Main Sectors of the Thai Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
The Main Sectors of the Thai Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
Commercial Laws in
Thailand
Commercial Laws in
Thailand
