Thailand’s Ministry of Commerce is to push Thailand into the top ten ranks of World Bank’s Ease of Doing Business Index. Deputy Commerce Minister Siriwat Kajornprasart said the Department of Business Development was assigned to manage the matter in accord with the government’s policy to strengthen the domestic economy with improved business governance so that the country is more attractive for business operations.
Thailand is currently positioned 19th in the Ease of Doing Business Index, ranking economies from 1 to 183, with first place being the best.
According to the World Bank, a high ranking means the regulatory environment is conducive to business operations.
Strategies leading to the new target, being in the Top Ten, is so that the government will reduce complicated procedures and improve its online services in order to become an e-government.
In order to achieve the goal, government services are to expand to other provinces in all economic sectors, while Thai entrepreneurs, including small- and medium-sized entreprises (SMEs) should be promoted for business quality and management innovation.
Economies are ranked on their ease of doing business, from 1 – 183. A high ranking on the ease of doing business index means the regulatory environment is more conducive to the starting and operation of a local firm. This index averages the country’s percentile rankings on 9 topics, made up of a variety of indicators, giving equal weight to each topic. The rankings for all economies are benchmarked to June 2010.
|Thailand’s rankings||DB 2011 Rank||DB 2010 Rank||Change in Rank|
|Starting a Business||95||89||-6|
|Dealing with Construction Permits||12||13||1|
|Protecting Investors||12||12||No change|
|Trading Across Borders||12||12||No change|
|Enforcing Contracts||25||25||No change|
|Closing a Business||46||48||2|
Example: Starting a business in Thailand
|No.||Procedure||Time to Complete||Associated Costs|
|1||Apply for permission to use company name||2 days||no charge or Bht20 for applying application to the Registrar at the Department of Business Development (“DBD”)|
|2||Deposit paid-in capital in a bank||1 day||no charge|
|3||Obtain a corporate seal||4 days||THB 300-500|
|4||Get approval for memorandum of association and apply to register the company as a legal entity (final registration) at the Private Limited Companies Registrar.||1 day||Bht700 (Bht200 for duty stamp affixed on the original Memorandum of Association, Bht500 minimum and Bht25,000 maximum for government fee and it shall be increased for Baht 50 every Baht 100,000 of initial capital) + THB 5,500 minimum (on the original Articles of Association, Bht5,000 minimum and Bht250,000 maximum for government fee and increased for Baht 500 every Batht 100,000 of initial capital)+ Baht 50 per page for certification document fee|
|5||Register with the Revenue Department for tax||2 days||no charge|
|6||Register for social security and Workmen’s Compensation Fund at the Social Security Office, Ministry of Labor||1 day||no charge|
|7||Submit company work regulations to the Office of Labor Protection and Welfare of the Ministry of Labor at the district where the head office of the company is located||21 days||no charge|
Thailand Approves Latest Economic Relief Package for Businesses
Some 250 billion baht (US$8 billion) was allocated for soft loans while the remaining 100 billion baht (US$3.2 billion) will go towards an ‘asset warehousing’ program whereby debtors can use their assets as loan collateral but will have the right to redeem their assets under a specific time frame.
Thailand BOI approves Biotech Projects Worth 2.4 Bln Baht ($78 million)
The biotechnology sector is part of the so-called BCG model (Bio, Circular and Green economy) which the Thai government has set as a priority to lead the post-Covid 19 recovery.
The Thailand Board of Investment (BOI) said today it has recently approved new projects in the field of advanced biotechnology, worth a combined 2.4 billion baht (around USD78 million) in investment, reflecting the increased interest of local and foreign investors in the country’s biotech sector.(more…)