Thailand Business

Buying a business anywhere is very difficult and buying one in Thailand if you dont speak the language or understand the culture makes it even more difficult. We highlight some of the common mistakes expats make in Thailand.

Here is the list of most cmmon mistakes made in Thailand:

People buy a business because the seller says that it made great money in the past. Economies change and so does taste. Buying a business when the business has not paid any of that type of money in taxes is the first usual red flag. Dont believe someone who says that they hide the profit so they pay less tax. Most times it is a lie and the company never made that type of money in the first place. Looking at buying a business in Pattaya has a good twist. 3 years ago owning or buying a motel or converting a building into budget rooms rental might have been great. Today they are all standing empty. No high season and to much competition. Buy for tomorrow, don't depend on past financials!

Buy a great business and built it from there. Many people think that they have the golden touch and that they can make it work where others have failed. Remember the 1 rule for business in Pattaya. Business don't go under, they change ownership! 

Biggest problem with failed businesses is that people like the lifestyle of Thailand. They dont care much about the profit. If you dont take care of the profit, there will be no lifestyle. Always ensure that you have 'Thailand' out of your system by staying in Thailand for at least 2 years before you buy a business. By that time you would have settled and able to function with profit in mind. 

At Siam Legal we cant advice youi on what type of business you should buy but we have enough experience to tell you what normally goes wrong in Thailand as we have heard all the tales. Speak to us when registering your company as to the pitfalls everyone else falls into. Call us today!