How to establish a successful business in Thailand
For
many people, running their own business in Thailand represents the dream of
ex-pat life. Bars change hands with monotonous regularity after the new
partner finds he has purchased the third 50 percent share and is left with
nothing other than an empty bank account. A dream, yes - but sometimes
closer to a nightmare. But this can be avoided.
Philip Wylie is British with a solid background in business (Price
Waterhouse Coopers, Ernst and Young. and MBA from Imperial College London),
and so is very well qualified to write on “How to establish a successful
business in Thailand” “(ISBN 978-1-887521-75-8, Paiboon Publishing, July
2007).
The advice begins with an overview on how Thai laws affect foreigners,
including foreign ownership of limited companies. The chapter headed Same
Same, But Different highlights the fact that success in a similar venture in
one’s home country does not guarantee a similar success over here. Seven
foundations are given, complete with salient advice, even to the fact that
jealousy can be a problem, so many successful ex-pats maintain a low
profile.
Should you buy an existing business? Or a franchise? Or start from scratch?
These options are carefully examined, and showing a prospective business
owner what kind of personality fits which type of business option.
Even something which should be a given basic is not ignored in the chapter
on how to evaluate prospective businesses for purchase. The principle of
Caveat Emptor does make the journey to Thailand! In fact, it is compulsory!
In preparing to start, there is one chapter devoted to all the various
governmental requirements such as visas, work permits and licenses, forming
companies, bank accounts, transferring money and all the other myriad of
details.
In the chapter entitled Red Tape, Customs and Procedures, emphasis is again
given to the fact that you are attempting to do business in a foreign land,
with equally as foreign customs, as well as the requirements laid down by
the capital C Customs!
I found the profiles of successful business people very interesting,
especially the couple I knew. If there was a common thread, it was
enthusiasm for their business, no matter how diverse they all were.
“How to establish a successful business in Thailand” has a wealth of detail,
even to a list of franchise businesses and how much a franchise will cost.
Expect a few shocks in this list! They range from 10 million baht down to
30,000 baht.
It also covers the major centers in Thailand, and both the Chiangmai Mail
and Pattaya Mail get meritorious mentions.
There are many pages of important organizations, a full index and a clearly
defined contents pages, as well as many appendices. This is a very complete
book.
I can honestly admit to being a novice as regards business in Thailand, but
for B. 595, this book will give you the benefits that came from years of
experience. For the price, it is hard to imagine cheaper or better advice.
If you are contemplating running a business in this country, get this book.
Your chances of success will be improved multiple-fold.
