We can’t help but stress repeatedly, that Thailand is one of the best countries in Asia for you to put your hard-earned money into as an investment. There are simply a lot of benefits that you can enjoy as a foreign investor or a businessman in Thailand!Of course, in order to make the most out of your investment, you should make sure that your enterprise or venture in the country will not encounter snags that will affect its actual performance. This means that, before you see the fruits of your investment blooming in front of you, there are safeguards and precautions as well as procedures that you’d have to observe. These are your responsibilities as an investor.
Study the Legal Landscape
While Thailand’s economy is certainly ripe and conducive for foreign investors, there are still laws that you have to follow. The country’s friendliness towards foreigners, tourists or investors alike, is bound by their adherence or compliance to their local laws. For instance, you should avoid the trap of using nominee shareholders when incorporating your company in the country.
The practice, which involves the use of naming local Thais as shareholders without giving them voting powers in the entity, is downright illegal and unfair.
To avoid troubles with the law that could lead to your hard-earned savings or your investment confiscated, make sure to read as much as you can about Thailand’s legal landscape. It is even more advantageous if you can tap the services of an English-language legal advisor who is based in the country.
Get the Necessary Legal Permits
Once you have accomplished the necessary steps and have done due diligence or research, it’s time to start incorporating your company. Don’t slack off in this step either – this is very important. You must be able to secure the necessary permits to operate from the local government, or your enterprise will be illegal in the eyes of the authorities. Operating illegally can result not only to the closure of your company or the confiscation of your revenues, but also to deportation and a possible blacklisting by the government.
In other words, failure to secure the necessary permits could lead to you being kicked out of Thailand and being possibly barred from returning, even just to have a holiday.
Seek the Help of a Legal Advisor
As mentioned earlier, it is to your interest to seek the help of an English-language legal advisor in Thailand when you’re conducting your research or feasibility study as part of the process of starting a business in the country. There are several benefits you can get from that decision.
For example, a legal advisor who speaks English and is familiar with the local language can help steer you difficulties posed by the language barrier. It’s tough enough to understand the legal landscape if you’re not
a lawyer, and it’s doubly tougher if you cannot speak the language of the locale you’re going to be doing business in.
Having a legal advisor by your side, on the other hand, gives you access to both the legal expertise and the command of the local language that is indispensable to avoiding misunderstandings especially with local law.
