Starting a business in Thailand requires understanding its legal landscape, company types, foreign ownership restrictions, and visa rules. This guide will walk you through everything you need to start and succeed in business in Thailand.
Thailand is Southeast Asia’s economic hub, strategically located between China and India with access to ASEAN markets. With growing infrastructure, digital transformation, and government incentives, it has become a hotspot for entrepreneurs, startups, and investors.
🏢 1. Choosing the Right Business in Thailand (Type and Structure)
There are two primary ways foreigners can legally establish a business in Thailand:
✅ A. Thai Limited Company (Majority Thai Shareholding)
- Minimum 3 shareholders (at least 1 Thai national).
- Foreigners can hold up to 49%, unless the business qualifies for special privileges.
- Ideal for retail, restaurants, service-based businesses.
- Allows application for work permit and visa.
✅ B. BOI-Promoted Company (100% Foreign Ownership Possible)
The Board of Investment (BOI) offers incentives for businesses in priority sectors:
- Technology
- Renewable energy
- Manufacturing
- Smart farming
- Software/IT services
BOI Benefits:
- 100% foreign ownership
- Up to 8 years corporate tax exemption
- No import duties on machinery
- Easier work permit and visa process
- Permission to own land for office/factory use
To apply, you need to:
- Prepare a solid business plan
- Submit application to BOI Thailand
- Attend an interview and secure approval
💡 Tip: BOI approval can take 2–3 months but is worth it for long-term operations.
🧑💼 2. Can business in Thailand hire Foreigners?
Foreign nationals can legally work in Thailand under specific conditions:
🔹 Non-B Visa (Business Visa): Issued to those planning to work or run a business. Required before applying for a work permit.
🔹 Work Permit: Issued by the Ministry of Labour after visa approval. Tied to the company and job role.
For Thai Limited Companies, the rule is:
- 2 million THB registered capital per foreign employee (reduced to 1 million THB if married to a Thai).
- Employ at least 4 Thai nationals per 1 foreigner.
BOI companies are exempt from these rules and can hire more foreigners easily.
🔍 3. What Types of Business in Thailand Can Foreigners Start?
✅ Allowed/Low-Restricted Business Types:
- Export businesses
- Software development
- E-commerce
- International consulting
- Tech startups
- Manufacturing (with BOI)
❌ Restricted Business Types (Require Thai majority or special permission):
- Retail and wholesale
- Tourism agencies
- Agriculture
- Media and publishing
- Land ownership for non-BOI companies
💡 For restricted sectors, consider:
- A Thai partner
- BOI promotion
- Foreign Business License (difficult but possible)
💰 4. Cost to Start a Company in Thailand (2025)
| Expense | Estimated Cost (THB) |
|---|
| Company Registration | 20,000–25,000 |
| Registered Capital | 1–2 million |
| Legal/Consulting Fees | 30,000–100,000 |
| Visa & Work Permit (per person) | 25,000–50,000 |
| Office Rental (Bangkok) | 10,000–50,000/month |
| BOI Application (if needed) | Varies – agency may charge 100,000–250,000 |
📑 5. Required Documentation
Here’s what you typically need to prepare:
- Company name reservation
- Shareholder and director details
- Company objectives
- Registered office address
- Capital structure
- Passport copies (foreigners)
- Thai national ID copies (if applicable)
- Lease agreement for office
BOI applications require:
- Detailed business plan
- Market analysis
- Financial projections
- Tech/innovation strategy
🤝 6. Professional Agencies and Law Firms That Can Help
Hiring a local expert ensures smoother compliance. Some recommended firms and agencies:
✅ Top Business & Legal Services in Thailand:
- Vize Counselor – BOI, visa, and company registration
- Sunbelt Asia – Business setup and immigration services
- DFDL Thailand – Corporate legal and tax advisory
- Siam Legal – Full-service law firm with visa support
- Multilence Thailand – Startup support, EOR, BOI, and staffing (great for recruitment-heavy businesses)
💡 Always check if the firm is registered and has experience in foreign business services.
📈 7. Tips to Succeed in Business in Thailand
- Understand Thai business culture: politeness, relationship-building, and saving face are vital.
- Hire a bilingual Thai staff: for government interaction and market entry.
- Protect your IP and contracts: legal frameworks are available but underused.
- Stay compliant: file monthly taxes, social security, and annual audits.
- Invest in local marketing: especially on LINE, Facebook, and Thai-language platforms.
