Other Issues
There are fields in which foreigners are not permitted to work. However, most of these are generally low skilled fields and not of interest. The majority of fields that farangs of class would want to work in are permitted.
An issue that everyone must deal with is that the rules, instructions and forms are all in the Thai language. Everything that is submitted to the government is in Thai. This requires a lot of adjustment for people like myself who have run our own businesses in our own country whereby we originally did our own legal and accounting paperwork. Almost all foreigners are illiterate in the Thai language, so we are dependent upon someone else to read the rules, instructions and forms, then tell you in plain English ALL that stuff, then get decisions from you, and then put those decisions back into Thai writing. Thai people must guide you and take care of things as they arise.
In fact, many, many farangs are asked by their lawyer to sign forms that aren't filled in, many blanks amidst the Thai writing, which the lawyer fills in and submits. You can ask the lawyer to fill them in before you read them, but even if they're filled in, could you read them?
If you get someone you can independently trust to proof-read the forms, make sure they are a well educated, skilled and responsible kind of person. (Some farangs have been known to ask their bargirl concubine to perform this task, which is a great mistake since most of them have just the free government 6th grade education or less, and you wouldn't have a similarly educated person in the west read your legal forms..., plus you need someone really interested and diligent by nature.)
You will need a good accountant to handle all the communications and tax matters with your clients' accountants and all officialdom. They will be needed for both spoken and written communications. They may also have to explain some accounting things to your employees.
Notably, accounting and auditing inside your company can be done in English. However, the standard forms submitted to the Thai government are in Thai, and other reports must be translated into Thai.
As has been noted elsewhere on this website, Thais in general do not have good spoken English, including in most government offices. The vocabulary for doing business is a very high vocabulary, unlike ordinary socializing and talking among vendors on the street.
The people at
www.ThaiEnglish.com help foreigners new to Thailand in matters such as translation of documents, research in the Thai language web and other media, getting information over the phone -- completely, receiving calls for you, going to meetings with you as an interpreter, and other such matters where language limits foreigners otherwise -- being there when you need Thai language interpretation and translation.
If your company is small, then the bank may not give you a checking account when you first open your company account. You may get only a savings account, whereby you can only withdraw cash. You won't get an ATM card with a company account. You must go or send someone over to the bank with a withdrawal slip, with the authorized signature (e.g., yours) and stamped with your company stamp. The bank will write up individual bank cheques upon request, but this is a time consuming process. You often pay your clients in cash, or else transfer/deposit funds into their account at the bank.
Loans from local banks are not easy to get. Getting a loan from your bank overseas may be easier, even though you are transferring the money to Thailand.
Even though the Asia Economic Crash of 1997 was a long time ago, it was a very deep hole for Thai banks to start digging out of, and the amount of debt from these old non-performing loans (NPLs) is still very large.
There is a section explaining
The 1997 Asia Economic Collapse. You can understand how this deeply affected Thai law and regulations.
The economy restructured and recovered, and the years since 2000 have been high growth years. This recovery was driven largely by SMEs (Small and Medium sized Enterprises), whereas leading old money entities up to 1997 were largely disabled by the crash. The recovery is a testimony to the free enterprise economy of Thailand, where countless opportunities exist and it's mainly a matter of entrepreneurs going out to implement. The recovery was much quicker than the bad news press predicted.
We have an old website regarding the formal part of setting up a company, but it's a few years outdated on a few minor things. Nevertheless, you can explore this website at
www.ThailandCompany.com for the formal process of getting the company registered, getting your tax ID status, your work permit and dealing with visa matters. That's the technical and legal part.
If you want us to help you set up a company, then we can advise and help you if you are truly interested in any of our other services. However, if all you are interested in is company setup, then I suggest you also consider talking with Steve Sykes, an American with a lot of business experience in Asia and Thailand who gives excellent personalized service and has a very trustworthy and straight operation (no dodgy methods) at
www.indo-siam.com or
www.ThaiStartup.com. If you don't feel comfortable investing too much money, time and effort into company setup, leasing and outfitting an office, rent, and staff, then you may choose to outsource the work, whereby Steve's operation already has a structure in place for serving as "employer of record" for Thai staff that work in dedicated support of overseas clients, at
www.BangkokStaff.com. Their office is right across the street from our new office on Asoke (Sukhumvit 21), so you can get two visits in one trip, and see whether either one of us is interested in getting involved in helping you with your matters. (We are entirely independent of each other, in fact technically we could be seen as competitors in these sub-realms, but neither of us "needs" more business and it's just a matter of good decisions about who we get involved in helping. We both get busy at times and neither one of us is greedy. I'd just rather recommend entities I know are good.)
We can also help you in finding a good office location, your own employees, and other matters.