How to choose the right business partner for a company in Thailand?

If you have plans of establishing a business in Thailand, the first and the most important thing that you should know is, being a foreigner, you cannot apply for 100% ownership. You will have to look for a partner or local investor who is willing to be a shareholder in your company in order to get things going smoothly. But the question is, how will you come across someone whom you can trust with your company and its resources? If you are new in this industry and feeling directionless about the whole thing, we are here to help you. In the following segment, we will be outlining some ways in which you can choose the right business partner for your new business in Thailand.

• Research extensively

Before looking for a partner whom you can endow your faith upon and depend, it is imperative to seek assistance from a local advisor who preferably belongs to an agency for company registration in Thailand, has been in this for long, and is familiar with all its intricate notches. Your advisor should have access to the local network and understand the common working practices that are predominant in your business culture. Once your advisor renders you with a list of people who are looking forward to investing in your company, diligently analyze their credibility and prioritize your personal preferences to build a resilient bond with your potential partner.

• Turn to social media networking

The fact that the popularity of social media sites is swelling by the day is no longer veiled under covers therefore, its power to bring you closer to entrepreneurs who will prove lucrative for your business shouldn’t be undermined. Speaking from a standpoint of experience, we can vouch for the verity that you will come across innumerable like-minded and successful people on distinct social media platforms who would be interested in doing business with you in Thailand. Naturally, your chances of coming across fraudsters are as broad as finding a responsible partner but, to keep away from such scams, you will have to profoundly acquaint yourself with the market and the particular domain you are dealing with.

• Get to know your partner well

Bear in mind that your partner is not your one-time customer with whom you can strictly brew a professional relationship. Because your relationship with him/her will go beyond the constricted boundaries of your business, you should make efforts of knowing the other person better. Don't shy away from asking all the necessary information you would need from him before setting up the business. If you know someone in Thailand who is a citizen of the country or lived there for long, request him to find you contact because that way, the accountability will increase a bit. Numerous well-established companies crumbled because of personal differences between the partner and you obviously don't want yours to meet the same fate. Choose someone you will be comfortable sharing your ideas, opinions, and even arguments with. The perception, experience, and knowledge of your associate can be capitalized on only when both you make enough space for it.

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