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How to Set Up a Self-Employed Business in Thailand

<p style&equals;"text-align&colon; justify&semi;">Thailand is a popular destination for tourists looking for a change of scenery&period; The warm weather&comma; gorgeous scenery and bright lights of Bangkok are all alluring&comma; but what if you choose to stay permanently&quest; Becoming an employee of a Thai firm will involve plenty of admin&comma; but self-employment could be a viable alternative&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;"><img class&equals;"aligncenter wp-image-2481 size-full" src&equals;"https&colon;&sol;&sol;incrediblemag&period;com&sol;wp-content&sol;uploads&sol;2017&sol;05&sol;Thailand&period;jpg" alt&equals;"How to Set Up a Self-Employed Business in Thailand" width&equals;"700" height&equals;"467" &sol;><&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">When setting up a new self-employed business&comma; you will have quite a lengthy checklist of things to do&period; Firstly&comma; there is the potentially tedious yet utterly important task of registering your company for tax purposes&period; In Thailand&comma; you need to take the following into account&colon;<&sol;p>&NewLine;<ul style&equals;"text-align&colon; justify&semi;">&NewLine;<li><strong>Registration for Income Tax&period;<&sol;strong> All workers&comma; Thai nationals or otherwise&comma; need to apply for a Tax Identification Number&period; This can be obtained through the Revenue Department’s website<&sol;li>&NewLine;<li><strong>Work out <&sol;strong>how much tax you expect to pay<&sol;li>&NewLine;<li><strong>Businesses setting<&sol;strong> up in Thailand need at least three named shareholders<&sol;li>&NewLine;<&sol;ul>&NewLine;<p style&equals;"text-align&colon; justify&semi;">The other tax you need to consider is Corporate Income Tax&period; If you are going down the self-employment route&comma; setting yourself up as a small company is the most relevant option&comma; as you’ll be working alone&period;<&sol;p>&NewLine;<h2 style&equals;"text-align&colon; justify&semi;"><strong>What Business Should I Set Up&quest;<&sol;strong><&sol;h2>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Now that you have the tax issue sorted&comma; the next step is to choose a business niche&period; There is so much choice&comma; but it is worth considering which types of business thrive the most in Thailand&period; The biggest industries are tourism&comma; manufacturing&comma; technology and mining&period; To us&comma; technology is a good starting point because&comma; as an emerging economy&comma; Thailand has a growing appetite for technology and innovation&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">On the other hand&comma; trade with areas such as Europe&comma; Oceania and the rest of Southeast Asia is brisk and&comma; as such&comma; learning how trade between Thailand and other areas works can get you in the right groove&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">To familiarise yourself with how the local currency works&comma; look at how valuable the baht is compared to other currencies such as the Yen&comma; Yuan and Singaporean Dollar&period; Trading forex will allow you to discover how much the Baht is worth&period; Keep in mind that currencies change and that is often unpredictable too&period;<&sol;p>&NewLine;<h2 style&equals;"text-align&colon; justify&semi;"><strong>Other Laws<&sol;strong><&sol;h2>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Employment laws for Thai nationals and foreign workers are broadly similar in relation to tax&period; However&comma; you do need both a visa and a work permit to reside and work in Thailand&period; Visit a Thai embassy in your own country to obtain a visa and work permit&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">When registering a business there is a fee involved&comma; depending on how much revenue your business generates&period; The minimum fee is 500 BHT&comma; whilst there is a waiting period involved&comma; so some patience is required&period;<&sol;p>&NewLine;<h2 style&equals;"text-align&colon; justify&semi;"><strong>Running Your Business<&sol;strong><&sol;h2>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Once your business is up and running&comma; there are a few things you need to know about trading in Thailand&period; First&comma; for your accounts&comma; you need to send an annual balance sheet to the tax authorities&period; Secondly&comma; try to fit in with the local culture&period; Be polite to everyone you meet through your business and you can’t go wrong&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">Thai society is very much hierarchical&period; When meeting clients&comma; they will try to see how senior you are within your company&period; Meetings are quite frequent here&period; The reason for that is a need for locals to get to know you before they get down to business&period; It might seem time consuming but&comma; ultimately&comma; it’s worth it&excl;<&sol;p>&NewLine;

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