You have probably fallen in love with the Royal Kingdom of Thailand and as you are experienced in the tourism industry, you naturally wish to set up a business to fund your life in Thailand. One thing is for sure; there are no shortages of tourists coming to the tropical paradise now that the pandemic restrictions have ended and if you have done your homework and crunched all the numbers, you are ready to set the business plan in motion.
Business Plan
Spend time putting a business plan together, as this will be your guidebook to success. You should know how you are going to reach potential clients and a solid marketing plan is an integral part of a good business plan. Any issues need to be resolved with further research and when the plan is complete, hand it to a business guru.
Registering The Business
Prior to being able to apply for a TAT tourism license in Thailand, you first need to register the business. The best option is a private limited company (PLC), which is a trading entity. This limits your liability and you can incorporate a partner(s), or make it a business 100% owned by you. Search online for an established law firm in Bangkok and they can guide you through the business registration process.
TAT License Application
Once this is complete, you can prepare what is required for the TAT license. The application process is extensive, the government wants to be sure that your business meets their standards before they will allow you to present Thailand to foreign tourists.
The license requirements include:
- Tourist & Guide insurance
- Domestic or inbound license application – depends on the business activities
- Security bond – from 50,000bt to 200,000bt must be deposited with the TAT
With an English-speaking lawyer, the process is smooth and the law firm can assist you in other ways. If, for example, you need bookkeeping or accounting, the law firm can put you in touch with local providers.
Partner With A Thai
This is recommended if you are planning to open offices in Thailand. The law firm might be able to connect you with Thai investors. If your partner is Thai, you could form a business partnership, with you holding 49% of the company shares.
The Importance Of Compliance
As you are a foreigner, it is paramount that your business is fully compliant with government guidelines, another good reason to forge an alliance with an English-speaking lawyer with experience in commerce. Even after the business registration and you have your TAT license, your business could be inspected at any given time, so you need to be sure that you comply with the complex set of rules and regulations.
Build An Excellent Reputation
If you make it your goal to facilitate a great holiday experience for your clients, this will create a good business reputation, which is the key to longevity in a very competitive industry. Be customer focused, and you should enjoy steady growth. As your business grows, so can your infrastructure.
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