| All businesses in Thailand are on one of the three | | | | simple process, and opening an account and |
| business lists put forward by the Thai | | | | making transactions are banking processes with |
| government. It is advisable to check which list | | | | no restrictions on them within Thailand. |
| your business category is a part of, before you | | | | Remember that direct taxes like personal and |
| decide to move business operations to Thailand. If | | | | corporate tax, as well as indirect taxes like the |
| your business is on List 1, you will not be allowed | | | | value added tax and the specific business tax are |
| to set up your business in Thailand as these | | | | a part of the Thai tax system. Self-assessment is |
| businesses can only be run by locals. | | | | usually the preferred methodology with regards |
| For businesses that are on the second list, all that | | | | to taxes in Thailand, although the Revenue |
| you will need to start running your business on | | | | Department is authorised to perform random |
| Thai soil is an approval from the Thai Minister of | | | | checks on individuals and businesses. |
| Commerce and the Thai Cabinet. Businesses on | | | | Running a business within Thailand is made easier |
| List 3 will need to get the permission of the | | | | by the low average wages in the country. Thai |
| Director-General of the Department of Business | | | | employees are hard-working, diligent and loyal. |
| Development, along with approval from the | | | | Most lower and middle rung workers in Thailand |
| Foreign Business committee. | | | | get paid between one hundred to two hundred |
| Based on which country you come from, you | | | | baht daily. The strength of the Thai workforce, |
| may need a certain visa or entry pass. For | | | | coupled with the low wages results in most goods |
| example, as per Thai immigration laws, there are | | | | within Thailand being sold at bargain prices. |
| forty one countries whose residents are allowed | | | | As far as etiquette in Thai business circles go, do |
| to stay in Thailand for a month, without a visa. | | | | remember that touching Thai people is considered |
| Lists of eligible countries or countries with | | | | an invasion of their personal space. This is why it |
| restrictions on them are available at every Thai | | | | is advisable to maintain decorum and greet them |
| consulate or Embassy. | | | | with the "wai," which is the traditional Thai greeting |
| The financial industry in Thailand is under the aegis | | | | and involves putting your palms together, almost |
| of the Ministry of Finance (MOF) and the Bank of | | | | as if preparing for prayer and bowing your head |
| Thailand (BOT). Banking in Thailand is a fairly | | | | slightly. |