Business

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.

Published

10 years ago

September 5, 2011

Boris Sullivan

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.

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	-6
Dealing with Construction Permits	12	13	1
Registering Property	19	5	-14
Getting Credit	72	69	-3
Protecting Investors	12	12	No change
Paying Taxes	91	86	-5
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

Business

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.

Published

1 week ago

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ASEAN Briefing

On March 23, 2021, Thailand’s government approved its latest economic relief package, valued at 350 billion baht (US$11.2 billion), to support businesses in the country.

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Business

Thailand BOI approves Biotech Projects Worth 2.4 Bln Baht ($78 million)

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Published

2 weeks ago

April 5, 2021

BOI

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…)

Business

Asia-Pacific sees 3.9% growth in deal activity in February 2021

Published

2 weeks ago

March 31, 2021

Boris Sullivan

Chair’s Statement on the Informal ASEAN Ministerial Meeting (IAMM)

The Asia-Pacific (APAC) region saw a 3.9% month-on-month growth in deal activity (mergers & acquisitions, private equity and venture financing deals) from 1,126 deals to 1,170 deals in February 2021, according to GlobalData, a leading data and analytics company.

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