As the second largest economy of Southeast Asia, Thailand ranks 27 out of 190 economies (based on the data shared by the World Bank) in the ‘Ease of Doing Business Index’. Thereby making it a booming market for attracting foreign direct investment. The data released by the Reserve Bank of India states that there was an overall investment of more than USD 15 million in FY 2018-2019; especially in the Tourism sector. As a result of which, the broader field of tourism, i.e., Hospitality, is increasingly witnessing more investments from foreign participants.
In 2018, Thailand witnessed 38.27 million tourist arrivals and is expected to rise to 41 million in 2019. The National Economic and Social Development Council affirmed that Tourism contributed to 18.4% of Thailand’s GDP; depicting a 14.2% rise since 2014.
Further, it has witnessed a huge surge in the number of Indian Tourists and recorded an increase in 14.24 percentage of tourist arrivals from India (January 2018- July 2018) generating a revenue of approximately 41,771 million. Due to the increasing popularity of Thailand as the preferred destination among Indians, it is simultaneously generating interest as a viable business destination as well.
Considering that Thailand’s economic outlook is steadily advancing with tourism being one of the major catalysts for growth; starting a hospitality business in Thailand seems like the ideal choice for most Indian Investors.
Doing business in Thailand comes with its own set of mandatory compliances, i.e., filing monthly corporate withholding tax returns, monthly VAT returns, Payroll services, registering the employees and filing the Social Security Contribution, Annual Auditing and Filing Annual Returns for the company. Indian Investors who wish to recruit foreign employees need to stay compliant within the specifications of the Work Permit.
Considering the variable compliances that need to be catered to while investing in the hospitality business in Thailand, we request you to get in touch with us at info(at)skpatodia.in for more information on Incorporation and Post Incorporation requirements.
Yes! I’m Interested in Registering a Company in Thailand – Please Guide