Phuket belongs to the top holiday destination in Asia. This Thai island attracts tourists all over the world promoting it as an international hub in the region. For many who have been to Phuket once and return for several times, Phuket is an ideal paradise to live, and even once they are retired. It is an entertainment island with so many things going on and around.
This rise in tourism and strong reputation of Phuket brings a growing number of investment opportunities. Expatriates from Europe, Canada, Russia, America, India so as the affluent families from Asia come to the island not just for holidays, but now to secure investment in Phuket property. Investors seek to buy commercial real estate and convert it to resort. Some others prefer to acquire residential properties in the form of condominiums, apartments, houses or villas either for primary residence on retirement years, rental income or simply an investment.
Phuket is great city to start and develop your own business. Phuket has been a place in Thailand preferred by foreign investors or retirees to set up their small or big business in. Tourism activities abound and with more potential for any business to thrive and succeed. The potential rewards of doing business and setting up a company in Phuket are great with proper preparation and due diligence. The intricate local laws on foreign business-ownership may seem insurmountable at first but with the right people to help you with the process, it is not a struggle as one would surmise at the beginning.
A few reasons considered by many foreign investors and business owners with established business in Phuket include:
- A Private Limited Company is the easiest, fastest way and more organized business set up among foreign investors in Thailand
- The liability of the shareholders are limited to their unpaid shares of the company
- The company can engage in almost all types of business in Thailand as long as requirements are met and appropriate business license have been obtained.
- It is easy to set up
- It can sponsor foreign employees as long as it meets the required capital and number of Thai employees
- It can buy land
- It can secure a nonimmigrant Class B (employment) visa
Thailand is extremely receptive to foreign businesses despite some restrictions on the local laws limiting the ownership to not more than 49%. It is a nation of people spending on the heels of China’s unprecedented growth and as such is on the receiving end of an exploding middle class generation with lots of cash to spend. This is enough motivation for foreign investors to come in and take a share on that market.
Phuket in particular has a lot of potential for a successful business provided you have a strong concept and sound business plan; have more than sufficient startup capital and steady stream of cash flowing in to continuously operate the business initially; and the willingness to understand the local culture, attitude and mentality and keep an open mind and a lot of patience.