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Best Nation For Startup Businesses Goes To Thailand

According to a survey conducted by the United States News and World Report, Thailand took the top spot after being voted among a list of countries that were considered Best Counties to Start a Business. This is the second consecutive year that Thailand took the number one spot among 80 other nations included on the list. It is high time that businesses start their company registration in Thailand in order to be legally recognized.

Sontirat Sontijirawong, the minister of commerce, said at the beginning of this year that the United States medic company conducted a separate survey regarding the 25 Best Countries to Invest In. It turns out that Thailand took the number eight spot on the said list.

He said that the main reason why the ranking of Thailand is better than before in the two categories can be attributed to the action taken by the Commerce Ministry. It is when the department decided to reduce the number of redtapes needed in order for startup businesses to register in the country. In turn, the expenses shouldered by the businesses operators during the registration process are also lower.

The survey made by the firm is based on the answers of the 21,000 participants coming from different parts of the globe.

The World Bank explained that in order for a business to legally operate in Thailand, the process will only take an average of five days. There are more opportunities presented to entrepreneurs who wanted to enter the business scene because the density in the country is among the lowest in Southeast Asia.

Regarding the ranking report released by United States News and World Report concerning the list if Best Countries to Start a Business, businesses with foreigners as the biggest stake holders are required to follow the Foreign Business Act. This means that while company registration in Thailand is easy, their operations are restricted because of the said act. One of the restrictions indicated is the manufacturing of rice as well as matters concerning the tourism of the country. At the end of the day, foreign entrepreneurs think that Thailand is a good place conduct business therefore the improvement in the ranking.