how to open a business in Thailand (Visa, Construction, Launch)
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- Опубліковано 4 жов 2024
- How do you open a business in Thailand? This video will detail the entire process and show you how an expat and a Thai partnered to open a Burger Restaurant and Bar in Bangkok's trendiest neighborhood.
We'll see them work through construction, the legal aspects, hiring the staff, and witness the grand opening. So if you ever wondered what it's like to take the leap and open a business in Thailand, this video is here to help.
Here are the links so you can find them:
Burger Box: goo.gl/maps/7V...
Seen Space Thonglor: goo.gl/maps/j8...
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My goal with this channel is to grow a community of Thailand Lovers who like to have fun. Day dreaming is encouraged here. Always remember, you only get so many trips around the sun... so make 'em count!
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life beause I invested early ahead this time .
It’s precisely at times like these that investors need to be on guard against the next certainty. You don’t have to act on every forecast, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
please I want to invest but I don't know any F/A that can help me, can you leave behind the info of the lady you just mentioned?
she's mostly on Telegram, using the user name
Marieslopie
Please meet him again after 4 months and update viewer's how business is running.Whether it is profitable or not. After spending so much money with complicated tax laws in Thailand for foreigners.
quick look on google, as of march 22 2024 the burger box has 4.9 stars, over 100 reviews, and still running. The owner even replies to any issues the customers have (you can clearly see this in the comments and replies) Clearly, These 2 guys are a good team together.
Much love to Joe! He really was listening to his customers to make the best product possible. The burgers are legit good and in a newly renovated hip atmosphere! Had a fun night out!
And thats why u see so many businesses fail here, too much stipulation on foreign share holding % and the need to employ 4 staff with 2,000,000 bht capital on top of that plus the huge rental costs to sell a burger and a cocktail. Good luck though.
That's actually more than you need for a capital based, limited liability company in Germany (25k)
What if you are married to a Thai? She/he divorces you, do they take the entire business?
And on the flip side what if something bad happens and you are married to a Thai and she/he passes away? What happens to the business that you both owned? Are you now 100% the owner of a Thai business that you made with your wife or your husband? Or does the government take 51% of it or does 51% of it get transferred to the closest relative to that person?
In the Uk you can just do it. No costs until start making significant money and then all you have to do is register it for £30 and pay your fair amount of tax from the profits
İt's very easy for a farang to become a millionaire in Thailand but you have to start with a billion 😅
lol
Great cheap advice
This is a losing mindset, I made a significant amount of money in Thailand and left a lot richer than when I arrived
@@kippsguitar6539what did you do? How long you lived there?
Cool to see a swedish footballer in thailand, starting up business. All the luck to them, hope to go there next time we are in thailand :)
Caught the accent too! Heja Sverige.
Best of luck Joe!
Lot's of RW4U members at 13:00. Nice to see them helping Joe's official launch 👍
Best of luck to Joe and Kevin 🙏🏼 Really impressed with what you've achieved! Both the bar and the burger box look fantastic. Will definitely stop by 👍🏼
Kevin and Joe,
Congratulations to both of you.
Can't wait to visit and eat there...
Much love and respect from Canada
Thanks, Chris for doing this channel. I am Thai who relocated from Bangkok to Loei province, Phuruea District. I now look for good foreigner partner who would like to relocate to Thailand but not in Bangkok. People who love mountain and cool weather. Only 45 minutes from Loei Airport. I am here to welcome you to our small community.
Hey, Chris, For people from the USA looking to start a business in Thailand. There is a certain rule that is called The Treaty of Amity. This can be advantageous to a foreign business owner from the USA. The Treaty of Amity is an international agreement or treaty that focuses on establishing friendly relations, cooperation, and diplomatic ties between two or more countries. While no single, specific "Treaty of Amity" applies universally, various nations have signed treaties with this title to promote peaceful relations and enhance economic, cultural, and political cooperation.
One notable example is the Treaty of Amity and Cooperation in Southeast Asia, signed on February 24, 1976. It is an essential treaty among the member states of the Association of Southeast Asian Nations (ASEAN). The treaty aims to promote regional peace, stability, and prosperity, and it emphasizes the principles of mutual respect, non-interference in internal affairs, and peaceful settlement of disputes among the signatory nations.
Another example is the Treaty of Amity, Economic Relations, and Consular Rights between the United States of America and Iran, signed in 1955. Although this treaty had been terminated, it established the basis for diplomatic and consular relations between the two countries.
Overall, the Treaty of Amity typically signifies an agreement between nations to foster goodwill, cooperation, and peaceful relations, often covering a range of areas such as trade, investment, cultural exchange, and diplomatic relations. This means that US citizens wanting to start a business in Thailand can own 100% of the company instead of the 51% rule from other countries. The caveat to this is that the US business owner must have two or more full-time Thai Nationals under the employment and will need to pay for these employees into the Thai pension fund. Ass a USA business owner, you'll need to open up a company business bank account with a minimum of 81K USD to show the Thai government you are serious about your business. Also, the legal fees can range from 10-20 K USD depending on the complexity of the business venture.
there are restrictions with the kind of business you can engage in under this treaty.
Nice piece on this! Very insightful coverage and journey of a foreigner in opening a small business
So... Be rich and have rich friends. Got it. Thanks!
Was thinking the same thing, and even then the rate for success in burger shop and bars is what after 2-3 years 1/50
Just don't be poor its a mentality a culture.
They are not friends, they are oppurtunists.... it's the money.
his vids are the best. they all have a message and are fun to watch. i really like them. makes my day better.
Wow amazing, love to see this and can’t wait to try burger box when I’m in Thailand next!
Its really tough to open any food business and so hats off to the entrepreneurs. The risk is that Joe/Kevin are not really opening anything that is so unique or interesting? There is something missing in the formulae. Cheers
Great video, best of luck to both of them. Great timing on the specifics; now I'm inspired to get something done!
Why trust someone you hardly know with 51% of the business? , without ever being able to take legal action or take control if necessary. Not being negative but until it is a level playing field ( never) there is massive risk .
What if you are married to a Thai? She/he divorces you, do they take the entire business?
And on the flip side what if something bad happens and you are married to a Thai and she/he passes away? What happens to the business that you both owned? Are you now 100% the owner of a Thai business that you made with your wife or your husband? Or does the government take 51% of it or does 51% of it get transferred to the closest relative to that person?
You understand Thai people, and not to say that they’re all saints but a true Buddhist would never do that to you. You clearly come from the United States
โจ,เควิน ยินดีด้วยกับธุรกิจใหม่ ขอให้คุณประสบความสำเร็จ และ ได้วีซ่าตามที่คุณต้องการ ถ้ามีโอกาสจะแวะไปชิมเบอร์เกอร์ของพวกคุณแน่นอน :)
Ill check this place out when back in Thailand in September, especially as they got Wild Turkey bourbon Whiskey for sale 😊
Great to see the process of Kevin and Joe's business start-up and big congrats on their success. I will definitely be dropping by next time we are in Thailand.
Congratulations guys good luck with your new venture see you in a few weeks 🎉🙏Thanks for a really informative video Chris👍👍👍
Thank you for walking through the steps and providing an actual case study.
Best of luck Joe and Kevin! Congratulations!!
Thanks for the video! 🙏
Maybe it is the beginning of a small video series about foreigners running a business in thailand? 🤔 More interview-style than documentary, talking about: Motivation and purpose, business idea and its identication, problems and how they were solved…
Great video Chris - and big time congrats to those guys! Well done and in such a short time…impressive! Much success!
9 months later, just looked both places up on google maps and wow, job well done guys. good location likely helped as well.
Joe rocks!!!! Can’t wait to try Burger Box this December.
Will be staying around the corner in December, I have a few hungry mouths to feed so watch out for the rush.
Awesome! Congrats Joe!
Interested content concentrate directly points so good to see you guys🎉
more videos like this please... spot on!
👍
ใด้ความรู้มากเลยครับ
Why did you delete the video on your daughter being robbed by the motorcycle thieves? People should know that happens.
Because it paints Thailand in a bad light, and the Thai authorities don't like anyone doing that, least not foreigners.
It’s happening with me too in Bkk ,he try to steal my bag with motorcycle and I hold it and scream
The Treaty of Amity allows US nationals, as individuals or as businesses, to establish a 100% foreign-owned company with the same legal status as a local Thai entity, with very few restrictions.
US citizens have their government consistently violating their privacy and controlling their lives via paper work.
US nationals meaning changing your status from us citizen to national ya?
Nice episode! Hope these guys will succeed in following their dreams.
So what was the TOTAL cost of opening ? Remodel, equipment and supplies etc ?
informative vid bro. Wish them the best i their venture.
The most difficult part is to find someone that you can trust...
I make use of Retirement Visa and I have a monthly income of 20.000 - baht, OK? Not American dollars...
I want to increase that income, but my visa does not allow me to work as an employee or own my business.
So, I found some Thai person that (I thought) I could trust and made her the following offer:
"I will start your business; Rent the place, buy the equipment, pay for everything... we share the earnings 50-50".
I got deceived. That person took advantage that I cannot appear, nowhere, and I must stay "hidden".
(I didn't lose a lot of money - just 150.000... But, still!)
That's the downside of not playing by the book, rules man, laws, rules and regulations, don't know why you would not follow everything to the letter??
I don't want to say you lost money, you kinda just gave them away due to your "having to hide and can't appear" what's this even mean? Illegally here?
@@isanBen I have Retirement Visa. I cannot work, I'm not allowed, I'll be illegal. This is the law...
if you follow the law You will be protected from the law. If you are scammed, you can sue the government. But if you do business that is illegal (You are dealing with another person in trust) The law will not help you - you can consult the business law team of that country.
Sounds like an obvious scam. lol
After watching this video, we decided to eat some Burger Box for dinner last night. Those burgers are very tasty!! Hope the business goes well, I know they will get some future business from me. Do yourself a favor and give it a try.
I love your content 30 plus years in export business to usa I would never open a business in Thailand first I would never trust Thai men to partner with even family is a crap shoot unless I can own it no way 100's of story's I can tell you to back this up I respect my hard earned to much
Restaurants are the riskiest new business to open.
Hi, maybe it can also be interesting to look at the concept of Smart Visa to start a business because it should be possible with less investment and Thai co-workers …
Who here thought this was gonna be about Adam and Chris opening a weed shop? 😂 RW4U - Real Weed 4 U.
It is great experience to go through it, Great work Chris.
Way to go Joe !
Kevin Deromram is a football player for the Thai national team. He is Thai.
would be good to know the initial investment for those 2 businesses?
me too. I heard the rent in a luxurious apartment over looking the ocean is about 200 dollars a month
Would love to learn more about the tax and insurance one needs for a Thai business. Thanks for the info as it was helpful and fun to watch.
Hope next branch will open in Muay Thai stadium
Thanks for the great video. Very inspirational!
Pork Pad Krapow Burger. Pass that one on!
Great video......
Thank you for the information.....
Kevin is a thai national football member he is quite famous in Thai port team
Would be interesting to know do you pay tax and are your many RW4U companies all registered in Thailand. Like to hear your perspective more than 2 random people.
What if you are married to a Thai? She/he divorces you, do they take the entire business?
And on the flip side what if something bad happens and you are married to a Thai and she/he passes away? What happens to the business that you both owned? Are you now 100% the owner of a Thai business that you made with your wife or your husband? Or does the government take 51% of it or does 51% of it get transferred to the closest relative to that person?
I have been looking into smart visa...
I am starting to watch this video.... by end of this video i am damn sure it will change my life for good .....
How much is tax applied on revenue made from the business....is tax different for Thai and foreigner in same business.
Hey. Did you pursue the smart visa? As I heard it's much easier/better for foreigners who are just starting out...
What are the Monthly Rent for each Business ?
With all the costs and overhead their margins must be razor thin. Running a business in this space in Thailand is tough.
Definitely remember the vid when you met Tom. Guess I've been around for a while.
Food business is competitive with high turnover. Unless there is some moat / advantage / rights , is tough out there .
Any chance of telling us what the Total Investment Was for Both Businesses ?
Yes, this is key! “It’s all about the money” hold true. It would be great to get some financial outlines for costs like legal, design and construction, inventory, etc. Then operating costs like inventory, wages, those pesky taxes, etc. for some overall view of profitability. Skip the opening rush month and look at more normal ongoing business level. THAT would be super-helpful! (And yes, thanks for the video!)
@@tbrown8087 Total StartUp Costs Surely well over the $60K minimum. Would love to know the BreakEven and When it Would Occur
A key aspects of starting a business is a Thai partner with a majority of shares and a very good lawyer!
Beautiful video
Im assuming to get " the visa " means foreigner must own 49% , 2 million baht into the business or is a gov bond ? The business must employ min 4 staff and the farang becomes an employee of the company to get a Thai working visa ? Right.?
That rule of 51% Thai owned concerns many foreigners wanting to open a mom and pop business. Chris, what are your thoughts and are there alternatives to that rule? I will be retiring in about 7 years. My retirement project is to open a small hotel somewhere in Asia. Because most countries have this 51% national ownership rule, I am looking at Cambodia. Cambodia is said to be THE most business-friendly Asian nation for foreigners. Too many stories of the national taking the business away from the foreigner and the foreigner gets screwed out of the ownership.
vietnam you can own 100% Thailand you can own 100% too if you're american or get a BOI grant, but anyone who opens a food business is an idiot. these guys will fail. This lawyer in the video isnt telling the whole truth either saying you can only setup 51% that's a lie, don't believe anything you see on youtube mate.
Singapore is much more foreigner friendly than Cambodia when it comes to doing business...
@@RatedRoberto Sorry. Not by the reports I am seeing in my research. But thanks for your input.
Don't do it
What if you are married to a Thai? She/he divorces you, do they take the entire business?
And on the flip side what if something bad happens and you are married to a Thai and she/he passes away? What happens to the business that you both owned? Are you now 100% the owner of a Thai business that you made with your wife or your husband? Or does the government take 51% of it or does 51% of it get transferred to the closest relative to that person?
Wish them the best but if there is one way to lose money it's opening dining establishments.
Im opening a breakfast nook in Chiang mai
Good info Chris !
Great work 👍
😍😍😍🥰🥰ผมรู้สึกมีความสุขมากที่คุณโจชอบประเทศไทยขนาดนี้ยอมขายคอนโดมาทําธุรกิจที่ประเทศไทยขอให้ขายดีดี รวยๆครับ
What do I look like opening up my business only to own 49% and the other person who is just the national own more at 51%! And I'm putting up all the $ ! Then can't the national back door you if y'all get into it 😂 I'll open my business elsewhere but great video and thanks for it
You can have multiple local nationals as partners, which really negates the risk. There's a reason they preach using a good lawyer....
I reckon get a few thai investors so you become the major 49% . Make sure the nationals put up collateral in legal docs like property, cars, gold etc.
to open restaurants or cafe...anything related to food business..u gotta deal with some food safety permits. there are tons of docs to provide for the work permit
I heard you dont need 2 million in the bank just 2 million paper value on contract
Does that also mean you have to give away 51% of the profits?
Hey Chris just curious I know foreigners can get 49% 51% needs to be Thai, but can you have 2×Thai people 25% 26% and a foreigners 49%?
Yes, this method can do. But for foreigners, it is advisable to have a law firm as an intermediary in negotiating business openings. Because opening a business in Thailand requires high capital and complicated laws.
@@AnonChiranukulpipat thank-you anon
Why? So you have two Thai people screwing you instead of one. God you just can’t fix stupid people.
@@AnonChiranukulpipat What if you are married to a Thai? She/he divorces you, do they take the entire business?
And on the flip side what if something bad happens and you are married to a Thai and she/he passes away? What happens to the business that you both owned? Are you now 100% the owner of a Thai business that you made with your wife or your husband? Or does the government take 51% of it or does 51% of it get transferred to the closest relative to that person?
Great question. So the one foreigner would be the majority owner out of the 3 owners
How are the foreigner protected if they only have 49% of the business? Can the Thai partner always do what they wish?
Too bad I'm not there now. I am an expert at opening restaurants. I was in BKK Dec 2022 Jan 2023.
Great video, can you do a cost breakdown of rent, cost, legal fees, visa and any other fees that should be considered
Great Job!
While I see the benefits of owning a business in Thailand, owning only 49% seems like a shitty deal especially if you’re putting up an equal or more investment. Owning 50-51% makes more sense from a business standpoint. But as long as you’re happy and trust your business partners then I’m sure it’s worth it.
Chris love you brother. Love you vids. You are a true advocate for Thailand. However my Thai wife of 15 years states this is a huge and unbelievable risk. If you aren’t Thai don’t invest your hard earned dollars
Come laugh enjoy and leave it at that. Leave the investment to the Russias. They own 75% million f Thailand still love you my brother. Keep ‘‘em coming
But these are not average people. The average people don't have 2 million baht spare. Especially after paying for accommodation, vehicle, moving costs etc
66,000 usd
I remember the episode in Canada
I am from California and I would love to live in Thailand and start my business
Good video...
Great stuff right there
hope to visiet in december guys ;D
Thank you and hope to see you in bkk
wow, thanks!
ตำรวจจับคนร้ายได้ยังครับ
ร้านน่ารักมาก มวยไทย สไตล์🥰🥰
60k capital and a majority Thai partner is not an easy or straightforward proposition. Let alone a Thai majority partner you can trust. They control the business.
Wrong!! On paper they own 51% but the solicitor has presigned share paperwork to the 49% owner, meaning the 51% only has majority on paper but can never sell or even have any say.
@@KingXRP007that doesn’t work in practise - can you trust the lawyer here to be 100% unbiased ? ( no) and look at the stats on being sold out without knowing
And I want to say for everyone again after I say in Korean restaurant at Samui Ep. Live in Thailand for make money not easy in every process even Thai people are difficult. Thailand suitable for tourism and retirement only for foreigners. Thai people slow life and yes me too!! 😅😅😅
สุดยอดคุณครับกับข้อมูลขอให้ธุรกิจของเขาสำเร็จครับ
"How to Open a Small Business in Bangkok" ... Step 1: Copy what 63,000 others are doing ... 555
Only 63000 ?
Coffee shop and croffles
@@yksderson Done to death. Be original
Would love to see what goes into buying a car
8 staff is a lot, someone knows if they have to be full time working or if you can make them work half time. If you do something opened only in hight season and you are closed during low season, you have the visa? Sorry for my bad english!
Thanks!
just seeing this now....thanks so much!!
There is Seenspace in Hua Hin too long time ago like 6 years ago
did the thai partner invest his money in this or just the foreigner have to pay all of it
Shoupd mention the costs