In the last few years, the global consulting industry registered quite important growths, being valued at USD 205 billion in 2011 and increasing with an approximate Compound Annual Growth Rate (CAGR) of 4.1% up to 2016, according to Consultancy.uk. The same source determined that Asia Pacific countries, including Thailand, are the fastest developing markets with an increase of 6% between the years 2012 and 2016, accounting for 16% of the global consulting market.
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If you are a foreign entrepreneur thinking about opening a consulting business in Thailand, you should decide which consulting field you want to specialize in. A consultant can activate in virtually any industry nowadays, however the top consulting firms which prove to be most profitable include:
• IT Consulting, holding at the moment a 20% of the overall global market according to Consultancy.uk;
• Corporate Financial and Financial Advisory, one of the most popular consulting segment;
• Engineering Consulting;
• Management Consulting;
• Human Resources Consulting;
• Strategy Consulting;
• Property Consulting;
• Marketing Consulting.
After you have decided on what type of consulting company you would like to start, our Thai experts can assist you with the company registration procedure in Thailand. They can handle the entire company registration procedure and can also help you with other business related matters, such as opening a bank account in Thailand.
Before opening a consulting business in Thailand, one should consider the following aspects:
• The type of business entity to be opened in Thailand: In this country, a company can be opened in one of the following forms:
o Limited company;
o Partnership;
o Joint venture.
• What is the incorporation process of a company in Thailand: The incorporation procedure in the land of smiles requires:
o Choose the trading name of the business and verify its availability;
o Start the registration with the Thai Trade Register, which involves drafting the articles of association of the business, deciding on the directors and secretary;
o Registration with the Thai authorities for VAT and social contributions;
Consulting company owners can rely on the services provided by our accountants in Thailand and experienced advisors. We guide business owners through the needed tax and financial reporting compliance requirements, assist in preparing the annual financial statements, help with payroll matters, income tax preparation and compliance, and more. You can reach out to us for more information about our solutions.
Our team of Thai company formation specialists can help you with the process of choosing the most appropriate company type for your future consulting business, as well as with the company registration procedure in Thailand; we invite you to contact us.
