Thailand Sets Record for New Business Registrations Amid Economic Boost

[webfact]

Picture courtesy: Bangkok Biz News

 

Thailand is poised to set a new record for business registrations this year, with over 90,000 new companies expected, driven largely by government measures, including the 10,000-baht handout scheme, the Commerce Ministry announced.

 

In the first half of this year, the Department of Business Development recorded 46,383 new business registrations, a slight decrease of 1.91% compared to the same period last year.

 

However, with an average of 7,700 new companies registered monthly, the trend suggests sustained economic recovery, according to Witthayakorn Maneenetr, the Commerce Ministry spokesperson.

 

The ministry forecasts a surge in new company registrations in the latter half of the year, potentially pushing the total to a record 98,000.

 

“The Thai economy is showing many positive signs, including growth in domestic consumption, the tourism industry, and exports,” Witthayakorn stated.

 

In addition to the digital wallet scheme, which is expected to significantly boost domestic spending, the government is supporting small and medium-sized businesses by reducing their costs and hosting sales promotion events nationwide.

 

The ministry has also spearheaded roadshows overseas to bolster Thailand’s export sector and open new market opportunities for local entrepreneurs.

 

“Thanks to continued support for the tourism industry during the low season, entrepreneurs are ready to welcome more visitors during the upcoming high season, benefiting hotels, restaurants, transport, and related businesses,” Witthayakorn added.

 

During the first half of 2024, the total registered capital of newly registered companies amounted to 145.07 billion baht, a 66.15% year-on-year drop. This decline is attributed to last year’s merger of telecom giants True Corporation and Total Access Communication (Dtac), both of which had registered capitals exceeding 100 billion baht.

 

Conversely, the number of dissolved companies decreased by 14.91%, with 6,039 companies filing for dissolution, of which only four had a registered capital exceeding 1 billion baht.

 

As of June 30, Thailand boasts 1,923,618 registered business entities with a combined registered capital of 30.19 trillion baht. Of these, 77.97% are limited companies, 21.87% are partnerships, and 0.16% are public limited companies.

 

-- 2024-08-14

 

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[JoePai]

So one the one hand : Thailand Sets Record for New Business Registrations Amid Economic Boost

 

But then : In the first half of this year, the Department of Business Development recorded 46,383 new business registrations, a slight decrease of 1.91% compared to the same period last year.

 

Anyone good at maths who can explain ?

[ikke1959]

And now ban all Chinese and other nationality based organizations to protect the Thai industry and businesses.. and we will see how much new businesses will register in the second half of this year

[hotchilli]

4 hours ago, webfact said:

Thailand is poised to set a new record for business registrations this year, with over 90,000 new companies expected, driven largely by government measures, including the 10,000-baht handout scheme, the Commerce Ministry announced.

What?

[Will B Good]

The BP report a record collapse in the number of businesses just yesterday......????

[PETERTHEEATER]

This is not an economic upturn. The increase in registrations is entirely dut to existings vendors creating a registered company in order to be listed as businesses where money from the 10k digital handout can be spent.

They have registered on the basis of a goverment promise that their details will not be shared with the Revenue Separtment.😀

[JimHuaHin]

'“The Thai economy is showing many positive signs, including growth in domestic consumption, the tourism industry, and exports,” Witthayakorn stated.'  Maybe Khun Witthayakorn needs to get out more and read more newspapers.

[bradiston]

9 hours ago, Will B Good said:

The BP report a record collapse in the number of businesses just yesterday......????

Exactly. 1000s of factories closed due to Chinese flood of cheap crxp, SMEs closing up shop, unemployment figures jump. Now try recriminalizing weed and see the result. Ooooh, my head hurts.