Business Opportunities in Thailand for 2021
Updated: Feb 22, 2022
Thailand is increasingly becoming an excellent place to do business. The strategic location of Thailand provides easy trade access to countries such as India, China and other member countries of the Association of Southeast Asian Nations or ASEAN.
Despite the ongoing pandemic, there are still plenty of great business opportunities in Thailand for people who are looking to expand their existing company into the Thailand or Asia Market in 2021. The below states some advantages of setting up a corporate presence in Thailand.
1. Import and Export (OEM)
Thailand is one of the main transportation hubs of Asia and the nation shares excellent transportation links with countries throughout the region via air, road, rail and sea. Many companies in Thailand export their native products that are difficult to find in Thailand such as brands of foods, drinks and other items and export them to Thailand. Some overseas companies create their own brand (OEM) and import Thai products to their respective countries.
2. Recruiting
It is true that hiring activities have dipped 37% in 2020 during the COVID-19 pandemic. However, there are signs of positivity as more companies in Thailand are starting to increase their headcounts 2021. In view of the economic demands, the sectors earmarked for greatest amount of hiring activity are industrial/manufacturing, fast-moving consumer goods, technology and telecom, healthcare/pharmaceutical as well as retail.
3. Real Estate
The real estate sector in Thailand accounts for 6% of Thailand’s GDP and is significant for Thailand’s industry growth as it supports increasing levels of employment and income. Buying and selling land is a huge and growing business in Thailand as the cost of real estate throughout the country is constantly rising. Thai people love to invest in properties, while the constant influx foreigners generally require a house to live in Thailand, when they are here in Thailand to work, marriage or for retirement.
4. Business Process Outsourcing BPO
Business Process Outsourcing has been an integral part of business operations and management over the past three decades. When it comes to choosing the best outsourcing destination, Thailand is a good destination to consider due to its highly skilled, educated and cost effective workforce.
5. IT Consulting Business
Thailand businesses are becoming increasingly aware of the need to be a part of the digital world and market themselves online in order to contend in the very competitive business world. More and more Thai companies are turning to professional IT consulting companies that can provide the full-service package of IT Strategy & Roadmap design, Digital Strategy, and Outsourcing Services in order to attract new customers and keep the attention of their existing customers.
There are lots of different elements involved in IT Services depending on the specific needs of the client and customized solutions are key to satisfy clients. Thailand is considered pioneer in animation, games, and mobile application development products. Apart from that, blockchain-based applications are also gaining substantial popularity.
How can Apstellar support Foreign Businesses in Thailand?
Our head office is in Singapore and we have corporate presence in Bangkok, Thailand. The unique concoction of our diverse background, expertise and partners enable us to assist our clients to setup their business in Thailand with ease & success. Our extensive support for overseas expansion covers areas such as Initial Corporate Setup Advisory, Business Matching with Potential Thai Shareholders or Distributors and Strategic Business Planning.
After we have completed the office setup in Thailand for our clients, we can continue to support some of their key business operations, business development & marketing activities as a corporate advisor or through Business Process Outsourcing.
Singapore Government Grant Support for Local Singapore SMEs
Singapore SMEs may tap on the Market Readiness Assistance MRA Grant through Enterprise Singapore to setup their overseas business in Thailand.
The MRA Grant supports up to 80% of eligible costs, until 31 March 2022. The funding is capped at S$100,000 for each company and every new marketspace.
MRA Grant Funding Component:
Overseas market promotion (capped at S$20,000)
Overseas business development (capped at S$50,000)
Overseas market set-up (capped at S$30,000)
Each application is limited to one activity in a single overseas market (e.g. market entry, or participation in a trade fair)
To apply for the MRA Grant, the following eligibility criteria are listed below:
Business entity is registered/incorporated in Singapore
New market entry criteria, i.e. target overseas country whereby the applicant has not exceeded S$100,000 in overseas sales in each of the last three preceding years
At least 30% local shareholding
Group Annual Sales Turnover of not more than S$100 million; OR Company's Group Employment Size of not more than 200 employees
For more information and the latest update on the MRA Grant, please visit the Enterprise Singapore website.