If you have moved to Thailand after retirement or have shifted here for work-related reasons, is it a lucrative option to pursue a business venture in the country? Well, to say yes would be an understatement really, given that the local government actively encourages it, alongside the US government.
Thailand is a Country Built on the Backbone of Tourism
Tourism is the main source of income for the Thai government, and where there is tourism, there is an opportunity to start a trade. That trade culture, in turn, encourages more tourism and earns the country more money. This might seem like an oversimplification of how tourism and the booming business culture of Thailand are related, but it is fairly accurate in summary!
The Treaty of Amity Makes Thailand Perfect for Entrepreneurship
As long as you are an original US citizen, the Thai government allows you to own 100% of the business, which is possible because of the Treaty of Amity signed in between the two governments. If you belong from any other country though, you will have to have a Thai partner with 51% share of the business to his/her name. There are various local laws, regulations, and rules that you will have to adhere to, of course, but that’s part of starting a business here in Thailand.
Decide On Your Target Customers
There are primarily three types of people in Thailand; locals, expats, and tourists. You need to find a business that will cater to the needs and demands of any one of these three groups as their primary target customers. The expats and locals may have similar interests at some points, but the tourists are always going to be a separate consumer group.
Silver Jewelry is a Lucrative Trade in Retail
The options are virtually unending here, but the ones with the best chances of success usually involve food, delivery, export/import, jewelry, nightlife, and tours. Thai silver jewelry is famous all around the world and most of the people who come here are generally looking for unique and intricate pieces with traditional Thai influences, to carry back home with them as a token of their travels.
To take advantage of this popular silver jewelry market, all you need to do is buy/rent a place, setup a retail store, and get the necessary licenses, permits, and registrations to be in business. Karen Silver Design is the top name among Thailand jewelry manufacturers and they offer high-quality, trendy and in-demand sterling silver jewelry to all their retail partners at wholesale prices. No manufacturing or designing is necessary to start a jewelry business in Thailand, although you can add a bit of customization to the products if you have the ability or resources to do so.
While the whole of Thailand is great for tourism, it is best to stick to the main cities if you are going to start retailing jewelry or open a nightclub/restaurant. Even if you decide to start a business by conducting local tours, you will still most likely need an office in Bangkok, Pattaya, Phuket or Chang Mai because that is where you will find your customers. The online route is also there as always, and English websites from US business owners are definitely what the English-speaking expats will find convenient and appealing.