Possessing current data or access to it when making important decisions helps leap over roadblocks between us and our goals. How often have you headed in a direction without all the information or vetting the information, only to miss your intended target? As I get older and my eyes falter, I check things multiple times.
Part of your profit and loss statement for business in Thailand has to include costs associated with registration, licensing, visas, and work permits. It is impressive to lay your eyes upon the mountain of paperwork for each of those actions that vary depending on the province. When your business and future depend upon complete and proper documentation, schedule a consultation with Acclime Thailand.
Time is money, and you will waste large amounts of each attempting to learn the winding paths of the business environment in Thailand. There can be no GPS-like precision due to regulation fluctuations occurring seasonally or randomly. Concerning only my 90-day visa updates, few instances have been the same in 10 years.
Employing the machine learning power of artificial intelligence gives accountants new tools for their success. Digital accounting and cloud sharing make continuity instant. AI insights can expose emerging markets and give you that all-important early access.
An office with a notary is convenient, but what we need is the depth of local knowledge and relationships agencies have built over their years of operation. I planned three days for my wedding documentation in Bangkok. Ten days later, we had success. You know how it is to move around Bangkok and try to find buildings down one-way soi.
The Kingdom has invested substantial time, effort, and money into making a more friendly business climate for foreign investors. They are bent upon gross domestic product increases. Board of Investment (BOI) companies are favored. If want to export products and services from Thailand, they want your business.
In my experience, access to talent is the biggest hurdle to overcome here. I have managed to successfully start up and operate restaurants, yacht factories, and a smelting factory in Thailand. No progress was made until the staff were sorted. Growth can be end, and doors closed without a reliable workforce. You will need a strong local network.
Accounting firms in Thailand and eternally useful with growth management and proper documentation for social funds, and value-added tax (VAT). The Federation of Accountant Professionals provides accounting tools, standards, laws, and compliance regulations for your knowledge.
The Thailand Board of Investment has e-services as well. While we cannot hope to understand all the details of the immigration industry, we must acquire a basic grasp. Your friends or other “experienced” expats can be a source of experience, but it is all dated.
The recent Discover Thailand Visa and provisions for remote workers are fantastic, but you’d best be in compliance or face fines, forfeiture, deportation, and banning from the Kingdom.
Learning begins when we admit we don’t know. I don’t know Thai law, accounting regulations or understand the intricacies of BOI companies, and I’ve learned to hire the best. Beer talk is not cheap, when it costs you your business.
