The foreign real estate market in Southern Thailand is thriving, as more Westerners look to invest in holiday homes and in this short article, we offer valuable information for foreign entrepreneurs who wish to register a real estate agency in Thailand.
Table of Contents
Setting Up A Business In Thailand
The first thing to do is talk to an English-speaking Thai lawyer who is knowledgeable about Thai law and commerce. If you have a Thai partner, things are much easier; you can own 49% of the shares, while your Thai partner holds 51%. If you have a Thai wife, why not invite her to join you in a business partnership. One thing you should do is check out the Thai Board Of Investment (BOI) website where you will find more information on setting up a business in Thailand.
Hiring Foreign Employees
There are fully equipped meeting rooms in Patong that you can hire for a few hours to motivate your sales staff; it can be complex to apply for work permits for foreign staff; indeed, you may have to employ 4 Thais for every foreigner you hire. The best way forward is to schedule a Zoom call with an English-speaking Thai lawyer and let the legal expert guide you.
Establishing A Reputation
Of course, it takes a few years to develop a solid reputation and with a client-focused approach, you will soon be known as a fair and reliable real estate agent that delivers top-notch service. Make sure that you regularly ask clients for feedback and train your staff to provide a service that is second to none. Happy customers will recommend you to their friends and this is a great way to network your business.
Bookkeeping & Accounting
Like any business, you need to hire a local bookkeeper/accountant to keep your books in order and to file your tax returns. The last thing you need is any compliance issues and an English-speaking accountant can handle everything on your behalf. Keep all receipts and let the accountant have access to your cloud and they can do their stuff without having to visit your offices. Here are a few top tips for a business startup in 2024.
Digital Marketing
If you want maximum coverage, join forces with an award-winning digital marketing agency, a company that can create a dynamic online marketing plan, one that delivers results. The smart business owner always has a monthly budget for digital marketing, as they know too well how important it is to generate a strong digital footprint. Social media and SEO work will elevate your business to a high level and with ongoing work, your brand will become known among the foreign community.
Here is a link to important information for foreigners wishing to register a business in Thailand to point you in the right direction.