Last Updated on February 17, 2024 by Nasir Hanif
It is true that many new business begin every single day of the week and it is also true that many of these businesses do not survive more than two years before they have to close their doors and walk away from their dreams.
The hope is that your business will change the whole b-landscape and that you will be able to offer a product or service that is unsurpassed by your closest competitors. It is a bit of a minefield out there when it comes to starting off and so any advice that you can get from friends, family and other b-users should be taken on board. The one important thing that you should do is to protect yourself and your business.
The one way to do this is to go through company registration in Thailand because it differentiates you from sole traders and partnerships, and also provides you with the protection that every new business owner needs.
Getting a company registration put into place is not a simple and straightforward procedure and so many new business owners turn to external service providers that can do all of the work for them. This takes all of the pressure off their shoulders and onto someone else’s which leaves them more time to concentrate on their business plans. If you’re still not sold on the benefits of registering your company then here are some of the benefits of doing so.
It is a lot more difficult to set up a b-account with a bank or other lending institution when you do not have a b-registration number. This is something that all banks will ask for and so if you don’t have one then you are going to be running into difficulties when setting up a trade show for example.
You need a bank account to be able to pay staff salaries as well as any bills that you owe to your suppliers. Another thing to remember is that your wholesalers and suppliers will be reluctant to do business with you if you don’t have a bank account and if your business ever wants to borrow money to expand in the near future then that would be an impossibility as well, without a company registration number.
If you continue to operate as a sole trader then you will be liable for any financial outcomes that court may award against your business. This means that the court can instruct for your home and for your cars to be repossessed and sold in order to settle all money owed and that means no holiday for you this year.
This is not a situation that you want to find yourself in just because your business didn’t go as planned. To better protect yourself, your future and your family, make sure that you register your business.
If you want to have a business in Thailand and you want to make sure that your business is protected at all times then it makes perfect sense to have your business registered as soon as possible. You get to take advantage of tax rebates offered by the Thai government and you get to enjoy many other benefits from your wholesalers and suppliers as well.