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The second largest economy in the Association of Southeast Asian Nations (ASEAN), Thailand has grown immensely in the last four years. Initially, investors would often avoid the country due to its political climate and lack of infrastructure, but it has made an incredible comeback.
Thailand continues to thrive off of tourism and international export of electronics, machinery, vehicles and automotive parts. Many cities outside of the capital, Bangkok, rely on the sale of agriculture and surf and turf. Large amounts of feed are imported continually to support this vast farming community.
Thailand is increasingly becoming an excellent place to do business due to a large number of factors such as the country’s relatively stable economy, Thailand’s location in the heart of Asia and the cheap cost of labour to name but a few.
Business opportunities in Thailand
There are plenty of solid business opportunities in Thailand to take advantage of both by people who are looking to expand their existing company in their home country into Asia and those who are planning to start an entirely new type of business in Thailand. Here is a selection of ten of the best business opportunities in Thailand for 2016.
Import and Export Company
Thailand is one of the main transportation hubs of Asia and the nation shares excellent transportation links with countries throughout the region via air, road, rail and sea. There are lots of great options for establishing a successful import and export business in Thailand and the route that you choose to take will depend on your personal experience, connections and preferences.
Many successful import and export companies in Thailand source products from their home countries that are difficult to find in Thailand such as brands of foods, drinks and other items and export them to Thailand. There are millions of expats currently living in different parts of Thailand and these products are highly sought after with expats and even local people, who are often being willing to pay much more for these products than they would in their own countries. Successful importers of these products are often able to establish strong connections with leading supermarket chains and other retailers so that these products can be stocked on their shelves to be available to the general public.
Thai products to other countries is also a great business opportunity. Again, it is important to thoroughly research the markets in the countries that you are interesting in exporting products to in order to discover which Thai products are difficult to find and are likely to be in high demand. Some popular types of Thai products that can be exported include Thai handicrafts, clothing by Thai designers and food and drink products.
Import and export companies in Thailand that are also able to create their own products are able to maximise their profits and ensure that they are offering something truly unique. The main key to success with this type of business in Thailand is doing a lot of research to establish the best products to offer and establishing good transportation connections to minimise import and export costs. As a
As a buying agent in Thailand, Startup in Thailand offer a procurement & operation team with a dedicated Thai person to help to start or continue your company without difficulties.
Translation Services Business
The large number of foreigners and international traders doing business in Thailand leads to the ever increasing need for translation services. Both individuals and companies consistently need to have important documents such as contracts and other types of legal documents translated from their own language into Thai and vice versa, this situation can provide good business opportunities in Thailand.
Although English is the main language for conducting Business throughout the world, generally speaking, the level of English comprehension in Thailand is much lower than in other parts of the world. Therefore, most Thai companies require either an in house translator or have to regularly outsource translation work to a translation agency. Now that Thailand is part of
Now that Thailand is part of ASEAN, there is also an increasing need for Thai companies to also translate documents into other Asian languages such as Chinese, Japanese and Korean so that they can do business with companies in these countries.
Setting up a translation company is relatively easy and can be a very lucrative business opportunity in Thailand once you have established a talented team of translators, editors and marketers.
Translators and editors can work for a fixed salary as part of the company, although when you are first starting out and trying to expand your client list it is probably best to mainly use freelancers who work for a set rate per source work rather than a set salary per month.
Despite the potential to make series money in the field of translation, there are surprisingly few high profile translation companies currently doing business in Thailand. In addition, even the leading translation companies only tend to offer a limited number of languages. Therefore, newly established translation companies that are able to market themselves well, offer good rates for their services and establish and large and talented team of translators and editors in a wide range of language are almost guaranteed to succeed.
Create a Catering Company
Eating and socialising while dining have long been important parts of the Thai culture and most important business opportunities and decisions in Thailand are conducted while dining, while this is also a very popular way for family members and friends to get together. However, many modern Thai people find that that they no longer have time for cooking large meals to entertain guests and many people tend to eat most of their meals outside of the home. This is especially true in large cities such as Bangkok and Chiang Mai where many people work long hours and live in modern apartments that have limited cooking options.
Therefore, catering companies are becoming increasingly popular in Thailand, both among middle and upper class Thai people and expats. Catering companies are hired to provide catering for a wide range of different types of events such as wedding receptions, birthday parties, anniversary dinners and retirement parties and many corporations that hire catering companies have large budgets at their disposal.
Private catering has also become extremely popular in recent years and many people call catering companies to provide dinner for themselves and their family at the end of the day.
Thailand boasts a large pool of talented chefs and party planners as well as people who are experienced in all aspects of the hospitality industry. This makes it easy for catering companies that are setting up to gather a team of staff that has what it takes to create delicious and imaginative menus that are sure to tempt hungry customers.
Thanks to the large number of companies that important Western food and other products, finding the ingredients that is needed to put together dishes from all around the world is also very easy and due a large number of expats in Thailand, catering companies that offer international menus are sure to do well.
Web Design Business
Thailand businesses are becoming increasingly aware of the need to market themselves online in order to contend in the very competitive business world. More and more Thai companies are turning to professional web design companies that can provide the full package of web design, leads generation and marketing services in order to attract new customers and keep the attention of their existing customers.
There are lots of different elements involved in web design depending on the specific needs of the client and they can also include designing the company’s logo, web management and helping to increase traffic to the website with SEO (Search Engine Optimization).
People who have a solid background in web design will find that this is a very good opportunity to start a lucrative business in Thailand and the costs of setting up this type of company in Thailand are relatively low.
Real Estate Company
Buying and selling land is a big business in Thailand and the cost of real estate throughout the country is constantly rising and can provide great business opportunities. Foreigners who wish to purchase a business, a property or a piece of land often find that the process is rather long and complicated. For this reason, they often turn to a real estate agent, who will take care of the purchase for them for a fee.
People who are interested in establishing a real estate business in Thailand will find that there are plenty of great opportunities in all parts of the country and lots of money to be made. The secret to success is hiring a competent Thai team who can liaise with Thai owners and help to make sure that every aspect of the sale goes smoothly.
Both Thai and foreigner owners who wish to sell their real estate also often make use of a real estate agent to help find the buyer for them and in exchange for this service they will pay a commission. This commission is usually ten percent of the asking price and in the case of large resorts and hotels that sell for millions of Baht, the commissions can be extremely high.
The main task of the real estate agent is advertising properties to put them in the best possible light, meeting with potential buyers and showing them the properties. People who have a strong background in sales and marketing combined with plenty of energy and the drive to make money are likely to find that they thrive in this type of business in Thailand.
Healthcare Services Business
There is a booming demand for first rate medical care in Thailand among Thai people, expats and people who travel to Thailand for business and pleasure. Thailand has established itself as one of the best countries in Asia for professional healthcare and there are no shortage of trained physicians, pharmacists, surgeons and nurses to be found. However, with its booming population and rising demands regarding the standards of healthcare in Thailand, there is plenty of business opportunities in the Thai market for more healthcare services.
Medical tourism is also a big business opportunity in Thailand and many people travel from countries such as the USA or Australia where the cost of procedures is high to take advantage of the relatively low costs in Thailand. Some of the types of medical procedures that are particularly popular among medical tourists include dental surgery, cosmetic surgery and breast augmentation.
Companies that are able to appeal to international clients and provide fully tailor made packages that include excellent aftercare services are sure to find that this is a very lucrative business in Thailand for foreigners and Thai nationals.
Opening a Resort
Thailand has long been one of the world’s most popular holiday destinations and millions of people travel to Thailand from all over the world each and every year. Although the image of Thailand was once as a budget destination that was popular with backpackers and other types of shoestring travellers, the country’s booming economy and rapidly increasing infrastructure. Thats mean that these days Thailand is becoming more and more popular among more affluent travellers who demand nothing but the best when they are away from home while they are doing business in Thailand.
This means that Thailand is a great place to open a luxury resort. There are still many enchanting islands in Thailand where prime pieces of beachfront real estate are available to purchase and companies that have connections with major hotel chains in their own country will have the opportunity to establish either a branch of the hotel in Thailand or set up an entirely new branch.
Because hospitality is a major industry in Thailand, finding fully trained and qualified staff in Thailand is relatively easy, while international companies also have the option to transfer various existing staff members from their own country to oversee the running and marketing of the resort.
With good branding, marketing and quality services, it is possible for a company that decides to open a resort in Thailand to enjoy substantial profits and the abundant sunshine and gorgeous scenery in Thailand mean that tourists visit the country all year round.
Travel and Tour Companies
Many tourists who travel to Thailand arrange package tours in their own country and in recent years that has been a surge of international companies opening branches in Thailand so that they can serve their customers on both sides of the world. While there are many Thai companies that offer travel and tour services in Thailand, one of the main advantages for international companies is that they are able to offer services that cater to the unique needs of their international clients, including guided tours in their language of choice.
In the last few years there has been a dramatic rise in the number of Russian and Chinese travellers coming to Thailand and tourists from these countries tend to have much more money to spend than Thai tourists and prefer travel packages where all of the details are taken care of for them.
International companies that are able to establish strong business connections with the travel industry in Thailand will be able to offer their clients the best rates around combined with a first rate service that is sure to meet their high demands.
Automobile Rental Business
Despite the large numbers of people who travel to Thailand each year both for business and pleasure, there are relatively few vehicle rental companies to choose from and this presents a real gap in the market that is just waiting to be filled by a company that is searching for a business opportunity in Thailand. Purchasing both new and second hand vehicles in Thailand is relatively easy as major car dealerships can be found throughout the country.
Automobile rental companies in Thailand will find that there are plenty of prominent places for them to set up hire booths such as at the country’s major airports, at train stations and even at some of the country’s leading hotels.
There is a lot of scope to develop this type of business in Thailand and even establish connections with international companies in their own country. Travellers who are given the option to book their vehicle online in advance and collect it when they arrive in Thailand will feel secure that all of their travel details have been taken care of in advance and they will be saved the hassle of sorting out transportation when they land in Thailand.
Another good opportunity for companies who are interested in establishing automobile rental in Thailand is to offer vehicle rental with a driver. This is ideal for travellers who want to explore the country at their own pace without having to make use of public transportation but do not have an international driver’s licence or want to save themselves to hassle of having to drive while on holiday.
Supplying a professional driver along with the vehicle diminishes the risks involved for automobile rental companies as they can be sure that they vehicles will be in safe hands. this type of service can also be useful for short trips such as sightseeing around cities or taking local people to parties and other types of events where they need to arrive in style.
Silver and semi-precious stones are readily available in Thailand and the costs for these materials tend to be much cheaper than in many other countries around the world. There are lots of flourishing silver mines in the north of Thailand, while gemstones are typically mined in the west of the country, especially close to the Burmese border.
The relatively low cost of raw materials combined with the high demand for unique and attractive jewellery both among Thai people and Westerners makes establishing a jewellery company in Thailand an excellent opportunity to start a Business in Thailand. The nation boasts a large number of talented artisans who are able to create intricate pieces of jewellery both on a wholesale basis and according to the specifications of individual clients.
In the last few years a small number of international companies have established their own companies that source designs from their own country and market them in Thailand. One of the main advantages of doing this is that the cost of labour and setting up a workshop in Thailand tend to be much cheaper than in Western countries, while clients in Thailand are also given the choice of designs that they may not be able to find anywhere else in Thailand.
Successful jewellery companies that manage to establish themselves in Thailand also have the option of moving into the import and export business so that they can send their unique pieces of jewellery such as rings, bracelets, earrings and watches to major suppliers that are located in their home country as well as other countries around the world.
Of course, when establishing a new company in Thailand there are a lot of different things to take into consideration, not least of all any legal issues that may arise as well as hidden problems that might be difficult to identify straight away. For this reason, it is essential to enlist the services of a business consultancy company such as Start Up in Thailand.