Doing Business with Thailand
Practical telephone numbers (emergency services, police, firemen, information lines, etc.)
Emergency medical service: 1669 or 1554
Tourist police: 1155
Important web links and contacts
www.mzv.cz/bangkok – Website of the Embassy of the Czech Republic in Thailand
www.tourismthailand.org – Practical information about Thailand for tourists
www.bangkokpost.com – News, general information about Thailand
www.thethaiger.com – News, general information about Thailand
www.consular.go.th – Information from the Thai Ministry of Foreign Affairs on visas and the entry regime
www.boi.go.th – Website of the Thai Board of Investment (Board of Investment)
www.bot.or.th – Website of the Central Bank of Thailand (Bank of Thailand)
www.lonelyplanet.com/thailand – World famous printed guide website
PaulSourcing: Ten Commandments for Doing Business with Thailand
The PaulSourcing agency has prepared ten recommendations for doing business with Thailand for Czech entrepreneurs interested in business relations with Thailand. In 2020, it was supplemented with 4 current tips.
Ten for doing business with Thailand below
4 recommendations for entering the Thai market during the coronavirus pandemic:
- Preparing to enter the Thai market The Thai market is highly competitive and protectionist, entering it is a long-term issue. There is no one universal guide for entering the Thai market, each product or service requires an individual strategy, which is currently also necessary to adapt to the current situation, where the covid-19 pandemic has strongly affected a number of industries, the recovery of which may take several years. However, this situation should not discourage potential applicants, as the period of economic decline can be used to thoroughly prepare for entering the market.
- Support of the PaulSourcing foreign office The PaulSourcing Bangkok foreign office (ZK Bangkok) specializes in the preparation and implementation of complex strategies for entering the Thai market, including their implementation, always tailored to a specific client. Currently, she is limited in the possibility of personal meetings with potential Thai partners, but she expects that this situation could improve during June.
- Market research The basis of the strategy for entering the Thai market is a detailed analysis of the given market segment and the competitive environment. It also includes an analysis of import and export statistics to decide whether Thailand is a net importer or exporter of a given product or group of products. In some cases, however, HS codes cover a wider portfolio of products and their analysis has limited explanatory power. For many industries, the legal and regulatory framework for doing business in a given field is key, including requirements for possible local certification.ZK Bangkok is currently able to carry out most of the analytical work in the form of research from the desk, but some information will have to be verified in personal meetings after the relaxation of restrictions.
- Establishing personal contacts Establishing personal contacts with potential business partners and gaining their trust is crucial for doing business in Thailand. Thais are generally very cautious and do not invest in business development without personal knowledge of business partners.ZK Bangkok can help you identify suitable business partners and establish personal relationships at a time when it is not possible to travel to ThailandConsidering the current restrictions on social contacts, however, this process is complex, in some cases it is still possible to establish contact by phone and develop it through online applications.
Coronavirus – What is the situation in the world? – Current situation in Thailand
The Ten Commandments for Doing Business with Thailand
- Come to terms with the Thai concept of time
Do not expect to sign a business contract at the first meeting. Thais require sufficient time to thoroughly consider an offer. In general, they are very cautious when dealing with a new partner.
- Avoid confrontation
Thais consider consent and harmony to be the most important. Never confront your partner or publicly prove them wrong. Diplomatic attribution of blame to adverse circumstances and help in saving face is duly appreciated.
- Position in society is essential in negotiations
All relationships are determined by social status, which results from age, wealth, prestige, and personal or political status. Protocol dictated by social hierarchy governs nearly every aspect of Thai behavior in families, official organizations, schools, and government.
- Be precisely dressed
Thais pay great attention to their appearance and value their partners in the same way. A suit with a tie for men and a sober off the shoulder dress for women is a must. A wide variety of accessories (jewelry, watches, buckles and gold in general) are also suitable.
- Go to meetings on time
Arrive at the meeting on time, although it may not be easy due to traffic jams. On the other hand, you should not be surprised if you have to wait for your Thai partners.
- Personal trust is important to a business relationship
The best way to get a Thai business partner is through personal ties. Mutual personal trust is very important to Thai people. Conversely, a trusted Thai partner is essential for any foreign company with market ambitions.
- Avoid criticism
An invitation to dinner at a quality restaurant is a good way to start contacts. Prohibited topics of conversation include any criticism of Thailand, the king and his family, religion or prostitution. The bill is generally paid by the host and only one person. Gifts are very positively received.
- Study the Thai legal system
Thailand has a very specific legal system that only remotely resembles Western law. That is why it is necessary to rely on the services of local lawyers.
- Follow customs
Do not forget to take off your shoes before entering a private house. Never point your feet at anyone or anything, and it is not polite to sit cross-legged in front of an elderly person. Next, touch the head, as it is considered the seat of the soul in Buddhism. It is impolite to point a finger at someone and to “stare” them in the face.
- Read between the lines
It is important to listen carefully to what was not said. In other words, to deduce the correct answer from small hints. Thais rarely deny something outright, rather hinting and circling around the real issue.