Thailand Business Registrations At 10-Year High
The economy’s upswing and rapid revival in tourism led to a 6% surge in new business registrations in January, marking the highest level in ten years. Commerce Minister Jurin Laksanawisit reported 8,466 newly registered businesses with a combined capital of 20.9 billion baht, a 6% increase from last year. The top three categories were construction, real estate, and food & beverage establishments. This growth reflects the positive economic situation, especially with domestic and foreign tourism fully reopened. Government initiatives to bolster the economy and support entrepreneurs have likely contributed to the rise in new businesses as well. The Business Development Department predicts a total of 72,000-77,000 new business registrations for the entire year. On the flip side, 1,297 businesses ceased operations in January, marking a 30% increase from the previous year. As of January 31, Thailand had 857,511 operational businesses with a combined capital value of 21.4 trillion baht.
I guess it’s a good time to start a Thai business these days! I definitely noticed a big increase in new restaurants, coffee shops, real estate agencies, etc. in Koh Samui and Krabi last week when I was down there with my parents. I’m a big fan of the entrepreneurial spirit here in Thailand and am hoping that this trend continues onwards and upwards.