Thailand continues to go from strength to strength. The Kingdom has climbed the ranks six places in the annual ease of doing business rankings of the world bank. Thailand has now risen to 21st place in overall global standings, according to the Thailand Board of Investment (BOI). Thailand’s 6-spot surge showcases the dedication of the government to make the country a better place for business and a more lucrative environment for foreign investors.
Thailand Rises through the Ranks
Out of a total of 190 countries worldwide, Thailand climbed six places through the ranks to 21st place versus 27th place in 2019. The higher ranking is a positive placement for Thailand, supported by a number of factors including strong indicators of an increase in starting a business, the handling of construction permits, and more ease in getting electricity as well as settling insolvency. In addition to placing 21st in the annual ease of doing business rankings, Thailand received high rankings for protecting minority investors (number 3) and acquiring electricity (number 6).
The ease of doing business is a paramount factor in decisions by investors on where to locate or start up a business. Thailand has always been a preferred destination by foreign investors, however, competition has been heated over the last few years. In order for Thailand to keep a stronghold, the government has promised to improve the business climate in the country, including streamlining various procedures and reducing red tape.
The Secretary-General of the BOI is understandably delighted by the latest ranking. “These results are very encouraging,” said Ms. Duangjai Asawachintachit. “They show that we are making good progress in our effort to be more competitive and attract foreign investors.”
The Thai government along with the BOI, has vowed to continue with such favorable efforts in the hope of boosting Thailand’s standing in the index over the coming years.
What is the World Bank Ease of Doing Business Index?
The World Bank Ease of Doing Business Index is a benchmark study that measures various regulations directly affecting businesses based on a survey of field experts in 190 countries who deal with regulations on a daily basis. The scoring of a country’s economy is based on a series of 10 important factors, which are starting a business, dealing with construction permits, acquiring electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and settling insolvency.
Overall, Thailand has obtained a score of 80.1, up from 78.5 in 2019. Thailand obtained its highest scores for acquiring electricity (98.7), starting a business (92.4), protecting minority investors (86.0), and trading across borders (84.6).
Starting a Business in Thailand
If you are a foreign investor interested in starting a business in Thailand, you will need the guidance of professional lawyers. The team at Harwell Legal International, based in Phuket, Thailand, is well-versed in the setup of Limited Company & BOI Registration.
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