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Thailand to improve ranking in World Bank’s Ease of Doing Business

Thailand is currently positioned 19th in the Ease of Doing Business Index, ranking economies from 1 to 183, with first place being the best.

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Ease of Doing Business Index

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.

Ease of Doing Business Index

Thailand is currently positioned 19th in the Ease of Doing Business Index, ranking economies from 1 to 183, with first place being the best.

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.

via Thailand to be pushed to enter Top 10 ‘Ease of Doing Business’ Index.

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 up -6
Dealing with Construction Permits 12 13 up 1
Registering Property 19 5 up -14
Getting Credit 72 69 up -3
Protecting Investors 12 12 No change
Paying Taxes 91 86 up -5
Trading Across Borders 12 12 No change
Enforcing Contracts 25 25 No change
Closing a Business 46 48 up 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
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