As a foreign business person, you can set up a digital business in Thailand. Thailand has a good population that can be served by a reliable digital business. Thus, your business can succeed in this country.
However, you will need to understand the requirements you should adhere to. Also, you should find the right digital products or services you will be selling.
In this article, you will learn the various aspects you should keep in mind.
Legal Requirements and Business Structure
Keep in mind that you should abide by the local laws when running a business here. Here are some of the key legal aspects you should adhere to:
- You should have a perfect structure for the business you would like to launch. Some of the options at your disposal are a BOI-promoted firm or a Foreign Business Permit (FBP).
- You should also find out if the business you want to set up requires a special licence so that you will not come across operational problems.
- Remember, you also should register your new business with the right body in Thailand which is the Department of Business Development (DBD).
You can work with a qualified local legal practitioner to achieve all of these legal needs.
Setting Up Your Digital Infrastructure
As a digital business, you will be providing products or services using online tools and more. This means you will need to set up a platform for your business. You will need to have a stable internet service that will make sure you can run your business without any delays.
Talk to local internet service providers so that they can set it up for you. Also, you should have a website which is hosted by the best companies in Thailand. Such firms will help your website to run smoothly and will help fix any problems that may arise.
If you would like to automate some of the business tasks, you will need a few online tools. These online tools are suitable for your digital firm and they will help you save time and reduce mistakes.
Staying Connected: Business Communication with eSIM Technology
One of the most important aspects of your business is communication. You must have a way to communicate with your partners or even customers when running your business. Instead of using the local SIM cards, you can opt for an eSIM.
The eSIM technology is one of the best services you can use for your business. You can read more here to find out the various benefits you can take advantage of if you start using the eSIM.
If you are not sure of how this type of communication service works, you can still partner with an expert to help you set it up.
Location and Workspace Options
You can find your preferred location for setting up your business. Besides, every location offers a variety of workspace options for you to choose from.
You can set it up in Bangkok if you would like to make some international networks for your business. If you want a location with affordable workspace, you can go to Chiang Mai. Phuket is also another great location where you can set up your business.
Moreover, if you offer premium digital services, you can start your business operations at a co-working space or even a serviced office.
Financial Considerations
You must find a way to manage your finances so that you can use them well to run your business. Also, you need a reliable plan for transactions and paying for the services you outsource. This means you will need to pick the best bank that offers the best business banking.
If you are transacting using foreign currency, you will need a bank that can convert it for you. While serving clients from other countries, you can use international money transfer services. If you feel stuck, you can hire a local accountant to give you some invaluable tips on how you can do more for less and also manage your taxes.
Building Your Local Network
Your business can grow at a slow rate. This means you will need a better strategy if you want your business to grow fast. You can do the following to make sure you have a huge audience or customer base:
- The first thing to do is to make sure you offer the best services or sell high-quality products to your clients so that you can gain trust.
- The second thing is attending events where you will connect with your clients and other business people so that you can learn from them.
- You should also use various social media channels to attract leads to your business and connect with other players in your industry.
- Make sure you have a good relationship with the government by abiding by the rules that govern your business.
Common Challenges and Solutions
You may come across problems when running your digital business in Thailand. If you face hurdles, you should always handle them one by one until you win. Here are the issues you might have to prepare to conquer:
- You may not be able to communicate with your customers well if you cannot speak the local language. So, try to learn the local language even if it will take time.
- Make sure you avoid problems with the authorities by staying compliant with all the laws.
- You will face stiff competition but you should be ready to innovate and implement key approaches to stay ahead of them.
- If you face management problems, you can use online tools like Slack for managing your team to reduce operational costs and save time.
Conclusion
Set up your digital business in Thailand and start making money. You can sell products or services to clients from various parts of Thailand. Use the tips shared in this article to start and run your business.