InfoQuest (March 20, 2019) -- According to Mr. Wutti Kraiweeraphan, director general of the Business Development Department of the Ministry of Commerce, Thailand ranked 39th among 190 countries in the 2019 Doing Business Report. The department is responsible for business registration in Thailand. In the country, five procedures need to be gone through to open a business, which entail 4.5 days: 0.5 day for reserving company name; 1 day for capital to be paid to bank; 1 day for company registration; 1 day for VAT registration; 1 day for employer-employee registration.
The Business Development Department is working with agencies related to enterprise establishment, such as tax bureau, social security office, e-government office (public organization) and GPR, seeking to improve services and bring more convenience to enterprises. Such efforts will help enhance the ranking of Thailand in the 2020 Doing Business Report.
Mr. Wuti Krai added that, a major reform program is under way, which means integrating the three steps charged by three respective agencies. That is to say, Thailand will combine the business registration of the Business Development Department with VAT registration of tax bureau and employer-employee registration of social security office (Steps 3-5).
Currently, enterprises have to handle the above-mentioned procedures in the three agencies, which means waste in time and money, and is inconvenient. Therefore, after the integration of business registration, VAT registration and employer-employee registration, people will find it easier to open an enterprise. Meanwhile, enterprises will have access to convenient, speedy and low-cost services, thus enhancing their competitiveness.
What's more, the reform will enhance the overall services of government agencies, which means better atmosphere and environment for enterprise establishment. It will also offer drive and support for Thai SMEs to build a legal entity system, and attract foreign industrialists to set up enterprises in Thailand.
"More importantly, it needs only two steps to finish all the above-mentioned procedures, and takes only 1.5 days." All these will help improve the ranking of Thailand in the 2020 Doing Business Report. When that happens, Thailand will become a destination for foreign investors, and Thailand will witness sustained increase in investment and trade, and stable, sustained national economy," said director general of the Business Development Department.
Source: InfoQuest, by Phan / Kasamarporn / Rachada, InfoQuest
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