Accounts receivable (AR) and accounts payable (AP) are the backbone of a successful business in Thailand. When revenues and expenses are properly balanced, companies can seize growth opportunities and maintain positive relationships with customers and suppliers. However, many Thai entrepreneurs find the intricacies of managing accounts receivable and accounts payable confusing. Failing to understand the differences would lead to inaccurate financial reporting, cash flow concerns, and instability. Take care of your financial health by properly managing AR as assets and AP as liabilities. Incom ..read more

Thailand has become an increasingly popular destination for starting new businesses and expanding existing operations. It offers immense potential for profitable entrepreneurship, having a strategic location, business-friendly policies, and a growing economy. The country’s pivotal geographic position makes it a gateway to the ASEAN market of over 660 million consumers. Alongside these advantages, the Thailand Board of Investment promotes foreign investment through incentives like tax holidays, duty exemptions, and land ownership rights. Tourism, real estate, food services, and online startups ..read more

Expanding into Thailand presents foreign companies with the challenge of setting up payroll and remaining compliant with complex regulations. To successfully manage payroll, businesses must understand labor laws, calculate salaries and mandatory benefits accurately, pay taxes on time, and consider outsourcing to an expert payroll provider. Foreign companies, with the right strategy, can leverage Thailand’s skilled workforce, avoid costly penalties, and focus on growing their Thai operations. Read on to learn how payroll outsourcing works and how to outsource payroll. Payroll Options for Forei ..read more

In Thailand, the tax treatment of payments made under sales and purchase agreements differs from payments made under hire of work agreements. It is crucial to understand their distinctions because the withholding tax obligations vary significantly between the two. Understanding Sales and Purchase Agreement A sales and purchase agreement governs the sale of goods between a seller and buyer. Section 453 of Thailand’s Civil and Commercial Code defines it as a contract where the seller transfers ownership of property to the buyer in exchange for an agreed payment price. Key Characteristics Trans ..read more

As Thailand continues to attract foreign direct investment, it is crucial for foreign investors to understand the country’s audit and compliance requirements. This guide outlines the key regulations foreign companies must follow in Thailand, including financial reporting, appointing auditors, holding annual general meetings, and penalties for non-compliance. Audit and Compliance Regulations in Thailand Several key laws govern audit and compliance in Thailand. The Accounting Act of 2000 This act outlines the financial reporting and auditing requirements for companies in Thailand. All registere ..read more

Opening a hotel in Thailand requires careful consideration of the legal requirements and regulations specific to the country. Understand the necessary steps, requirements, and tips to be successful in this venture regardless of whether you are a foreign investor or a local entrepreneur. This guide provides insights on how to start a hotel business in Thailand, including the options available to foreigners, foreign ownership regulations, BOI promotions, and the various business licenses required. It also covers the different types of hotel classifications in Thailand and highlights the importa ..read more

Thailand is a rapidly developing country, home to a thriving healthcare industry. The country presents an attractive opportunity for entrepreneurs who want to start a healthcare business Because of its growing population and increasing demand for quality medical services. However, starting a medical business in Thailand can be a complex process that requires careful planning and execution. This article provides a simple guide to answer the ‘how to start a medical business’ question for aspiring entrepreneurs. Thailand’s Aging Society Thailand has a growing healthcare industry, but the number ..read more

As a small business owner, you know that every decision you make can significantly impact your bottom line. Even the most minor mistake in your accounting practices is critical to your business’s financial health. From overlooking employee-related costs to failing to keep up with technological advances, the pitfalls of small business accounting are endless and costly. In Thailand, where small businesses are vital in the economy, it’s more important than ever to avoid these mistakes and establish proactive and effective accounting practices to help your business thrive. So, before diving headfi ..read more

Running a business in Thailand can be both challenging and rewarding. From navigating cultural nuances to dealing with regulatory requirements, there are numerous factors to consider when operating in this dynamic environment. One of the key decisions that businesses need to make is how to handle their payroll processing. While some organizations prefer to keep their payroll operations in-house, others find outsourcing to a payroll service provider is the better option. Making the right choice between these two options can have a significant impact on the overall success of the business. Disc ..read more

Running a business in Thailand can be both challenging and rewarding. From navigating cultural nuances to dealing with regulatory requirements, there are numerous factors to consider when operating in this dynamic environment. One of the key decisions that businesses need to make is how to handle their payroll processing. While some organizations prefer to keep their payroll operations in-house, others find outsourcing to a payroll service provider is the better option. Making the right choice between these two options can have a significant impact on the overall success of the business. Disc ..read more