Month: May 2020

Latest Grants In Thailand To Combat Covid-19

The Covid-19 outbreak around the world has hit the global economy very seriously. Governments worldwide are trying to combat the recession they are facing in every manner possible. On 4th March 2020, the government of Thailand decided to issue its Phase-I incentive in order to combat the outbreak. The package has been valued at 100 billion Baht or $3.2 billion USD, and it will provide essential assistance to households and businesses in the country. The Thai Central Bank declared that the economy of Thailand during this outbreak can shrink by almost 5.4% and it is the worst the country has ever faced. Even the 1997 financial crisis did not cause so much damage to the Asian economy.

The relief measure is going to be handed out to the needy in the form of cash handouts and low-interest financial loans for a certain time period. The Covid-19 outbreak in Thailand has affected 2000+ individuals in the country with more than 50+ deaths. On top, the tourism and export sectors have taken a very heavy toll already.

 

Grants By The Thai Government – Phase 1

Here are the grants allocated by the government of Thailand for Phase I of the crisis.

Supporting Households

The Thai government allocated 30 billion Baht or USD $918 million in the form of low-interest loans for Thai citizens. The government also decided to make a reduction in the Social Security Fund (SSF) from 5% to a straight 4% for the time being. Citizens who have successfully registered themselves under the SSF, are also eligible to get unemployment compensation that can go up to 50% of their salaries. Another 17 billion Baht or USD $520 million is allocated for the reduction of water and electricity bills by almost 3.2%. Many hotels and other essential properties will get an extension for paying their electricity payments for now.

Support For Businesses

The Thai government has also allocated serious funds for the support of many business sectors for the time being. GSB or Government Savings Bank announced that they are going to provide low-interest loans, worth 150 billion Baht, or USD $4.5 billion. It will also lend loans to many commercial banks with a very lowered rate of interest at almost 0.01%. This will, in turn, allow the commercial banks to grant vital loans to the businesses with a minimal rate of interest at only 2% – 2.5%.

Eligible businesses can receive this interest rate only for the first two years on the 20 million Baht or USD $612,000. The Social Security Office (SSO) of Thailand has granted soft loans to the SSO-registered entrepreneurs worth around 30 billion Baht or USD $918 million. Here are some more grants that are allocated –

 

 

 

Build Entrepreneurs  

 

Startup in Thailand has launched a special low cost, flexible scheme called Build Entrepreneurs for individual entrepreneurs to combat COVID situations in Thailand and launch their business in a cost-effective way. The idea is to provide a comprehensive support system to budding entrepreneurs and handhold them to be successful through various packages offered in this incubation process.

 

Grants By Thai Government – Phase II

Here are the grants allocated by the government of Thailand for Phase II of the crisis.

Supporting Households

In spite of the extensive efforts of the SSO and Central Government to help households and individuals during this crisis, more than 3 million workers are not registered under the Social Security Fund (SSF). The government has decided to hand out 10,000 Baht emergency loan to any person in need at an interest rate of less than 0.1% monthly. They will be barred from providing any collateral. Special loans of 50,000 Baht will be provided at 0.35%. State-owned pawnshops have been ordered to charge an interest rate of 0.125% per month. The government has extended the date for filing the income tax reports to August 2020. All medical workers and associates will not be required to pay any income tax for the 2020 session.

 

Support for Businesses

In order to support the businesses in Thailand, the government has declared that businesses can issue loans of up to 3 million Baht for SME at less than 3% interest for the initial two years. The deadline for submitting Corporate Income Tax has been extended to August and September. All businesses will receive a whole month of extension for filling their excise duty. Excise duty for oil product operators is extended for the next three months.

Thai Government declared exemption of import duty on the products that are related to the treatment and prevention of the Covid-19 virus. To reduce the burden on borrowers during this economic crisis, the Monetary Policy Committee (MPC) announced on 20th March 2020 that the policy rate will be cut short from 1% to 0.75%, effective from 23rd March 2020. This will ensure lesser strain on liquidity during this time.

Final Words

The Covid-19 outbreak around the world has to lead to severe depression in the global economy and has affected almost every country that exists in the globe. Serious efforts are being taken by the Thai government in order to combat the side effects of the pandemic. Almost after a couple of months, the outbreak was first announced, the situation has improved a lot at the time of writing this article and Thai Government has just announced to open certain businesses in a phased manner. People are urged to not panic and follow all government instructions carefully.

 

Contact the Startup Specialists for doing business in Thailand

 

Startup in Thailand is the only company in Thailand to provide a single-window solution for all business startup and expansion requirements: Startup Consulting | Thailand Market Entry| Legal assistance| Serviced Office | Factory Setup | Representation | Recruitment Services |Accounting | Operations | Buying& Sourcing| Distribution | Sales &Marketing | Regional Business Development | Management

The post Latest Grants In Thailand To Combat Covid-19 appeared first on StartUp in Thailand logo.

Source: Asian Correspondent

How To Start A Fruit Business In Thailand

Thailand’s food industry has witnessed a massive change over the last couple of decades. Thailand has always been an agriculture-based country. Over the last couple of years, the country has improved a tremendous improvement in the fruit industry. The government of Thailand has taken a massive initiative to encourage investors to put in more capital in the fruit industry.

Thankfully, the initiative taken by the Thai government is showing dividends, and since 2017; new investments started flowing in the fruit business sector. People have started showing more interest in this sector. Australia is one country that has shown a great interest in investing in the fruit business of Thailand.

Over the last couple of years, the opportunities in the fruit business sector of Thailand has increased by many folds. As mentioned, Australia has played an instrumental role in adding momentum to the fruit business of Thailand. The government of Thailand has also played an instrumental role in attracting more investment from Australia. The reasons why Australia has been one of their main area of focus includes many important points. Here are some of them

When it comes to starting a new fruit business in Thailand, there is no lack of quality products. Thailand deals in different types of fruits; which include those which are native to the country and imported ones as well. In order to start a fruit business, the proper license needs to be acquired from the authorities. This is particularly true in the case of organized sectors, which are planning to deal with exported products. Besides, there are certain quality standards that also need to be maintained and taken care of.

The fact that over the last couple of decades, Thailand has emerged as one of the major tourist attractions of South-East Asia, has made the government pay more emphasis on ensuring that the quality of food meets international standards; this also includes fruits.

Consult Startup in Thailand if you need professional assistance in executing such businesses in Thailand.

More Interesting Reads 

The post How To Start A Fruit Business In Thailand appeared first on StartUp in Thailand logo.

Source: Asian Correspondent

Global Economic Growth of Thailand

Thailand; a small country in South Asia, despite having enormous potential, couldn’t prosper and flourish for a long period of time. There are many reasons which held the economic growth of Thailand for a long period of time; social-political issues were the most prevalent ones.

However, the country has managed to sort out many of its issues and gradually, it is evolving as a promising economy. Though, the picture hasn’t been quite promising over the last couple of years; where the GDP of the country had gone down considerably or failed to meet the expectations.

According to World Bank Analysis, one of the major obstacles which are Thailand is facing at this moment is the lack of proper infrastructure. There isn’t enough capital being invested; either by domestic and local groups nor by foreign investors. As a result, when it comes to industrial growth; the situation hasn’t improved much.

The economy of Thailand has always been dominated by agriculture. Besides, tourism has also played an important role in earning foreign currencies. These two sectors still remain to be the major pillars of Thailand’s economy. However, the fact that there has hardly been any development in the industrial sector for more than a decade now; the economy of Thailand has failed to reach the heights of its expectations.

A Brief Insight into Economic Growth of Thailand

The economic growth of Thailand reached its peak over a quarter of five years in 2013. This came as a shock and surprise to most of the economists and experts who didn’t see this coming. The country experienced massive gains from private consumptions and exports; primarily agricultural products.

During this period, the GDP or Gross Domestic Product of the country was booming by 4.8%. The Social Development Board and National Economic stated that this was an unbelievable achievement, and was the best as far as Thailand’s GPD growth is concerned. It needs to mentioned in this regard that the median estimate of the= economists was 4%. The actual GDP growth was, in fact, higher than 1.1% than the median estimate which was drawn by the experts.

Ever since the military establishment of Thailand seized power, the economy of the country is rebounding and over a period of time has experienced sustained growth, marked by a considerable improvement in exports. The income of foreign currency from tourism had reached its summit during this period.

The statistics agencies of the country, after witnessing this massive improvement, forecasted the growth rate by 4.2% to 4.7% for the next quarter.  Whereas, for the previous quarter, their estimate was 3.6% to 4.6%

The Deputy General Secretary of the State Planning Agency, Mr. Wichayayuth Boonchit had stated that the manufacturing sector got benefited as a result of the higher rate of exports. He also added that the Private Investment was expected to do well during that quarter.

The military regime of Thailand took proper measures to reform the country’s economic policies during this period. The made commendable efforts to boost foreign direct investment, which was required to improve the country’s industrial sector and infrastructure. However, some of the big projects got delayed during this phase as the country was standing on the verge of elections.

The current-account surplus and foreign-reserve buffers of the country played a major role during this period to protect the nation’s economy from instability as the rate of Dollar was increasing. It was during this period, the overall economy of the country experienced massive growth. The industrial sector was receiving a good amount of investment from foreign investors. This also helped in the process of controlling the rate of inflation which was one of the major concerns as far as the economy of Thailand was concerned.

World Bank’s Overview of Thailand’s Economy

According to the World Bank, over the last 4 decades, Thailand has made tremendous improvements in its economic and social indexes. As a matter of fact, Thailand managed to attain the status of an “Upper-Income Country” from a “Low-Income” one. It took Thailand less than a generation to achieve this status. The World Bank further added, that there has been a striking reduction of poverty in Thailand; due to a sustained and continuous growth if its economy.

The Economy of Thailand started growing at a rate of 7.5% per annum. It was from the year 1960 to 1996, the country had experienced one of its golden eras. There was downslide from 1995 till 1998; however, in the year 1999, the country managed to pull itself out of the rough phase it was going through. It was from the year 1999 till 2005; millions of jobs were created, which played a major role in the reduction of poverty in the country.

The fact that Thailand started improving on its financial index; helped it to progress on its social segment as well. One of the most impressive achievements during this period was the fact that basic education could be offered to more and more children; from the backward section of Thai society. Besides, the health care segment also benefited a lot due to this remarkable growth of the overall economy of Thailand.

As mentioned, Thailand experienced a massive improvement as far as controlling poverty is concerned. From 1986 to 2017; poverty in Thailand declined from 67% to 7.8%.

However, the economic growth of the country slowed down to a certain extent from 2015 to 2017. The price of the agricultural products experienced a considerable fall during this phase which had a negative effect on the farmers and the agricultural sector of the country. The level of employment also experienced a decline during this phase; both in manufacturing as well as agricultural sectors. Compared to 2015, the number of people living below the line of poverty raised by a staggering figure of 478,000 in the year 2017. The financial disparity is believed to be one of the main reasons for worsening the conditions during this period. There was hardly any FDI or Foreign Direct Investment during this time; which resulted in the decline of the overall economic index of Thailand.

Inequality; mostly on the economic ground increased between 2015 to 2017. The average household consumption per capita grew during this period; however, the household consumption as far as the bottom 40% of the population was concerned declined.

According to a report published by World Bank Human Capital Index; the health and education sector though has improved considerably over the last four decades, yet there is much room for improvement. One of the main challenges Thailand is facing at this moment is uneven quality in education and health care services.

Promoting Economic Growth of Thailand

As far as economic development for any country is concerned, manufacturing industries have played an instrumental role. According to the experts; for Thailand to achieve sustainable economic growth, more emphasis needs to be put in the manufacturing sectors.  The process of promoting and developing the manufacturing sector of Thailand began in the mid-90s; however, it is yet to reach the heights which it has aimed for. It needs to be mentioned in this regard that there has been progressing in this area over the last couple of decades. Despite all the odds, Thailand has managed to emerge as one of the major hubs as far as global manufacturing zones are concerned.  ASEAN, or the Association of Southeast Asian Nations; today is considered to be one of the most rapidly developing regions, and Thailand is included in this region.

The manufacturing sector of Thailand today, is considered to be one of the key elements as far as the economic growth of the country is concerned. Over the years, Thailand has become a major hub for manufacturing electronic products, automobiles,  different types of electrical appliances, computer parts and peripherals and others.

In order to ensure that the manufacturing sector of the country keeps on booming; the government of Thailand has recently declared its new and modified policy; where they have targeted 10 major industries.  They are as follows:

  1. Smart Electronic products
  2. Next-generation automotive
  3. Biotechnology and Agriculture
  4. Wellness and affluent medical tourism
  5. Robotics and Automation
  6. Food Processing Industry
  7. Bio-Chemical and Bio-Fuel industry
  8. Logistics and Aviation industry
  9. Medical Hub
  10. Digital Economy

These are the 10 major industrial sectors which have been targeted by the Thai government, as they have the maximum potential to attract foreign direct investment and also to generate more job opportunities; which in turn would help in the overall economic development of Thailand

Major Technologies for Industrial Promotion

In order to achieve industrial growth, the latest and advanced technologies need to be introduced. The government of Thailand has listed down 4 major technologies that they are going to emphasize. They are as follows

  1. Nano-Technology
  2. Bio-Technology
  3. Digital Technology, and
  4. Advanced Material Technology

The experts believe that these are the technologies that would help to improve the overall industrial growth of Thailand, which in turn would contribute towards the nation’s economic development. All the projects which would be driven by these technologies would be exempted from corporate tax for a period of 10 years. In the case of EEC or Eastern Economic Corridor, the period of tax exemption has been extended up to 13 years.

It is quite evident that the government of Thailand has recognized the key areas which need to focus on and at the same time, they have formulated policies and protocols to ensure that optimum amount of output could be achieved. Over the last couple of years, the government of Thailand has invested millions of dollars in order to introduce these technologies in Thailand’s industrial sector. Read more about Thailand’s Digital Technology scenario.

Future Looks Promising

Though presently the picture is not as rosy and one would expect it to be; however, according to the experts, with the help of proper investment; both local and foreign, Thailand can certainly emerge as one of the major economies in South-East Asia. It is worth mentioning that since 2016; new foreign investments have started coming in; however, the rate is not as high as it needs to be. The government of Thailand, in order to attract foreign investors, has come up with new policies. It is expected that by the end of 2030; with the adequate inflow of capital and support from the government; Thailand would emerge as an economic force to reckon with.

At the conclusion, it can be stated that the future of Thailand’s economy looks promising. However, the government of Thailand needs to be consistent with its efforts and at the same time should not avoid other main sectors; like agriculture. By modernizing the agricultural sector and promoting the manufacturing industries; Thailand is likely to accomplish its target within the next 10 years. Thailand has also made remarkable progress in developing its small scale and cottage industries; which have played a supportive role in the development of major industrial sectors

Read more about various industries in Thailand and their growth areas here

Contact us for professional startup consulting if you are contemplating to set up a business in Thailand.

Startup in Thailand  is the only company in Thailand to provide a single-window solution for all business startup and expansion requirements: Startup Consulting | Thailand Market Entry | Legal assistance | Serviced Office | Factory Setup | Representation | Recruitment Services | Accounting | Operations | Buying & Sourcing | Distribution | Sales & Marketing | Regional Business Development | Management

Interesting Reads : 

 

The post Global Economic Growth of Thailand appeared first on StartUp in Thailand logo.

Source: Asian Correspondent

Thailand Government – How Supportive is it For Business ?

The Thailand government has always been supportive of its masses. The new government has proposed to take up a few initiatives for the people which includes the Eastern Economic Corridor project. It has planned to pursue some of the important economic policies as well. Thailand has been rightly described as one of the countries that have huge success stories accompanied by an impressive reduction in poverty and spontaneous growth.

Thailand became one of the largest exporters of rice and auto in Southeast Asia. Entrepreneurs have found that doing business in Thailand has reaped huge benefits because of adequate support from the government. In order to keep up with the pace and to keep the economy on track, the Thai government has taken various steps so that the country moves to the next development level. Here mentioned are few initiatives which have helped in shaping the overall Thai business.

Thailand 4.0

To achieve a high level of development, the business leaders and the government have set up a new transformation stage with the name of The Digital Thailand 4.0 program. The main characteristics of the program include a digitalized social system with an integrated digital business. This program has helped these rural-based small and medium firms to make use of e-markets and e-payments for selling their products.

The government is encouraging small and medium enterprises to make use of the internet. The Thailand 4.0 program is supposed to boost the e-commerce business because it is facilitating the use of digital payment modes and e-marketing both inside and outside the country. The program has an agenda that includes the following: strengthening the internet connection, enhancing the infrastructure and logistics services, Promoting trade relations with neighboring countries like Vietnam, Cambodia, etc.

Thai Government has special incentive schemes for business owners who would like to invest in manufacturing or is in the technology space through the Board of Investments(BOI).  It has also made work permits and visas for foreigners to be easier by introducing the Smart Visa which enables people to have longer visas and work comfortably.

The government is also ensuring that the small and the medium businesses and the fast-changing industries like telecom and financial sectors are maintaining international standards.

Long term prospects

As far as the long term prospects of Thai business is concerned, it will be moving forward thus contributing more to the GDP of the nation and the ambitious Thailand 4.0 agenda will help the nation to boost up its success and development. However, there is a need to bring cooperation between the private and the public sectors so that international and domestic investment can be attracted. The major players of the nation are aware of this and they are taking up important steps and strategies to help in building Thailand’s future to expand their presence both within the nation as well as internationally.

The Eastern Economic Corridor

The government has also taken initiatives to strengthen the transport system as well. One of the major components of the Thailand 4.0 program is the Eastern Economic Corridor. The government has sanctioned sufficient funds amounting to US$45 billion for the construction of railways, roads, shipping, and aviation infrastructure and to help in bringing improvements in the so-called smart cities. The two most important smart cities developed by Amata are generating more than 10% of the nation’s GDP. The new transport infrastructure will connect south of Thailand and to regions beyond Singapore and Malaysia thus bridging the gap between the Bay of Bengal and the South China Sea. This infrastructure will also connect with the road initiative and the ambitious belt of China thus connecting China with Europe, Central Asia, India, Russia, and Southeast Asia. This will open new channels for having entry to newer markets.  This will also encourage foreign investors to start a business in Thailand

EEC: A growth engine for Thailand

Southeast Asia is home to a large number of economies that are growing rapidly. The connections of Bangkok’s bank and existing knowledge can help those who are trying to get help from the development. The bank plays a very important role in introducing new investors to the region especially to the EEC of Thailand. EEC or the Eastern Economic Corridor is known as the gateway of regional logistics and a base for high value-added industries. Under the flagship of the Thailand government, the roadways, railways, sea and air transport will be improved in order to enhance the relations between the Road Initiative and the Chinas belt. One of the key players in this expansion is Bangkok’s Bank playing an incredible role and having 32 international branches spread across 15 major economies. However, the major focus is on Greater China and Southeast Asia. The bank informs the customers about the various business opportunities available, provides capital for new infrastructure and builds new alliances and essential networks.

A Step towards full integration of the smart cities

One of the greatest initiatives of the EEC and Thailand 4.0 is the development of smart cities. The economic growth of Thailand has been expanding from the last few decades with steady progress in steel, automobiles, and petroleum. Thailand 3.0 has brought huge success in the past 30 years and now the 4.0 program is introducing cutting edge facilities, new technologies and innovations, interconnectivity and development of smart cities like the Amata Smart city. These cities provide scope and opportunities to the clients for participating in this new model in order to deliver smart solutions.

The main center of technological growth and smart manufacturing will be Eastern Economic Corridor which covers a total area of 13,000 square kilometers. The government has sanctioned sufficient funds amounting to US$45 billion for the construction of railways, roads, shipping, and aviation infrastructure and to help in bringing improvements in the smart cities. The majority of the fund will be spent on the development of new infrastructure and to make changes and improvements in the already available facilities. This includes the U-Tapao International airport, three seaports and high-speed dual tack railways that link all the industrial zones of EEC and Amata.

Reforms made in Thailand in making business easier

One of the top destinations of the ASEAN Region is Thailand, recognized for its Thai business conference. The people of Thailand are known for their polite behavior, creativity, hospitality, and an energizing spirit to collaborate effectively. The Thailand Convention and Exhibition Bureau (TCEB) is a great initiative taken in 2004 to redefine the business events.

Doing business in Thailand has become easy because of the important role played by Thailand’s business environment. It helps in bringing a lot of foreign and private investment and this is one of the main reasons why this nation attracts entrepreneurs from different parts of the world to set up a business over here. The friendly environment along with supportive government initiatives have made it easier for the newcomers and the investors to make an investment in this country. It also helps in improving the position of Thai business in the global market. It has also benefitted the small and medium business owners. Therefore, it is not only again for the owners but for the consumers as well.

The government has taken essential steps to help the owners to start their businesses with ease by providing incentive and tax packages, making it accessible for the SME’s to have access to credit so that they are able to carry out imports and exports with the other neighboring regions as well as abroad. The customs act has been updated to international standards, the introduction of electronic ID’s and essential steps have been taken to simplify the requirements of the bureaucracy.  Some of the major key reforms have been brought by the government to simplify the process of paying taxes. The Thailand market entry process has been made easier which has also attracted a lot of foreign investors. It has also started paying credit scores to financial and bank institutions. It has also made trading easier and the reforms related to trade are also gaining priority. With the support of the World Bank Group, the government has identified ten essential areas to improve the business environment and to make it easier for those doing business in Thailand. It includes the following:

The majority of the reforms are focused on making it easier to enter businesses, reducing complexions, easy operation for small and medium enterprises, securing the property rights, enhancing transparency, and increasing access to credit.

The reform measures may vary from short term measures to long terms. The short term measures include clarity in various acts like- Business Security Act. This allows the owners to have access to funds and the long term measures consist of fuller execution of the system of Thai National Single Window to allow easy clearance on transit and essential trading goods. The continuity of these reforms is considered essential because it is only because of these reforms that the agenda of Thailand 4.0 will be successful. It might not guarantee 100% success but it will definitely bring improvements. Along with it, it is essential to improve the education system in order to have a skilled workforce and there is a simultaneous need to encourage improvements.

If you are planning to explore doing business in Thailand, then we recommend connecting with one of the leading startup consulting firms in Thailand.  They can advise and handhold you to project success at a reasonable cost and shorter time.

Interesting Reads :

The post Thailand Government – How Supportive is it For Business ? appeared first on StartUp in Thailand logo.

Source: Asian Correspondent

Top 10 Items Traded between Thailand and India

Thailand is the hub for import-export trade. India and Thailand share a great trading relationship with each other. Many useful items are brought from India, and from the Thailand market, many important items are sent for fulfilling Indian demands. Food items, handicrafts, clothes, electronics, and other necessary products are being exchanged between these two countries. Both countries make a huge amount of money from this healthy trading every year.

Only profitable products have been chosen so that both countries can gain profits by exchanging them. In most of the cases, consumable products are included within the list for making the trade much more beneficial. Wholesale orders are received and placed for dealing with the products at quite a cost-effective rate. Since bulk products are dealt, therefore, the chances of higher profits can be increased. Governments of both countries are also sharing good terms with each other and this is one of the leading reasons for the continuation of this smooth trading. Startup in Thailand can be highly facilitated by this form of profitable trading.

You just have to look for the most reliable and authentic suppliers or dealers in Thailand in order to make the trade successful. Make sure that the dealers have got proper websites online otherwise, you will not be able to extract enough information. You should contact the dealers with a view of maintaining a long-term trading relationship.  Wholesale businesses will definitely get boosted up to a great extent with long-term deals. You should follow the standard golden rules of export and import trading in order to conduct the business in a legitimate manner.

If you are thinking of opening a business in Thailand, then you should certainly opt for this kind of trading. You just have to make some basic arrangements like transportation, website making, product selection, business planning, vendor selection, and others so that smooth and hassle-free trading can be conducted in the long run.

The best way to get involved in trading business with Thailand and India is to opt for Representation in Thailand which can provide you with hassle-free operations without many investments.

 

Computers and Other Electronic products

Electronic products especially computers and their associated parts or accessories can be now imported by India at a lower cost. The products are not only affordable but they are high in quality as well. India has got a huge demand for electronics and this demand can be successfully met by Thailand exports. Every year, almost $12.7 billion costing products are imported by India. Dealing with electronics is quite a popular Thai business. This business has got a higher degree of prospect along with lots of profit. Computer-based activities in India are now providing a lot of jobs to Indian people and this is another great reason for the rising computer demands in India. On the other hand, Computer supply from Thailand is also giving great support to the IT industry of India these days.

 

Machinery

There are some specific kinds of heavy-duty machinery that is produced in bulk only in India. These machines are being imported by Thailand every year not only for fulfilling local demands but for exporting to other countries as well. Loose parts or accessories are also imported so that full-sized machines can be developed. Indian modernized tools are pretty improved in nature and they are very much flexible as well. Indian manufacturing industries have the highest demand for heavy-weight machinery.

 

Leather Products

Indian leather products are excellent in quality, and many Asian countries try to pull these products and Thailand is one of them. Finished leather from India is often appreciated by Thailand and is quite lucrative for them because of affordable pricing and can be used for varied purposes. Countries which cannot trade with India directly, contact Thailand for receiving Indian leather-made products. In fact, it is due to the huge volume of leather export to Thailand that the leather industry in India witnessing a promising growth these days. Satisfied quality and cheaper price are raising the demands on a continuous basis. Thailand gathers leather products for adopting the latest fashion. Of course, Thailand has its own tanneries and imports heavily from China, Italy, etc. but still a substantial import from India still seems a viable option for them.

Learn more about Thailand Leather Industry

 

Automobile Accessories

Automobile accessories in Thailand have got a huge market in India. As a practice, India does not produce auto parts. Therefore, they try to get the same from Thailand and other Asian. countries where these parts are manufactured in wholesale. For decades, Thailand has been one of the leading exporters of automobile accessories to India. These parts come with a proper guarantee and thus, Indian customers are fully satisfied with the products. Since vehicle usage is higher in India, therefore demand for auto parts is also on the rise. Moreover, a sudden slowdown within the automobile industry in India has also forced the country to import auto accessories from other countries. If you are trying to get luxury vehicles or the latest accessories for your automobile business, then nothing can be the best option other than getting the same from Thailand.

Learn more about Automotive Industry in Thailand

 

Rice

It is the highest consumable products in India. In fact, in most of the Indian states, rice is considered as the staple food. But the cultivation cost of rice in India is pretty high and moreover, the country is not capable of producing enough rice for meeting the native demands. This is the reason that different kinds of rice are being imported from Thailand to India at a competitive price. Rice export to India seems to be a profitable deal for Thailand. Thailand sends rice in bulk as Indian demand is higher. Many Indian food preparations are being prepared with rice. Moreover, rice exported from Thailand has got an amazing smell and thus it tastes really great. Incidentally, both country’s staple diet is Rice, which blossoms this industry.  Thailand’s Rice Exports was expected to be 9.5m MT in 2018

Learn more about  Thailand Business in Commodities

 

Beauty Products

Indian women are highly fond of affordable, beauty products that come from different Asian countries like Thailand, Malaysia, Korea and others where beauty care has its name. Thailand deals with a wide variety of beauty products which is now creating a huge demand in India. Indians are quite a beauty conscious than anything else. They can compromise on their food but cannot compromise on beautification. But since locally produced cosmetics are very expensive, therefore they prefer purchasing imported ones. The fashion industry, modeling industry and film industry of India create a high demand for Asian cosmetics. Indians find it quite reasonable investing in beauty products rather than investing in cosmetic surgeries. Thailand uses high-quality products for making beauty products and is safe when used in skins. Apart from cosmetics, other useful beauty accessories especially hair clips, fashion earrings, bracelets, sunglasses, and many more fashion accessories are also exported from Thailand to India.

 

Onions

India is now playing a leading role in exporting onions to many Asian countries especially where the onion production is limited. Indian soils are great for onion production and this is why the country produces voluminous onions every year. Even after meeting the local demands, onions production remain in excess. This excess amount is being exported to Thailand at a good profit. Sometimes, onions are exchanged for other consumable products like rice. Therefore, if you are interested in setting up a business in Thailand, then you can start dealing with the export of onions as the most reliable option. This deal will enable you to make lots of money within a very short period of time. You just have to keep in touch with the Indian onion suppliers so that you can export onions in bulk to Thailand.

For trading business, it is not necessary for you to establish a company in Thailand but you can opt for a Representation in Thailand.

 

Trucks

The corporate industry especially manufacturing, sales and distribution sectors in India are highly dependent on commercial trucks. But most of the commercial trucks are not manufactured in India, rather they are being imported from Thailand. Truck parts or components are imported so that they can be assembled out here for making the whole vehicles. Commercial trucks can be of various kinds and thus at the time of placing the order, it is important to mention the requirement so that the Thailand exporters can provide accordingly. Commercial trucks can be now purchased from Thailand at a greater discount. These discounted deals are really very much attractive for Indians. Production of other industries in India is dependent completely on commercial trucks. These trucks are majorly used for distributing varied manufactured items. Nowadays, Thailand is supplying commercial trucks with advanced technology and flexible characteristics, so that they can be easily operated without any inconveniences.

 

Air Conditioners

These products are also now treated as one of the highest consuming items of India especially due to the tropical climatic condition. During summers, India experience terribly heat especially in some parts. This unbearable heat can be tamed only by cooling machines.  In India, the sale of air conditioners is continuously increasing and this increased demand is getting satisfied by those countries that are exporting these machines. Thailand has been currently recognized as a leading exporter of these machines to India. Indian AC dealers contact the AC suppliers in Thailand for bringing these machines in bulk. During scorching summers, the sale of these machines is higher in India. At present, global warming has created an adverse impact especially towards the Northern part of India, where has ultimately increased consumption of AC almost three to four times more. AC packaging in Thailand is pretty impressive and this is another leading reason for the highest sale of these machines in India.

 

Rubber

Thailand is the highest exporter of a natural form of rubber. Rubber is needed in India for making tires for vehicles. Without these tires, vehicles are absolutely incomplete. Rubber supply from Thailand contributes a lot to the modern Indian economy. Due to the scarcity of natural rubber, India is recently relying on synthetic options. But Thailand has resolved this issue these days. Thailand is supplying enough of natural rubber for fulfilling India’s demands. Rubber is not only needed in tire industry but it is needed in other Indian industries as well.

India imports more items from Thailand in comparison to its exports. Thailand’s trading regulations are quite flexible and this is how India gets benefitted a lot. Thailand is working more for increasing the number of exported items. In fact, a large part of Thailand’s economy is filled with the money gained from export of different useful and consumable items.

Thailand exports have also given a lot of job opportunities for the natives out there. If you compare the trading sheet, then you will come to know that in the recent time, Thailand-India trading has increased almost 60-percent. Many exporters have currently emerged in Thailand for exporting varied items to India. Since Thailand is offering cost-effective rates, they are getting huge orders from India from time to time.

Thailand exports are now playing a great role in building up country’s wealth. This is the very reason that the Thai government is encouraging more and more exporters for increasing revenues from exports. The Thailand Department of Export Promotion has opened online trading opportunities ThaiTrade. for foreigners as well as locals through their platform – Many government programs have also been organized for giving special recommendations to all Thailand exporters including beginners and experienced ones. It is due to the export opportunities that Thailand market is continuously getting expanded far and wide, and more items are now getting added within the list of exports.

Read More aboutIndia & Thailand – Economic and Commercial

Contact the Startup Specialists for doing business in Thailand

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The post Top 10 Items Traded between Thailand and India appeared first on StartUp in Thailand logo.

Source: Asian Correspondent

How Coronavirus’ Impacted The World Economy And Thailand Business ?

Coronavirus is undoubtedly changed the world economy and businesses around the world. Thailand was also dealing with the highest number of confirmed corona virus infection cases after Singapore and China. If you are interested in starting a business in Thailand, it always suggested to get help from the experts and also do proper research about the current scenario to meet your exact needs.

 

The seriousness of the financial effect will to a great extent rely upon two variables the span of limitations on the development of individuals and monetary exercises in significant economies; and the genuine size and adequacy of financial reactions to the emergency.

 

Thailand has experienced a lot of complications from the four weeks of reporting its first confirmed case of the COVID-19. Launching a business in Thailand is not a simple task; it is vital to take advice when it comes to start any business in Thailand. Still, there are plenty of business opportunities in thailand that can be utilized by many people from various parts of the world.As countless individuals overall are compelled to remain in their homes and not travel abroad, the organizations that are helping them to adjust could prompt long haul changes in the economy.

 

In Thailand, getting a startup consulting is indeed for all kinds of business, which can be essential for a foreign entity. This will leads people to believe their option to form any company according to their interests. However, the thai business ownership is also ensuring their business isn’t affected by any restrictions related to Thai law.

 

When compared to any other country, Thailand provides complete support for new business, which means you could take the part of the growth by starting a business in thailand. Thailand is a beautiful city because it combined with a lot of cultures and business opportunities; overall, it is an excellent place for people to set out a new business adventure with ease.

 

Before going to start a business, it is significant to do research first, which allows finding some necessary things that you need to know related to the plan on starting a business in Thailand like a local or foreigner. The business startup consultant services highly useful in a different way; the experts have proper knowledge about the various field and offer services based on the current economic condition of the business destination. The asia business consulting services available for helping people to start their business journey with no hassle.

 

Company Formation in Thailand

 

Meanwhile, strict guidance always formed for business concerns. It is the most common method to hire startup consulting services. Because of the quick improvement of the coronavirus circumstance, numerous organizations have started business coherence intending to secure their staff and relieve the effect on their business activities. In keeping up business duration, there are various individuals related issues to consider, including how to deal with a cross-outskirt workforce and changes to business and compensation terms.

 

Usually, many people wonder how to start a business in thailand because of the changing nature of the Thailand economy. Keep in mind that Thailand always has strict laws about foreign trade, as well as current coronavirus; fear also makes a considerable change in the market. For the past four weeks, most people are affected by the virus and hospitalized. So you must follow all laws and know about the exact scenario in the thai for making everything simple and easy.

 

Still, most of the people are having dreams of owning their own company in thai for making huge profits. The potential is unlimited. If you are interested in doing business in thailand, it is eminent to hunt help from experts for starting your new adventure. Thailand is one of the excellent choices for people with big dreams because this will make them come true. So don’t waste your time, you must consider taking the steps toward your future by approaching experts.

 

Why We Go With Asia Business Consulting ?

 

The tale corona virus pandemic has pushed the world to the edge of total collapse. Organizations are disabled, ventures are looking for bailouts, economies are in trouble, and SMEs and new startup business consultant also have not been saved. As organizations over the world scramble to evaluate the harm and how best to reduce the effect of COVID-19 on their activities, for the startup world, the suggestions are significantly increasingly extreme.

 

Before going to opening a business in thailand, it can be better to hire the consulting services to get proper guidelines. Nowadays, most of the investor and entrepreneur prefer to get help from the consulting agency to meet their exact needs. Without any doubt, a business consulting startup becomes a favourite choice among investors because it can provide help with the early steps. The experts are engaged to assist organizations as well as people who are behind start-up businesses and experienced consultants committed to offering unique expertise that also blends diverse entrepreneurial experience as well as practical solutions.

 

Before going to start any startup asia, it is essential to seek professional business advice because a consulting firm effort directly with its clients to make everything simple and easy. Experts are ready to work with you at any time for every question that will answer, as well as the advice, can give for a higher return on investment.

 

Now anyone can easily take the benefits of increasing business opportunities in thailand with the help of experts. The client who work with the consulting firm they have more possibilities to receive plenty of positive benefits when it comes to the early stages of forming a business. Most importantly, it can be highly useful when it comes to taking advantage of the next phase.

 

Importance Of Hiring Business Consulting Service:

 

When you recognize what zone you’re searching for help in, ask yourself what specific tasks you need assistance with. For example, do you need assistance arranging a promoting push around your first enormous item dispatch? Do you need somebody to come in and dedicate a great deal of time for half a month to get some significant activity off the ground, or would you say you are searching for somebody you can call upon semi-consistently?

Once more, your general business objectives should help manage you through these inquiries.Independent bookkeepers and accountants are probably the most well-known small business consulting service. These experts can help set up versatile invoicing and instalment frameworks, get your books all together, and assist you with getting ready for charges.

Coronavirus has made possible impacts on the economy. If you are looking for business for sale thailand, it is prominence to pay close attention to the current marketplace of the Thai. People focus on the epidemiological profile of the virus; this will make a lot of effects on consumers, businesses, as well as governments.

 

COVID-19 will most directly shape economic losses via financial markets, supply chains, household consumption, etc. having a proper economic understanding is essential for starting a business in thailand because it can allow you to take the benefits of international trade. The appropriate experience, knowledge is necessary for doing both in traditional, textbook supply-and-demand through the introduction of high levels of uncertainty.

 

Supply Chain Disruption Make It Difficult To Complete Their Products:

 

Web based business has seen critical development, with perceiving clients searching for the quality in the item and turning out to be less value delicate. Organizations can contend by offering quality items and focusing on new buyer gatherings, for example, the old who are shopping on the web to an ever increasing extent. Online business and advanced innovation are patterns that business people certainly would prefer not to miss since these will turn into the new ordinary considerably after the COVID-19 period.

 

Still, most of the companies are needs new supplies from China as well as putting them into their production. The economic condition goes down because of the effect of factory shutdowns in China as well as other countries. Even the challenges affect not just traditional industries. It will also lead to reduced impacts of business in thailand for foreigners. The problems highly increasingly high-tech sectors like computers, smartphones, etc. overall, it will result is reduced economic activity as well as growth.

 

Corona Virus And Its Economic Effects Will Leads Damages To The Overall Economy

 

From the past few weeks, economists think about risk-taking; in general, an economy only works if risks are largely known. Still, it can occur because of the unknown risks, or uncertainties; coronavirus can have a more significant as well as paralyzing effect on the world economy due to this the thailand government also taken a lot of precautions and steps for people who are setting up a business in thailand. In general, Thailand has a strong labor market, as well as the consumption levels, which will vary concerningly low inflation even the investment already exhibits. When it comes to starting a business, it is also essential to have proper knowledge about the political polarization as well as conflicting policies on regulation that also led to firms thinking twice before making investing or trying to expanding their business.

 

If you are interested in starting a small business in thailand, the coronavirus puts the spotlight on current economic growth, still the policymakers to counter the risks of the virus in a fast manner. It is also imperative for policymakers to keep cool. Taking further measures are also important for individual businesses, and sector because this will cascade through the economy. Everything will be minimizing while not interfering with efforts to deal with the epidemic.

 

Officials have spoken of applying some set of rules to people coming from any country to control the risk of coronavirus, and this will help control the ongoing local transmission of the virus. Still, it is yet not clarified when or how that would implement.

 

When it comes to business for sale in thailand, you need to take further measurements indicated that rule could apply to the United States, Japan as well as several European nations. Most importantly, Thailand’s huge tourism sector is taking significant factors on the COVID-19 outbreak. Still, now, it also accounted for around 15.5% of total employment as well as 5.8 million jobs based on the report. The government works hard to control the virus and also concentrated on taking a lot of preventive measures for protecting people and the economic condition.

 

When it comes to starting any business in thailand, it is better to take the benefits associated with the startup consulting services, and it can be useful to overcome all the difficulties. The startup consulting firms can help business people with a different mindset and business plan. If you have any creative ideas for developing a business, you must approach the experts for getting help.

The post How Coronavirus’ Impacted The World Economy And Thailand Business ? appeared first on StartUp in Thailand logo.

Source: Asian Correspondent

Top 12 Profitable Businesses in Thailand in 2020

Thailand is one of the world’s largest economy and the second in South East Asia only after Indonesia. Thailand has a lot of industries and commercial sectors that help the country to build such a promising economy. The World Bank has recognized the Thai economy as “one of the great development success stories” in recent decades. Tourism is the major driving force that has made Thailand such a versatile economic power.

However, there are other industries and businesses which have significantly contributed to the economic growth as well. So, whether you want a high resident or a foreigner, it is always an attractive ambition opening a business in Thailand so that you can generate a huge amount of profit. There are several ways you can make that happen and today, we will be discussing the 12 profitable businesses in Thailand in 2019. Make sure to have a look at them and choose the one which suits your needs and preferences the best.

 

Here is a list of few profitable businesses for you to invest

Running a business can be a heckling task but it also guarantees a long-term profit and ensures that you have a good source of income. So, if you are confused in deciding which business you would want to start in Thailand, then have a look at these points that we have mentioned below.

 

Baby related business

 

Brewpub

 

Catering business

 

Delivery business

 

Digital Marketing 

 

Driving School

 

Import and Export Business

 

Graphic Designing

 

Handyman Business

 

Jewelry Design

 

Night Club

 

Photography Agency

So, here are the top 12 businesses that can provide you with a good amount of profit if you are able to carry the amount in the right way.

 

Final Words

Thailand is a growing economy and it is going to expand even more in the coming few years. With flexible trading terms and different advantages for doing business in Thailand, you can actually make great usage of these friendly customs and regulations in order to generate a good amount of profit by carrying out a particular business in this country. Make sure that you are aware of all the local laws to operate and you may opt for any Legal Assistance in Thailand which can provide you the knowledge that you are looking for.

Contact the Startup Specialists for doing business in Thailand and they will surely help you decide which business can return you good profits in Thailand.

 

Few More Interesting Reads 

  1. How can a Startup Consultant Help you to Run your Business
  2. Growth of Startups in Thailand and Future Outlook
  3. What you should consider before doing business in SE Asia
  4. 10 Key Steps to endure your Startup success in Asia
  5. Top 10 Reasons to start a business in Thailand
  6. Thailand government – How supportive is it for business 
  7. The success of small businesses in Asia. Is Asia really booming?

The post Top 12 Profitable Businesses in Thailand in 2020 appeared first on StartUp in Thailand logo.

Source: Asian Correspondent

Why Do You Need A Specialist To Start Up In Thailand ?

It is difficult for any startups to be brilliant in all functional areas of business, especially in Thailand where things do not always go as planned. There is a need for guidance, mentorship, and direction from Startup Consulting firms in order to gain knowledge and experience for them. This will help the newcomers to learn the latest techniques, methodologies, expertise, tools, experience, and other perspectives and viewpoints.

One of the important decisions taken by the entrepreneurs is finding a consultant. A business consultant is of two types- Generalist and a specialist. A generalist usually takes care of all the aspects of your business with their main attention on strategy and strategic management. A specialist is a consultant who specifically focuses on IT, Financing, Design, Human Resource, Logistics, Taxation, Security, etc.

Such a startup specialist is Andy Aditya, who is available to consult you in Thailand, should you require it.

First of all, it is essential to know whether you need Startup Consulting Services. A consultant provides an outside perspective with honest feedbacks and they can give you brainstorming ideas and they can give you honest feedback when you go wrong. Therefore, it is important for every startup to get help from a startup specialist.

Hire a Startup Specialist in Thailand

If you are planning to start a new business in Thailand, seek help from a Startup Consulting firms who can give you wide insights on strategy, fast implementation with a touch of professionalism. If you are an entrepreneur and wish to make your dreams come true, then it is important to seek help from a specialist and senior staff members.

Therefore, it is the right choice to hire a specialist who can guide, evaluate and take you through the ladders of success. If you are an ambitious owner and you have sufficient funds and an innovative idea for implementation, but you are finding it difficult to go forward then you should take help from a specialist. One of the reputed specialists is Andy Aditya who can provide you knowledge and tricks of doing trade and representing your business in Thailand or in Asia.

One of the biggest mistakes that an entrepreneur can do is take help after a crisis takes place. This is wrong. You should take help before a crisis turns out to be a disaster. So the best time to take Startup Consulting Services is at the early stage of your business. They can help you to give validation to your ideas or they can give you better ideas for your business. They can help you out with your approach, your marketing strategy, financial, sales and customer strategy. Hire them at an early stage so that you can minimize the losses and the risks. Once your new business gets matured and you are about to get successful, hire a specialist so that they can periodically review all the aspects of your business and recommend any changes if needed.

What are the various benefits of startup services?

A startup advisor is a specialist having mastery and experience to encourage you what to do and implement your planning without hesitation setting aside your energy, time and money. New businesses need startup consulting services that can help in doing the work as well as give you training on what should be your next step. The startup specialists can survey your marketable strategy, make a comparison with your company mission and goals and change it or propose ways to help you in succeeding in your business.

A startup is a new business that has been recently established with limited resources and high uncertainty. Therefore, a specialist is hired to help them in the early stages of business. The business consultants in Thailand proved to be immensely beneficial for the newcomers who have an idea but do not have proper resources, knowledge, and experience to spread their ideas in the wider market domain. Here mentioned are the top reasons why a startup should hire a specialist.

Below mentioned are some of the examples that will help you to know what a startup consultant can do to your business.

Therefore, startup consulting firms like Startup in Thailand can help build your reputation, revenue, and presence in the wider market domain by making research on the existing market situation, and compare your competitor’s tactics and strategies and compare them with yours. Henceforth, if you wish to be a success in doing business in Thailand, it is very crucial to get connected to a specialist in Thailand.

Contact the Startup Specialists for doing business in Thailand

Take a FREE Online Consultation here or get essential tips by downloading this e-Book on how to Startup in Thailand

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The post Why Do You Need A Specialist To Start Up In Thailand ? appeared first on StartUp in Thailand logo.

Source: Asian Correspondent

Thailand’s Fintech Growth Is Amongst The Fastest In ASEAN

It has been seen that Thailand is one of the top countries where the growth of Financial Technology is increasingly huge, at least in the ASEAN Region. The World Bank, meanwhile, has also suggested the Thai government to reduce the several inequalities in access to the capital to enable the variations in Fintech development to emerge even more prominently.

Kiatipong Ariyapruchya, who is the Senior Economist of Thailand in the World Bank has recently revealed that the World Bank’s analysis of financial technology or Fintech, has seen that Thailand is regarded as an ASEAN country which has achieved rapid Fintech development, with almost 140 Fintech companies registered in 2018-2019, while about half of them are brand new companies and enterprises that have come up.

About 43% of all the available Fintech companies in Thailand have placed their focus on the development of various digital transaction services. However, most of these Fintech companies are now under the supervision of various large banks which have also developed their own digital and financial transactions systems or have purchased one from any other company. This in turn actually discourages the independent development by Fintech companies and suppresses the development of their full potential in Thailand. The coming up of so many Fintech companies have provided the people with business opportunities in Thailand like never before.

The Thai government has also created several legal and economic frameworks and established different organizations to support the expansion and diversity of all these digital financial service providers with clear and efficient development guidelines. The Thai public, on the other hand, has a limited capacity to access this capital base household income levels; this is, however, the high volume of digital transaction usage when compared to the rest of the globe.

What can the Government do to promote it?

The Thai government needs to specifically address the unequal access to the capital, which will help the country to develop and establish a modern, inclusive, and also secure an economic system. The government of Thailand must also promote significant competitiveness of Fintech connectivity and much-needed cooperation between the traditional Thai banks and Fintech companies, which will help to create much closer cooperation between the regulating agencies to prevent absolute redundancies, as a result of which might obstruct Thailand Fintech development by significant margins.

What do the numbers say

Thailand is much more advanced in terms of internet use when compared to other countries that hail from the South East Asian sector. With almost 82% of the population on the worldwide web and around 74% of Thai internet users engaging in various online banking each month. Of all the Thai internet users, 47% of them make mobile payments in their country and around 71% purchase different kinds of goods from online vendors using their phones every month. These numbers show how much the Thai people are depending on mobile and online transactions.

Even though the Thai people are active online, they are at the same time highly banked. With around 82% of the entire population owning at least one online account with a financial institution, Thailand falls in the slightly less friendly market for those types of fintech payment platforms which have been attracting millions of people in other global countries in 2019. Hence, it is attracting much less investment for the overall lending platforms in Thailand.

In spite of that, Thailand is still a champion when it comes to Fintech in the ASEAN Region. It has steadily become a leader in the crypto industry and other financial technologies that other countries are lagging behind. It has been seen that at least 10% of all Internet users in Thailand have some form of investments made in cryptocurrency which helps the country to secure a second spot in the global scenario of crypto ownership just behind South Africa. The Thai government also supports the ownership of cryptocurrencies in the local coins and currencies.

Southeast Asia’s fintech market is among the fastest-growing in the world, with estimates placing expected market growth to reach between $70 billion and $100 billion by 2020. Fintech investments in South East Asia shot up by more than 30% over the course of 2018 to reach nearly $6 billion, while some estimates state that the overall Internet economy across the region increased by 44% last year compared to 2017. Thailand is at the top of the ladder and is supposedly going to expand its reach even more.

Contact us for starting your Fintech company in Thailand. We have handheld several fintech companies to Startup in Thailand.

Startup in Thailand  is the only company in Thailand to provide a single-window solution for all business startup and expansion requirements: Startup Consulting | Thailand Market Entry | Legal assistance | Serviced Office | Factory Setup | Representation | Recruitment Services | Accounting | Operations | Buying & Sourcing | Distribution | Sales & Marketing | Regional Business Development | Management

 

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The post Thailand’s Fintech Growth Is Amongst The Fastest In ASEAN appeared first on StartUp in Thailand logo.

Source: Asian Correspondent