10 valuable tips for expats doing business in Thailand

Anyone who is doing business or is a prospective entrepreneur and needs to make themselves emerge and be more bankable in the market should watch out for a few basic business procedures and insider secrets that will surely help them excel at their venture.

To help you get by in case you're setting up a business in the Kingdom of Thailand, here are

some profitable tips on doing business that you should follow right away…

Know the language: When doing business in Thailand, it is always beneficial to learn their local language. It helps you interface with the locals, comprehend their way of life and most importantly helps to work with the clients. Regardless of the possibility that clients can comprehend English to some level, they will prefer to work in their own dialect since they can convey what needs be all the more clearly.

Meet and greet: ‘First impression is the last impression’ – hence, approach your clients with a good warm greeting. This will have a lasting effect on them and will probably drive the course of your association with them starting now and into the foreseeable future. In Thailand, the traditional and common way of greeting is to say wai.

Your clothing communicates: For every occasion and environment there are distinctive clothes – for business it is ‘formal’. To avoid portraying an amateurish picture that may oppress your vocation, pick attire that precisely mirrors your efficacy and guarantees you offer for what you're worth.

Respect: Give respect, get respect is an approach that you ought to entirely follow

while doing business in Thailand. One should always make utilization of the most respectable phrasings when

they discuss the ruler or other prominent individuals i.e. by

utilizing the term Khun (which means Mr', "Mrs" or 'Miss').

Patience is the key to success: When you are doing business with the Thais, you got to be calm and patient. Thai businessmen take some time in concluding any venture or agreement and they dislike when the other party

aggressively wants it all now.

Protect your IP: When you spend a huge capital on your

business set up and development, then why leave

out your only competitive advantage i.e. your brand’s intellectual property? Invest

in resources that will help prevent theft of your

intellectual property in the global marketplace.

Getting Help Doing Business in Thailand: If you are planning to

make investments in Thailand, you should be aware that there are

individuals and spots where you can get help working together in

Thailand like, tax dollars fund trade representatives at foreign

embassies.

Better safe than sorry: The most critical tip that you ought to never forget is that before setting up any business in Thailand you should have a bit of back-up money behind you just in case things

don’t go according to the plan. If you know you’ve

got a cash flow or liquidity problem coming

up, settle it now.

Do your research:

Before investing or setting up any new venture, it is wise to conduct a research to understand the

market scenario.

Get legal advice: Setting up a business in a new country demands

you to understand the regulations, licenses and tax systems. To do so, consult with a law firm to confirm

your understanding and to help structure your business to be in compliance with the law. 

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