Thailand ranks third among the members of ASEAN on the ease of doing business in the past year. Thailand barely reached the World Bank’s top economies and fell three places from the banks 2014 survey to 49th out of the 189 economies that were surveyed.
In the ASEAN region, Thailand ranks behind Singapore and Malaysia. Singapore has retained its place as the world’s top ranking for the 10th consecutive year. ASEAN region hosts four of the top five ranked economies of the world particularly due to the reform activities that were made last year. Among the top performers worldwide include Hong Kong SAR, China, Taiwan, Malaysia, Indonesia and the Philippines.
A large of number of reforms in the past year was associated to starting a business with Myanmar making the most improvements globally. Myanmar has eliminated the minimum capital requirements for local companies and it has streamlined the procedures of incorporation to ensure that businesses save valuable time and resources. Most of the reforms in ASEAN countries are for the improvement of the regulatory environment for small and medium sized businesses. In 2014, 52% of the region’s 25 economies have implemented 27 reforms to make it easier to do business.
Registering a property transfer in the ASEAN region takes about 74 days on the average compared to the current global average of 48 days and 57 days in Thailand. In order to complete the formalities of building a warehouse, it usually takes 135 days on the average compared to the global average of 160 days.
According to both local and international investors, Thailand is attractive place to do business. Thailand ranks
- 87th worldwide in getting credit
- 96th worldwide for the ease of starting a business
- 70th worldwide in payment of taxes
- 39th worldwide in dealing with construction permits
- 57th worldwide in registering property and enforcing contracts
- 56Th worldwide in trading across borders
- 36th worldwide in protecting minority investors, and
- 49th worldwide in resolving insolvency
If you will set up a company in Bangkok, you can get legal support from legal advisers in Bangkok. Regardless of where you are located at the time of transaction, you can receive made-to-measure solutions.