“Time taken to start a business in Thailand has been significantly reduced from 27.5 days to only 4.5 days, thanks to a series of business regulation reforms.
BANGKOK November 21, 2017
The Thailand Board of Investment announces that Thailand has been ranked number 26 in the World Bank’s 2018 Ease of Doing Business report. This places the country ahead 20 spots from their 46th and 48th rankings in 2017 and 2016, respectively.
For their annual Ease of Doing Business report, the World Bank ranks countries on their regulatory environment and how encouraging it might be for an entrepreneur to start a business there. According to the World Bank report, the time taken to start a business in Thailand has been significantly reduced from 27.5 days to only 4.5 days, thanks to a series of business regulation reforms.
“Thailand Board of Investment is thrilled that the World Bank has recognized the country’s efforts in securing new investment opportunities for companies looking to establish a presence in the ASEAN region,” said Ms. Duangjai Asawachintachit, Secretary General of the Thailand Board of Investment. “This ranking brings Thailand among the top 15% of countries globally in terms of ease of doing business, proving that the country continues to be a top relocation destination for international growth.”
Thailand’s increased business-friendly atmosphere is supported by several recent initiatives meant to increase foreign direct investment and attract companies looking to establish operations in the ASEAN region and specifically to Thailand. These include establishing the country’s Eastern Economic Corridor, creating an “Aeropolis” anchored by a newly expanded U-Tapao Airport, and “Digital Park Thailand,” a destination for globally-minded digital innovators.
In 2017, the Thai government prioritized investment in 10 target industries that will serve as engines of growth for the country: next generation automotive, smart electronics, digital technology, advanced agriculture and biotechnology, food processing, tourism, robotics, aerospace & MRO, a medical hub, and biofuels & biochemical industry. Investing in these 10 key industries is an integral part of the “Thailand 4.0” plan to revamp Thailand’s economy and bring it into its next incarnation.
Another indicator that gives credence to the ranking is that Thailand has become an attractive destination for digital nomads (employees who telecommute or work remotely and can therefore change location or travel and work simultaneously). A growing number of computer programmers and other digital workers are choosing to work out of Thailand, and the country also now hosts the annual Nomad Summit conference in Chiang Mai.
“Thailand is attracting a whole new generation looking for easy and reliable amenities within the workplace,” said Ms. Asawachintachit. ”These digital nomads choose to work out of Thailand due to access to fast internet, good co-working spaces, affordability, and the overall excellent quality of life that Thailand provides. By offering business-friendly policies, such as easy access to work permits, we hope some of these innovators will chose to stay and establish a permanent footprint in our country.”
The Thailand Board of Investment (BOI) is the investment promotion agency for Thailand that facilitates foreign direct investment. BOI’s services are free of charge and customized to help business succeed in Thailand. For more information, please visit http://www.boi.go.th and http://www.thinkasiainvestthailand.com
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