Month: June 2020

Future Of The Fashion Industry In Thailand

The Thai textile industry is among the largest commercial businesses in terms of economic growth and jobs in the country. However, they face tough competition from Vietnam, China, and Bangladesh. Nevertheless, they have made a headquarter for Cotton USA. These textiles are made from different raw materials – threads, filaments, fibers, and yarn. They encompass everything from clothing to the roofing tiles and some glass tiles too. The textile industry starts from the planting and cultivation of the crops, weaving, dyeing and then the creation of fibers. Due to the large amounts of products created by the industry, it is a large economic supporter of Thailand. This Thai business employs over a million people.

The textiles of Thailand

Because of the capability of Thailand to create synthetic fibers and their prolific industry of natural fibers, Thailand has a great advantage in the textile industry at present. The industry has plants throughout the country. The largest export in Thailand is cotton. Thailand is one of the largest headquarters for Cotton USA. The dyeing and production of compact cotton yarns are done here along with a lot of other products. The cotton is grown and picked in the United States. Then it is shipped to Thailand where they are made into clothes and other materials. You can consider a startup business consultant if you get any cool ideas in this industry.

However, the country has struggled to meet the price points of some other countries, like Bangladesh, China and Vietnam. The export prices of these countries are lower than that of Thailand. However, Thailand offers a higher wage to employees. The requirements for technology and the status of the facilities is much greater in Thailand. The country is also starting to breach the high fashion industry. Their unique cultural and bright colored designs are starting to make impacts. They are working to become the center for the ASEAN community for fashion. If you are setting up a business in Thailand, you can consider ideas in any industry.

Thailand is bringing in some innovations to the market  

It is not just that Thailand is renowned for textile mills. They are becoming popular for creating new kinds of materials. While some are solar-powered wear, there are anti-dust mite variations too. These ideas are bringing out Thailand as a key player in the textile industry. More and more resources are being invested in the creation of new synthetic fibers. New and interesting combinations of natural ingredients are being used. The fact that coconut and charcoal have antimicrobial properties are being used in play in this industry. So, business for sale in Thailand can get quite a good value depending on its industry.

Thailand is becoming a go-to country for these exciting and innovative ideas. There are some other innovations as well that the country is starting to work on. These include medical clothing and medical implants. The advances they made in this field have increased and made this industry quite significant. This shows that the textile industry is quite developed. With proper help from Startup Consulting services, you can easily launch a business that explores new raw materials. There is a huge market in Thailand for these products. The country pampers new technologies and you can develop some good products with the right push.

Fashion and sustainability are starting to walk hand-in-hand

Sustainability and fashion have been bitter foes for long, but this is starting to change, especially in Thailand. The Thai textile industry has a good eye for new and innovative products in the textile industry. Now, the businesses are starting to learn if they start to care for the environment, then it could be good for their brand image and business. Most fashion brands are starting to make their commitments to the environment. New terms like recycled polyester, organic cotton and nylon can be heard these days. Nylon made from recycled fishing nets is now used. There are even some companies that are starting to depend entirely on recycled fabrics and sustainable principles.

The fashion industry of Thailand is expanding very fast. It encompasses jewelry, leather, and garments. All of these contribute to the energetic and creative ambiance of Bangkok. Fashion in Thailand is still a young industry compared to fashion houses in Europe. The first brand had appeared about 25 years ago. The fashion industry in Thailand has grown to cover the whole sector – women, men, and children. Everyone is represented very well in the shop windows in Bangkok. The businesses are promoting fashion in all forms in the country, be it clothes, jewelry or shoes. Thailand has some strong traditions that surround high-quality fabrics, like Thai silk. That is why this industry is contributing so much to the economy of the country.

The government has taken its own steps to ensure that the style statement of Bangkok and its popularity as a major fashion hub stays intact. A project was started in 2004 to set up the ‘Bangkok Fashion City’. It would serve to turn Bangkok as the fashion hub of south-east Asia into the world fashion center by 2012. The cabinet has approved a budget of 1.8 billion Thai Baht and about 478.5 million from the private sector. The goals include promoting the different aspects of the fashion trade of Thailand covering garments, jewelry, textiles, and ornaments. It also covers the leather and footwear industry on a very grand scale to establish the image of Bangkok on a global scale as the center of fashion designs.

The World Trade Organization has offered full liberalization in textile quotas. This has caused a very tough competition between the WTO states in the global textile markets. However, Thailand is not as competitive against the countries offering cheap labor like Indonesia, China, India, Vietnam, and Pakistan. The manufacturers from Thailand create products of very high quality in order to compete with countries like Korea, Taiwan, and Hong Kong. To gain promptness in the industry and better efficiency, supply chain systems and the logistics market need to be improved.

The market structure of the fashion industry in Thailand

The center stage of the fashion industry is textiles. Six different industries are connected with the garment industry, making it the largest in terms of production output. These are – the spinning industry, the synthetic fiber industry, the weaving industry, the garment industry and that of dyeing, bleaching, and finishing. The Thai textile industry is pursuing a value-added strategy, along with high quality to succeed in the quota-free and competitive environment. The fabric quality available in Thailand is quite high and it is improving continuously. The quality of silk is especially good and the sense of design is pretty good too.

There are government-sponsored programs to improve the fashion industry from the OEM-based production to the designs with the proper value. The development of branding is preparing the industry further to compete in the multi-fiber environment. The textile and garment industry has invested more than 45 million US dollars in imported machinery for the manufacture of fibers, weaving, spinning, printing, dyeing, and finishing. The growth of the industry has been very rapid in these recent years.

The contribution of the fashion industry with respect to market size

One of the major contributors to the Thai economy is the fashion industry. It accounts for as much as 17% of the total GDP. The textile industry is the largest manufacturing industry in Thailand. There are about 5000 factories all over the country that employ more than a million people. This is almost 20% of the total people who are employed in manufacturing. This shows how large the fashion industry in Thailand is. With the developments in production technologies and better machinery, the production rate is increasing, leading to better workforce skills and lower costs.

The annual exports exceed more than US$ 6 billion per year. The textiles and garments industries help the nation lead as one of the leading exporters. The garment exports consist of about 60% of the total exports of the country. In 2003, Thailand got ranked as the 13th largest exporter of garments. It had a 2% share of the global export market. The analysts have expected the industry to enjoy continuous growth, even though fuel prices are rising which is affecting the production costs. Most producers and exporters are gradually improving product quality in order to meet the requirements in the international market.

Almost 50% of the earnings that the Thailand fashion houses earn are from tourists. Most of the foreigners are surprised by the amazing Thai industry as well as the small fashion houses. The former governments had kept their focus on these industries which had helped it grow. There are twice as many local brands now than there was 20 years back. This has also allowed them to penetrate the international market. Now, Thai design firms are being invited to join the White trade fair and other annual international fashion showcases throughout the world.

The people of the country are very conscious and this also creates for a very demanding home market. Since the huge tourism industry, bringing in about 10 million tourists every year motivates the designers to bring in new ideas every year and offer customers the beauty of the Thai fashion industry. What makes the market so lively is the ancient appreciation of beauty, the decades of production experience and the modern sense of style. These are the key ingredients that help make Thailand the best location for the foreign fashion business. The government has taken some major steps as well to make sure that Thailand stands among the most competitive countries in the region.

The trends of the Thai market

The last couple of years have helped the Thai fashion industry through positive promotions. The government is creating about 1.2 million jobs in the industry and educating about 6000 fashion people – merchandisers, designers, and product specialists. The Bangkok Fashion City project would be mainly undertaking the project. This includes the overall design quality, manufacturing, and marketing. The project would even help to achieve a high level of skilled labor. The project is also concerned with educating the designers. The ‘Fashion Institute of Technology’ based in New York would be establishing a chapter in Thailand. There is already a fashion school in Bangkok run by Italian ‘Accademia Italiana Design Institute’.

The garment industry of Thailand had been among the top exporters of the country since 1985 and ranks second among the top 10 exports in the country. The Thai people are renowned for the artisanship. Inward Foreign Direct Investments would bring in further improvements in product design. There will be a solid establishment of Thai products and brands. There is also research and development underway to develop the branding and design of the textiles, modernization of machinery and technology. The labor-intensive industry is slowly being transformed into an innovative market.

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The post Future Of The Fashion Industry In Thailand appeared first on StartUp in Thailand.

Source: Asian Correspondent

Franchise Opportunities In Thailand

Franchisee models of business in Thailand are really very much profitable in nature if done properly. In this case, a business license can be easily acquired without any inconveniences. You can either purchase a part of the whole business or else can open sister concerns of the mother company. Franchisee opportunities are very lucrative especially for those people who are looking for the best Thai business as a startup, which has lesser operation headaches than Starting a business in Thailand right from scratch.

Research well in order to get the best and most profitable business for sale Thailand. The seller will surely give you a fair idea regarding how to conduct the business successfully with a higher chance of gaining profits. Only tested business models need to be chosen for avoiding unwanted risks. Franchising can offer a simple and most convenient solution especially if you are trying to have your own business. Moreover, the franchise business comes as a complete project with an affordable budget. As a business owner, it is often seen as a pre-packaged deal with almost ensured returns and is often chosen as an alternate business to traditional startup business.

How to choose the right Franchise business?

The franchise model can give a great boost to your dream of starting a small business in Thailand. If you want to get the most profitable franchisee option, then you should consider the following things.

These are the five major pillars that need to be looked upon before deciding whether the deal is profitable for you or not. You can also visit the official profiles of the company online for collecting more and more detailed. You can also go through the comments of the existing customers who have been already enjoying services from the company for many years.

Top franchisee options in Thailand

 

 

 

 

 

 

 

 

 

If you want to receive quotes of franchise packages, then you have to ask the parent company. You should make a checklist of the essential requirements that need to be made for opening a franchise business conveniently. The seller and buyer of the business will come into a contract so that a legal agreement can be signed. The seller will give you necessary franchisee directions and you just have to follow it. You can also show your interest in the education sector and can open a franchisee of any popular educational institute. In this case, you have to take certain important permissions, otherwise, you will not get the license of opening the business.

Contact the Startup Specialists for opting for the right franchise and setting up a business in Thailand

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The post Franchise Opportunities In Thailand appeared first on StartUp in Thailand.

Source: Asian Correspondent

Drone Industry – Present & Future in Thailand

Thailand is taking steps to improve the aviation industry, including the drone sector. If you are setting up a business in Thailand that is involved in the drone industry, the chances are that you would get some incentives in the process. The Civil Aviation Authority of Thailand and the Geo-Informatics and Space Technology Development Agency (GISTDA) have signed a Memorandum of Understanding. It says that they would be offering loans to the domestic manufacturers to develop the Thai aerospace industry, including the drone sector. This will help in the development of aviation systems in the future.

There is great enthusiasm among the Thai entrepreneurs and the existing service companies to deploy drone technology in Thailand. There are businesses that want to use imported or home-grown drone technologies to perform missions within the Thai airspace. However, since the Drone Law has been passed by the Ministry of Transport in 2015, commercial drone activities have been rendered illegal unless special permission is obtained from the ministry. However, if you take permission while opening a business in Thailand, you can carry on your business operations.

The National Innovation Agency of Thailand and the space agency, GISTDA, have organized an annual competition – the UAV Startup. It would offer prizes of about 1 million Thai Baht to the domestic Thai hardware manufacturers. The country is trying to boost the development of technologies. Thailand is a leading exporter of electronic gadgets and equipment and most of the output of the production units are exported. There is no doubt that the government is pushing hard to improve trades. It is the perfect time for doing business in Thailand.

The agricultural drones are unaffected by the ban on urban areas and are being used quite widely these days. The agricultural sector of Thailand accounts for about 8.4% of the GDP. It is one of the biggest users of commercial drone technology. There are plenty of domestic drone firms that help the farmers in their activities, mostly spraying water or pesticides. These firms would either charge per day or sell the drones to the farmers. They even offer financing by partnering with the banks. You can take help from a Startup Business Consultant if you need help figuring out the nuances of your startup. Several domestic firms make custom agricultural drones and it is the industry that the MOU is hoping to facilitate and encourage.

The Royal Thai Air Force hosted the largest drone-related event in Thailand – the Drone Forum. It was a one-day event held in Bangkok, that has attracted more than a thousand civilians and military participants. There were panel discussions and Q&A sessions as well that were held with the national airspace regulator – the Civil Aviation Authority of Thailand. With the help of Asia business consulting, you can create a business that helps you reach the pinnacle of success. You can take a good initiative in the drone industry and offer good commercial services in the country.

Drone Firms are taking initiative as well

With the recent developments within Thailand and its neighbors, there is a very positive outlook for the drone industry in south-east Asia. The drone firms in Thailand have often gotten together to discuss the future of drones in Thailand. Today drones can be used for a lot of other jobs in addition to taking selfies. There are drones available for different applications now – delivering medical equipment during an emergency, increasing crop yields or even fighting fires in tall buildings. You can take advantage of this scenario to further promote the drone industry in Thailand.

A Drone for the Business event took place last year on 20 November to showcase how many different types of drones exist today. The event also showed how well designed these drones are. The panel was hosted at True In-cube in Bangkok Entrepreneurs, in Bangkok. The leading drone businesses from Thailand had been featured which showcased the newest innovations. There were also discussions about the business applications of the unmanned aerial systems and how regulations can support these activities. There is some serious development going on in the drone industry and the efforts are being made from all corners.

The panelists discussed the status of the drone regulations in Thailand. These have been made by agencies like the National Broadcast and Telecommunications Commission and the Civil Aviation Authority of Thailand. The discussion on the regulations of the non-military drones pointed out some of the issues that concern the federal regulators as well as the industry. The panelists even communicated with the audience who were just members of the public.

There are about 30 drone software and hardware firms in Thailand and about 50 multi-person aerial spraying and photography companies.

There are also a lot of sole proprietors numbering about 1000 to 5000 who are running aerial photography or spraying businesses. According to NBTC, about 80,000 consumers or commercial drones existed in Thailand as of last year. There were some comparisons drawn between the outlines and infrastructure of the smaller drone industry with the advanced state-of-the-art industries that exist in some other countries. The leading countries that have amazing drone companies with permissive drone laws and advanced management software systems are the United States, China, Singapore, Switzerland, New Zealand, Australia, and Japan.

China leads the world in terms of hardware. The first wave of startups in terms of drone technology is from Silicon Valley in America. However, drone startups today are pursuing every drone niche imaginable. The committee even talked about how to get the regulatory permissions for drone activities in Thailand and highlighted the complexity of the processes. It was agreed that if Thailand had Low Altitude Authorization and Notification Capability (LAANC) authorization system and a proper Unmanned Traffic Management, the government could open the skies and it would have been very beneficial for everyone.

But this is not very easy to do as terrorist organizations can make use of this technology to carry explosives and perform unmanned terrorist strikes on airplanes, leading to a large number of casualties. This would cause a huge crackdown on commercial drones. This would even lead to the implementation of anti-drone systems and systems that track drones. So, there is still a lot to be figured out and the government and drone firms are trying to grow further and bridge the gap between themselves. This technology will surely see some growth in the upcoming years.

What are the drone regulations in Thailand

According to the national aviation authority of Thailand – The Civil Aviation Authority of Thailand, you can fly a drone in Thailand legally. But some regulations need to be followed. After interpreting the laws, these are some of the most important rules to be followed for flying a drone in Thailand:

Thailand’s Ministry of Transport offers all the information that you would need to know about drone regulations in Thailand.

The Future of Drones in ASEAN

The key to wider acceptance of the growth of commercial drones is wider acceptance and better regulations from the general public. Drones are starting to play an increasingly important role in optimizing processes in various industries, like offering effectiveness and efficiency in the prioritizing of savings and safety. They have an almost limitless aerial perspective with the ability to gather and analyze data. It can be combined with artificial intelligence and can revolutionize the ways companies inspect or map and survey terrain. They also help with infrastructure and agriculture.

In general, ASEAN Region has a wait-and-see approach to the drone industry. However, there needs to be a leadership role in this industry. There are a lot of regulations that do not promote or support drone innovation. However, there are a lot of regulations regarding the usage of drones, their height and weight. With proper licensing, the industry can be regulated much better. There are tight rules in some countries like Laos and Myanmar. Singapore has very advanced technologies in terms of drones and is the best among ASEAN countries.

How comfortable are the public in terms of drone delivery

A lot of people are very excited about drone delivery and would love to see them. This is very true in the case of children as they would run towards drones when insight. Drone delivery is something that is exciting for people for sure. Posts about drone deliveries are becoming popular now. However, a lot of people associate drones with danger or invasion of privacy. Drones to some, it sounds synonymous to ‘buzzing’ and an annoying object that flows like an unqualified tourist. However, the job of the commercial industry is to break these stereotypes by showcasing the power of drones.

The labor in South-East Asia is quite cheap compared to Drone Technology

Now delivery costs are quite cheap, but a motorcycle always needs a rider and fuel. However, there would still be a lower bound on the cost. When a delivery with drones are being considered, the irreducible costs are that of the drone and battery depreciation. However, as the technologies improve, it can be expected that these technologies would improve and these costs will decrease over time.

The advantage of drone delivery is speed. The drones can deliver the packages close to the customers. The drones can be launched from a launch site that can be close to a restaurant or mall. Thus, items can be obtained quickly and delivered directly to the customer. There can be a city-wide network of drones perched on rooftops that can be charged and then wait to be allocated for a point-to-point delivery between 2 points in the city. This system would reduce traffic congestion and noise. It will also increase safety since fewer vehicles would be on the road. Local pollution will be decreased and it will improve the convenience of the delivery of small items.

The drone industry in Thailand is developing fast with initiative from both the government agencies and the business firms. Though it depends a lot on consumer market acceptance, it is being expected that drones would become pretty common in the upcoming years.

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Source: Asian Correspondent

Artificial Intelligence and Robotics scenario in Thailand and ASEAN

The advancements in aggregation and data collection, computer processing power and the use of algorithms have helped engineers and scientists to make huge leaps in the development of artificial intelligence. Now machines can perform tasks for which human cognition was required. Computers could only perform rigidly defined tasks in the past. However, with the development of machine learning, they can be offered a general strategy for learning which can enable them to adapt without being programmed explicitly. Lots of such systems are now in commercial use.

Adopting such techniques is already influencing health care, finance, and transport. The impact can already be seen in the Association of South-East Asian Nations (ASEAN). However, the two major global hubs of AI development are the United States and China – which is still some distance away. Even though ASEAN lags behind AI activity is present in each member state, the greatest advances have been made by Singapore. There are promising early signs in Vietnam and Malaysia as well. AI tools are being deployed in different sectors, like financial services, transportation, media, and health care.

Thailand is promoting AI and Robotics Technology

If you are developing business in Thailand, you should know that the country is trying to promote robotics and AI technologies. The manufacturers based in the country have seized the opportunity that is being offered by the investment promotion policies of the government to enhance production efficiency by embracing these technologies. This has been told by speakers in a seminar held by the Thailand Board of Investment and UBM Asia. This fact is definitely very intriguing if new businesses are trying to add some new and innovative ideas here.

The future of production in Thailand will be based on mass customization where the factories are driven by AI and adaptable mechanisms. This forum was a part of Intermach – the leading Industrial Machinery and Subcontracting Exhibition from ASEAN and Subcon Thailand – Industrial Subcontracting Exhibition. The forum was held at BITEC to talk about the developments in technologies and how they will affect the future of production in Thailand. The industry has now reached a place where expanding will be very difficult without deploying robotics technology and AI. If you are starting a small business in Thailand, you need to take this into account.

Manufacturers should appraise AI investments and robotics technology. This will enhance the efficiency of production. Thus, it can increase the competitive edge of the industry. To help in these changes, the Thai government is offering incentives to the supply side, who is offering AI and robotics-enabled services for everything from the control and processing systems to commissioning and installation. Incentives are also being offered to the factory operators and manufacturers for taking up these new implementations. Thai business is thus flourishing through the recent developments in the technology field.

If you are opening a business in Thailand, it is a very opportune time to invest in AI. Automation and robotics are one of the S-curve industries that are being targeted by the government to drive economic growth into the future. The Thailand Board of Investments(BOI) is offering attractive privileges to support the investments in the targeted industries. The promotion packages are focusing on technology. The more a certain project involves advancement in technologies, like robotics and AI, the higher the chances are of getting higher incentives. There can be corporate income tax exemption of as much as 13 years.

In order to encourage the Thai automation sector to grow by helping to improve the overall industry, the investments in which the value of linkages to the automation industry reach at least 30% of the total automation system, can enjoy a 3-year corporate tax exemption of about 100% of the investment. However, in order to get the BOI approval, they would need to apply before the upcoming year ends. In case you have a plan of setting up a business in Thailand, being tech-savvy would be a very cool idea. The technologies in this country are developing pretty fast at the moment.

According to the data collected by BOI, it can be seen that the manufacturers based in Thailand are becoming more and more aware that they need to keep their machinery updated as this will help to increase production efficiency. In the period of 2016 to 2018, the Thailand Board of Investment has awarded incentives to 36 efficiency improvement projects. The incentives have been about 5.22 billion Baht. 11 robotics and automation manufacturing investment projects were approved by the BOI in 2018 alone. This amounts to about 1.46 billion Baht. This is a very opportune moment of setting up a business in Thailand.

Innovations in digital technology can open major opportunity in ASEAN 

In the approaching decades, the developments in the digital world might open a lot of opportunities in ASEAN economies and boost prosperity and productivity. With the adoption of the existing technologies, along with the advances in software, hardware, automation, robotics, and AI, there is a huge potential to transform the business capabilities. As a youthful region with a globally competitive innovative enterprise and manufacturing sector, ASEAN Region can take advantage. However, this also means that a lot of workers in the region would face considerable upheaval.

Since AI technologies can boost productivity dramatically, they can disrupt the economies of the region and the workers. An MGI research published previously showed that the technologies available currently can automate about half of the work activities that are performed in four of the biggest economies in ASEAN – Thailand, Indonesia, Malaysia, and the Philippines. These industries generate more than $900 billion in wages. That is a lot of workers and professionals whose work environments would be dismantled.

Also, it needs to be noted that technical feasibility is not the only factor that affects the automation of jobs. The companies will also consider the costs of implementing and purchasing technology systems, the benefits of doing business, labor market dynamics, and the social and regulatory acceptance. Also, the nature of many jobs will change. More work would require interacting with machines and the region would need to develop a different set of workforce skills.

The AI technologies have the potential to contribute to positive social outcomes in ASEAN if it is harnessed in the right way. The innovations in Machine Learning can enhance financial inclusion and credit models. The AI solutions can bring in new dimensions in remote and preventive healthcare. This might also improve diagnosis and speed up the development of new drugs. The adaptive learning algorithms can play a role in delivering virtual and industrialized education too. However, most of the region would need to develop a good foundation in data ecosystems and foundational digital infrastructure to realize the type of opportunities in the markets.

Most of the companies in ASEAN will need to make some basic changes in the management culture. For instance, they need to develop a style of decision making that is based on data. They will even need to make striking innovative partnerships with specialist firms that can inculcate the scarce skill sets that are needed for AI efforts. This would be a thoughtful approach to strengthening the data infrastructure that is needed to prioritize the investments and efforts. New businesses and startups can create their infrastructure in such a way that they involve these changes.

The market is already started to drive the adoption and development of AI. The governments will also need to play a critical role to deliver these benefits across society. Thailand is already making efforts to make its manufacturers and technology-supplying companies more gullible to the idea by offering them incentives. There are three major priorities – developing AI talent, establishing a regional policy framework to support the development and adoption of AI and, encouraging usage at the local levels. It has to be ensured that AI contributes to inclusive growth and positive social outcomes.

AI and its impact on job creation 

There is growing recognition and anxiety that AI would be having a disruptive impact on the labor markets. According to a paper published by MGI, there is a potential of replacing half of all work activities by automation. Since automation would apply at the basic task level, there are more occupations that AI will change than it will eliminate. This would change the demand for certain workforce skills and would increase the churn in the labor market. The first wave would include jobs with a very high proportion of time devoted to processing, data collection, and routine physical tasks.

These include office administration, food preparation, and factory production. The impact on the labor markets is quite substantial. But it does not mean that companies would replace workers with machines because it is feasible. The pace and extent of automation would be determined by how companies view the businesses and weigh the considerations like the technologies, the ease of their usage, the customer experience, labor market dynamics, social acceptance, their capabilities and a lot of other factors.

Like most other technology disruptions, AI also has the potential to offer a high boost in productivity in the ASEAN Region. The adoption of AI can add about 0.8% to 1.4% to the annual GDP, considering that the human labor displaced in the process contributes in the same way to redeployed roles. The opportunity is about creating new ways for growth in addition to finding efficiencies. While 20% of the AI-aware executives said they cited labor cost savings as their primary motivation for adopting AI, while 25% said that they had introduced AI to help the businesses expand.

Digital transformation will disrupt the workforce but the impact has never been quantified. Technology and the Future of ASEAN Jobs forecast that artificial intelligence in hardware, software and robotics will change the employment landscape among the largest economies by 2028. The sector which would be hit the hardest is the agriculture sector. There is a demand for elementary as well as skilled agricultural workers as the jobs can replicate the use of technology. The productivity gains would also reduce prices and drive growth and this will create new demand for workers in other sectors like retail, wholesale, construction, transport, and manufacturing.

The employment in the developing economies has shifted from the low-value agricultural to low-value manufacturing jobs. This is a stepping stone to the higher value jobs and the services sector as the economy develops. The report has painted a scenario where 40% of the new jobs would be created in the manufacturing sector in the upcoming decade. The developing ASEAN economies would have to jump from the manufacturing phase and move to services to keep up with the rapid changes in jobs.

 

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Source: Asian Correspondent

What Makes Thailand A Great Tourist Destination

Thailand is preferred among itinerants and always for good reasons. There is so much available here, and you certainly need more than one trip to enjoy the experience the nation has to offer. Thailand Tourism undeniably covers so much – untouched white beaches, bright markets, flourishing cities, and lots of bargain shopping. Despite being such a traveler-friendly nation, with exactly millions of foreign travelers flying in every year, Thailand is still rural in big pockets, and villages contrast with big cities effortlessly. Cosmopolitan in viewpoint and yet pleasant at heart – this is what makes Thailand exceptional.

If you are looking for business opportunities in Thailand for the Tourism sector, then be sure to contact a reputed startup consulting services, who can teach you the tricks of the trade to be successful in Thailand.

Thailand has something for every Tom, Dick, and Harry here. Travelers who want to enjoy the loveliness of its tranquil seashores, or those who have visited to sample some of the rich and varied Thai culture, or those who wish to taste Thai food. Thailand welcomes all and sundry with a grin and their traditional greeting “Sawasdee”.

A fun-filled, culture brimming, history, and natural marvels, this Land of a Thousand Smiles is ready with numerous travel lures, and with the arrival of Thailand Tourism, it has emerged as a magnet for tourists across the world. This kingdom of wonder truthfully is an astounding place to endure it all. You will be able to discover some of the extraordinary tourist places in Thailand that will make you go in awe of this vibrant South-East Asian jewel.

Thailand is Looking For New Ways To Boost Tourism

In 2019, the numbers of visitors in Thailand were approx. 39 million, which was one more than when compared to one year back, as per the country’s Tourism and Sports Ministry. However, when comparing to European and Chinese countries, this data is still low. Also, Indian visitors have been in rising from 22% to 1.9 million last year, according to the Tourism Authority of Thailand. They made 84 billion baht or 2.8 billion in revenue, a 27% increase.

This data has been a concern for the Thailand government. While there were unjustified concerns of over a decline of Chinese visitors, it just goes to display the scope of new markets opening up to foreign travel. A challenge for Thailand will be discovering ways to keep the impetus going, which could prove difficult as carriers from India to Thailand are previously at full capacities. Small airports such as Phuket are unable to handle more flights from India.

Thailand needs to work with airports, airlines, and hotels to ensure they’re able to manage with the demand, not just from India. Some struggles are being made, such as the visa on arrival waiver, talk of blockchain visas being accepted to modernize the process, or cutting of airport landing fees for international flights, which are positive steps.

The government is also trying to increase the capacity of airports at beach destinations such as Phuket, Krabi and Koh Samui, etc. As per JLL’s Global Resort Report, the airports mentioned above have registered an increase in international arrivals of 27%, 24%, and 14%, respectively. Apart from Indian tourists, Thailand is also looking for a new market and starting a new route. These include such as Munich to Phuket, Doha to Chiang Mai, and Sendai to Bangkok. Furthermore, two new low-cost carriers, Thai Eastar Jet and Thai Summer Airways have recently been started and will hover between Thailand and South Korea, China, and Taiwan.

Thailand Geography – Situated in Southeast Asia

Thailand is located in Southeast Asia and is divided into six regions – East, West, North, Northeast, Central, and South. Each area has something marvelous to offer, particularly if you’re looking to experience the best of Thailand Tourism. Starting a small business in Thailand seems easy with a business startup consultant who is a specialist to assist foreigners to do business in Thailand.

The North is well-known for its majestic mountain ranges and nature tracks while the Northeast is eminent for its Thai Jasmine Rice that is grown here. Central Thailand is identified for its farming and farming, but what stands out is the historic Chao Phraya River, which runs through here. Thailand’s capital, Bangkok, lies here with its many magnetism and shopping centers.

To the South of Thailand, there are attractive beaches crowded with tourists. Phuket and Koh Samui fall here, whereas Eastern Thailand has some spectacular wonders on offers such as Pattaya and Koh Samet. Towards the West, there are mountains, waterfalls and dams, and also national parks such as the Thong Pha Phum National Park.

What’s Special in Thailand Climate

There are typically three seasons in Thailand- hot, wet, and cold. It’s vital to check the weather before you travel as some places are better in definite seasons. Nevertheless, with its tropical climate, Thailand is likely to stay hot from March to May. If you don’t like the heat, then the best time to visit Thailand is throughout the cold season, which is from November to February and far more easy for travel. The rainy season lasts from June to October. It does incline to be quite moist in Thailand in most places, so come ready with cool and light clothes. If you’re planning to seashore hop, then ensure you’re carrying sunscreen with you. Undoubtedly, the popular months for tourists visiting Thailand would be during its chilly months as the weather is impeccable to check out the beaches.

Let’s know the Thai Culture

Thailand is well-known as the ‘Land of a Thousand Smiles’, and Buddhism has a significant impression on Thai culture. There is a robust sense of national and cultural individuality here. It’s apparent everywhere, be it in the temples or the many religious festivals that are celebrated with passion. While the ethnic Thai people form a considerable part of this culture, Thailand is also a melting pot of several other religions, imbibing generously from the nearby countries of China, India, and Myanmar to create something uniquely unforgettable.

An important aspect of Thai culture is their food, and it’s a must while in the country to have a whole experience of Thailand Tourism. Sticky rice, fresh seafood, and spicy curries are some of the delicious cooking delights that are on offer for travelers who want to experience the best of Thai foods.

if all these seem interesting for you to be excited to open a business in the Tourism sector, get in touch with us and we would be glad to assist you to work out the best model to be successful in Thailand.

Interesting Reads :

 

The post What Makes Thailand A Great Tourist Destination appeared first on StartUp in Thailand logo.

Source: Asian Correspondent

How To Get Most Out Of Your Limited Funds To Ensure Startup Process

One of the biggest things you need to consider when starting a business in Thailand is to determine how to make use of your funds to ensure success? Many of the time, the business owners have very limited fund and at the same time, they do not even have any access to funding from outside. In such a scenario, every owner will want to get the maximum return on each of the money spent.

Now the question is how much fund is considered as the perfect amount of money? The perfect amount of money is a paradox. In reality, if you are having a genius and progressive marketing idea coupled with the right amount of funds then it must be easy to get someone to fund it. But the problem is that we do not have this kind of idea. The investors only have the thought of investing, not necessarily they are equally passionate about the idea. You have to consider two things basically for achieving your objectives- Selling your idea in the wider market domain and trying to gain customer base as soon as possible. This also includes maximizing your funds as far as possible.

Obviously, there some reputed Venture Capital companies in Thailand or you may try out some traditional methods to get your project financed. We, at startup in Thailand also indulge in specific project financing or joint ventures,

There are various ways by which you can use your limited fund. There are loans and savings that can also help in your business.  But at the initial stages of business, it is always good as an idea to focus on cost efficiency. If you are planning to start a business in Thailand, and you have limited funds with you, here are a few tips that will help you to maximize your fund.

Start from Home

The majority of the startup fails because the owners want to become a millionaire too soon. They try to expand their business at the very initial stage and make a lot of investments even without thinking of consequences. In the initial stages, it is important to start with a small working group. Do not just keep on hiring staff because that will not help at all. Since you have just started your business, there is no need of renting or hiring space or office for this. You can start from your home itself. A big space is needed when you have a big working force but this is not essential for all businesses.

It will depend on the type of business you are doing. You can save a lot of money without paying any rent for a commercial property. This also means that you do not have to pay for other supplies and furniture.  You can always have a big space for working but you can do that only when your business expands. But it will be a good idea if you start from home at a very basic level.  You can also try renting a small incubation center at Startup in Thailand which provides all-inclusive desks and outsource of other services for professional startup projects at an affordable cost. Here are  6 Best Practices for working from home 

Think of an innovative idea

One of the best ways to start a business in Thailand is to think of an innovative business idea that will be cost-efficient. Manufacturing and retailing require a lot of funds to execute, therefore, it is not a good idea for your business. However, you can think of alternatives like consulting services, which are a good choice because you will only need the knowledge to implement. You can also grab the opportunity to sell your knowledge online and make money out of that. You can also earn profits if you can design graphics or program apps. Even handcrafted goods can be sold online at an affordable price. You need to think of those innovative ideas to start that does not require many funds.

Limit your expenses at the initial stage

Keeping your expenses to a minimum at the early stage of a business is a key to success. There is no need for a huge space or a catered meal. Curtail these expenses so that you can have sufficient capital for growth. The majority of the startups focus on the wrong things in the initial stages like high-fi amenities, fancy office decors, expensive personnel, and other amenities. There is no need for such things. Be more productive first and you will have a lot of customers for your products and services.

Drive-up the sales

For any startup projects, business development is the key to success. However, new owners often end up spending a large number of their expenses on marketing. Marketing is always a great idea for advertising your brand and to attract a large number of customers. However, you need to understand that promoting your brands online by advertising it on the websites does not guarantee you that the visitors will be your customers. They might check your website but may not be interested. Since marketing charges a huge cost, it is essential to get back double profits than the amount you are spending on advertisement. If you are spending enough on external services, make sure that you think of proper business strategies that will help you to earn more profits. Therefore, sales enhancement is a must. You can earn profits by making more leads. Because funds are limited, the startup capital that is spent anywhere else will be considered as inefficient. Be sales-oriented in the initial stages rather than marketing oriented.

Choosing the right workforce

Workforce matters a lot. This is because you have to pay a good amount of salary for them. An inefficient workforce with low productivity will only lead to wastage of funds. The net profit will be zero. In the case of the IT industry, the programmers and the engineers are expensive and they are responsible for creating the right product for your business. So invest in them. But never make your company top-heavy with too many senior persons with high salaries. Do not overstaff. Keep a limited number of employees but make sure that they are efficient and capable enough for your company. The workforce has to be increased once your business starts growing. One of the best startup options for you would be to be a part of the digital technology in Thailand.

Management of cash flow is essential

The majority of the startups fail because of many reasons but one of the common reasons includes lack of sufficient funds. You have to be strict enough with your funds and maintain a record of your transactions. This includes how money is coming in and going out. Doing business in Thailand is easier if you are managing your cash flow properly. If you are not staying on top of it, you are putting your business in a very critical position. Your incredible idea will seem meaningless if you don’t have funds to implement it. So stay without your budget and keep a record. If you think you are not equipped to handle finance yourself, then it would be wise to have a suggestion from a startup consultant who can provide an immediate solution for you.

Do more work yourself

Recruiting and hiring an employee is a costly affair. For small businesses and the new owners, it will be absolutely great if all the major working operations are handled by themselves. You will find online services or tools for this purpose. You can make use of that. There are various business software that helps in dealing with things like accounting and social media. It’s true that you have to spend a few hours more but this will save a lot of your cash. Make sure that you pay yourself. Putting your efforts and dedication fill not energize your working spirit. Set your targets, do it and pay money to yourself. You do not need to pay a fat salary but make sure that you pay sufficient money for living. Give sufficient time to your business and try to eliminate financial stress as much as possible! Initially, these things will help you to start a business in Thailand.

Set financial goals

Though you start your business with limited funds, it is important to establish your financial goals. Your goal should be such that it is can be measured and reached. The daily, weekly, and monthly revenue goals help the business owners to stay in track and it also helps in making necessary adjustments for constant growth and improvement. Achieving small achievable goals boosts confidence and empowers you to work harder.

So if you are planning to start a business in Thailand, make sure that you follow these baby steps and one day you will surely have enough funds for your business to even diversify.  Managing every little thing about your business within your budget is an art. Before you start, make sure you create a list of your own writing down the expenses that you will have initially.  Go with your hunch but believe in practicality.

In case of any difficulty, have a word with the startup specialist, Andy Aditya who can guide you through the entire process at a minimum cost.

Interesting Reads : 

The post How To Get Most Out Of Your Limited Funds To Ensure Startup Process appeared first on StartUp in Thailand logo.

Source: Asian Correspondent

Worrying About Business Registration In Thailand? Check This Out

Consistent economic stability in Thailand has prompted investors from all corners of the world are interested in setting up a business in Thailand. The business registration has also started because of this. Due to the availability of a strong infrastructure, lucrative government incentives and support, a cost-effective and skillful workforce, a large number of foreign investors are eyeing Thailand as their next place for expansion.

Business opportunities in Thailand are huge. Doing business in Thailand is well supported by a set of proper framework and policies outfitted towards progression and facilitated commerce, social and political security along with the strategic location of the country. However, it is important for newcomers to determine their niche market. This is because Thailand is a business hub and you will find varieties of startups here. Failing to choose a niche market will have a huge impact on your profit. Not every business is suitable for everyone. Therefore, you have to choose that effectively.

Are you planning to start your business in Thailand? Before you do that, make sure that you do your research work and you should be ready to devote a few years to grow your business in Thailand. Maybe a FREE consultation with the start specialists of Startup in Thailand may help.

You have the choice of selecting the business that you wish to do here. You can register the type of business you wish to do. Here are the various options mentioned below.

The private Limited company is one that is usually used by international investors unless they need someone to represent in Thailand, without registering any company. In this article, you will get you to know in detail the registration process of your business. If you are setting up a business in Thailand, here are a few ways by which you need to register your company.

Step 1 – Register the name of your company

The first thing that you have to do is to register your company’s name. Make sure that the name of your company shouldn’t be the same as any other already existing partnership or company. There are certain terms which you cannot use for your company. For example, the term capital is allowed in your company but the term investment is not allowed. Also, the name of the company should end with the word limited.

Decide three names for your company for maximizing your success level. Your company name will be registered in the Thai language and not in English. Do not choose a name that is too lengthy or that is hard for the Non-English speakers. Your clients will need to write the name and therefore you should keep it simple. Do not go for complicated names because your clients might make a mistake while drafting checks or other important documents. You can have the same name for several companies but make sure that you use a different figurative word. For example, XYZ Company Limited, XYZ Holding Limited, etc. If the name is approved, it will be valid for 30 days only. This means that the second process of your registration has to be completed within 30 days. This is the first step for setting up a business in Thailand 

Step 2 – Memorandum of Association has to be filled

Memorandum of Association is a legal document and an important agreement made by the promoters of the company to explain the relationship with the shareholders. This agreement consists of the followings- name of the proposed company, name of the province where the registered office will be located, company goals and objectives, a declaration that the shareholders will have a limited liability, amount of the share capital which the company wants to register, the name, address, signature and occupations of at least three individual promoters and not corporate entities, and finally, it should contain the number of shares that have been promised to each of the promoters. The promoters have to sign the original copies of the memorandum and there have to be two witnesses for certifying it.

Step 3 – The statutory meeting

The statutory meeting can be summoned once you finish filling up of the Memorandum of Association. A statutory meeting is called for various purposes. The very first purpose of summoning a statutory meeting is to decide on the rules and regulations of the company. This is the first point. There are various other purposes which can be mentioned as follows:

Step 4 – Registering the company

The next step for setting up a business in Thailand is to lodge the application at the Ministry of Commerce. This has to be done on the same date on which the Memorandum of Association is registered, provided that the statutory meeting has been summoned. The registration application has to be lodged not more than 3 months from the date of the statutory meeting. Failure to do so will make you answerable for the delay. The following details have to be mentioned in the application:

At this stage of the process, the shareholders have to disclose how they will be investing. If it plans to buy land then there will be an extra inspection of the stakeholders of the Land. The company director has to put signatures on the statement that every shareholder has paid his or her subscription.  The director needs to sign the receipts and has to mention the followings:

Step 5 – Registering for VAT and corporate income tax  

Once the registration of the company is done, the final step for setting up a business in Thailand is to obtain a corporate tax ID card. You can get this from the revenue department. You can complete the process online. This tax ID is essential to know to open a corporate bank account. If a company’s foreign director does not have a work permit, then the bank will request a co-signature of a Thai director on the documents for starting a business in Thailand.  If you are willing to get a work permit then you should immediately register your company for VAT. You need to apply for other licenses as well but it will depend on the nature of business you are doing. Corporate income taxes have to be paid twice a year. The rate of corporate tax as of 2019 was 10%. But normally it is between 15 to 20%.

Once your registration process has been done, you need to look for office spaces. The office spaces are of two types- traditional and serviced offices. You also have to apply for a business visa. You have to hire an accounting firm to handle the paper works. You will need certain important documents to apply for a  non-immigrant B Visa.

Once all the registration process is done, you need to find the right employees for your job. Make sure you mention all the qualifications that a person should have to get employed in your company. Starting up a business in Thailand is extremely rewarding if you choose your niche market. Once you decide on that, you should hire a professional team to help you set up your company. Alternately, you can also outsource all your back end administrative operations to any professional company like Startup in Thailand.

Contact us for any assistance in opening a business in Thailand.

Interesting Reads : 

 

The post Worrying About Business Registration In Thailand? Check This Out appeared first on StartUp in Thailand logo.

Source: Asian Correspondent