Bangkok is a great place to start a business because there are so many opportunities there. The city has busy shopping areas and a developing tech and startup sector. But before you leap in, it’s important to know what could go wrong. A company startup in Bangkok can be challenging if you lack proper preparation or familiarity with the area.
Here are some mistakes that many business owners make and how you may avoid them.
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Mistake #1: Not realising how long the setup will take
One of the biggest shocks for new business owners is how strict and detailed the registration procedure can be. Every step is important, from getting the necessary company licence to hiring the right kind of director.
That’s why a lot of business owners use specialists like Acclime Thailand to make things easier and make sure everything is done by the rules. When you start a business in a new country, trying to guess what the legal requirements are can cost you more than simply time.
Mistake #2: Not following the laws that apply to businesses in your area
It might be hard to understand Thailand’s company laws, especially if you’re a foreign owner. The Foreign Business Act says that specific industries can’t be owned by foreigners.
If you don’t follow these rules, you could get fined, have your registration denied, or even be forced to close down. It’s not enough to merely get a business name approved; you also need to know what Thai law lets you accomplish.
Mistake #3: Not learning the basics
A lot of founders want to start selling or promoting their services before the business is even set up. That covers stuff like:
- Picking the correct business structure
- Opening a business bank account
- Getting a tax and social security number
- Choosing an authorised signer
A good checklist for starting a business helps you remember all the important tasks. It makes sure that all of your documentation, bank accounts, and legal status are in place before you start. Acclime will help you through all of these stages so you can focus on creating your business instead of filling out forms.
Mistake #4: Not planning your finances well
Some new businesses run out of money too quickly, usually because they don’t keep track of their expenditures or manage their resources well at first.
That’s why a lot of new businesses are utilising technologies to help them keep track of their expenses. These technologies assist automate receipts, manage staff reimbursements and set expenditure restrictions. This lets founders save money and make better judgements early on.
Mistake #5: Trying to do it all
It might be lonely to start a business in another nation, especially if you don’t speak the language or know the unspoken rules of how business is done there. It might appear cheaper to do everything yourself, but in the long run, it usually costs more.
In Conclusion
Bangkok can be the perfect place to start your next big business if you plan ahead and find the proper local partner, like Acclime. Get in touch with them now!
