One of the best and most effective means of being able to legally remain in Thailand permanently is buying and managing your own business. Of course, as with anything in life, there’s some red tape and preparation involved before rushing in and making any final decisions.
If this is something that you’ve been giving serious thought to, read these tips before buying a business in Thailand.
Table of Contents
1. Choose the Right Business
It should go without saying, but you must ensure that you choose the right business for you before investing. After all, not only do you need to make it work, but you also need to be able to stick to it without driving yourself mad with stress. Do what you love!
2. Choose the Right Location
Just as it’s important to choose the right business, you must also pick the right location. This is critical both for the overall success of your business and to support your lifestyle preference.
3. Thoroughly Research a Business Before Buying
Why is the business for sale? Thoroughly research a business and its standing in the market before buying and make certain that you are confident in your abilities to take the reins and drive the business forward to future success.
4. Request a Financial Statement
In order to truly understand the value of a prospective business, request a financial statement. This will give you great insight into how well the business has been performing, and indeed which areas most need improvement.
5. Seek Legal Representation
While you should do your own research and be aware of your legal responsibilities when buying a business in Thailand, you should almost certainly have your own legal representation. Finding a reputable lawyer will be critical in ensuring that you protect yourself throughout the transaction.
6. Study Existing Contracts
Study your prospective business’s written contracts for existing business and make sure that you are aware of any and all contractual obligations before getting started.
7. Get Proof of Registration
The current owner of the business must provide you with evidence of the initial business registration when originally starting the business in Thailand. Make sure that you have all of the necessary documentation, including tax ID numbers and returns, etc.
8. Safeguard Your Investment
It’s a big purchasing decision so make sure that you do everything you can to safeguard your investment. This means opting for a title deed search, having proper legal representation, and working with a reputable and well-established real estate agency.
Follow a checklist for closing a real estate purchase and business deeds and you shouldn’t run into any problems.
Conclusion
Ultimately, it’s all about doing your due-diligence. We understand the desire to get started right away so you can obtain a long-term visa and start enjoying your new life in Thailand, however, you must take your time to get the process right.
Want to learn more? Click here if you are looking to buy a business under 2 million baht in Thailand!