When you're buying or looking to buy a business in Thailand there are lots of things to consider.
Lots of websites carry tips or advice, but using a professional brokerage service like Business Broker Consultants who diligently check the validity of documentation, is important.
In this latest blog we look at our top 5 things to consider when buying a business in Pattaya, Thailand.
Research Opportunities And Locations
Like looking for any business opportunity, ensuring that you research the options available and review local prices and the locations is a key first step.
If you are buying before you arrive then Business Broker Consultants can assist with not only researching available businesses but also with putting you in touch with the right connections regarding the legal process and funds transfer.
Lots of options to buy a business in Pattaya, so it's worth taking a little time. You will certainly find plenty of options on our website to consider.
Forming a Company
This is something to definitely be considered, but will very much depend on your personal circumstances and whether you already have a Thai business partner or life partner who will be involved in the business with you.
Foreign nationals can mainly choose from the three following types of company:
Registered Ordinary OR Limited Partnership.
Representative Office, Regional Office or a Branch Office.
Limited Company.
While it's not essential to form a company for buying a business in Thailand, you may want to protect your new bar or Agogo club in some way. Our team is always happy to advise.
Learning The Language
We are often asked this and again it will be up to individuals as to how much local interaction they will have themselves or whether you will have a manager or Thai partner to deal with the day to day issues.
Luckily English is widely spoken in Pattaya although sometimes very basic. You can normally get by with lots of smiles.
There are a wide range of language schools and courses available in Pattaya.
Getting A Thai Bank Account
Now while this may not be as easy as back home, it's a matter you should consider if you are not going to be actively involved in the day to day business. Also consider who will have access, and who will need access to ensure your new business runs smoothly.
Many Thai banks have slightly different rules, but again our helpful team can guide you and set up appointments for you to help weigh up the options.
To Work Or Not To Work
Without doubt a major consideration and once you have chosen your business to buy, it can be a consideration that some have given little thought to.
You can work in Thailand, there are legalities to go through, but don't be put off. The option is to let the Thai staff or management run the business and you can be the adviser and owner from the sidelines.
The Wrap
We advise you to see these considerations as part of the fun and a process towards your new life in the land of smiles.
Starting a business in Thailand is an exciting prospect, get it right and it can be a lucrative, enjoyable one.
Start off right by talking to Business Broker consultants today.