Thailand

How to Set Up in Thailand – New Issue of ASEAN Briefing Magazine

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ASB 2017 issue 04_Web pic (002)The latest issue of ASEAN Briefing Magazine titled, “How to Set Up in Thailand“, is out now and available to subscribers as a complimentary download in the Asia Briefing Publication Store.

In this issue of ASEAN Briefing

  • Corporate Establishment in Thailand: What You Need to Know
  • Investing in Thailand: Tax and Non-Tax Incentives
  • Thailand’s Eastern Economic Corridor

 

 

 

 

 

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Thai Labor Contracts: What You Need to Know

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By Dezan Shira & Associates
Editor: Vasundhara Rastogi

ASB- Thai Labour Contracts (002)

In Thailand, the employee-employer relationship is governed by a series of laws and regulations, the chief one being the Thai Labor Protection Act B.E.2541 (LPA) and the Thai Civil and Commercial Code (TCCC).  Other laws include the Labor Relations Act, the Social Security Act, the Act establishing the labor court and labor court procedure, the State Enterprise Labor Relations Act, the Workmen’s Compensation Act, and the Foreign Employment Act. These laws cover all areas related to employment such as working hours, holidays and leave, notice, overtime, sick pay, and severance, and are applicable to both Thai and foreign employees. The Ministry of Labor (MOL) is the primary authority responsible for setting and enforcing minimum employment standards in the country.

Thailand does not mandate a written agreement between the employer and an employee. However, it does impose strict labor regulations with regards to working terms and conditions. In practice, therefore, it is advisable for employers to set out written terms and conditions of employment to avoid legal disputes or liability with regards to remuneration.  

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Malaysia-Thailand Trade and Economic Relations

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By Dr Sarika Dubey

Editor’s Note: This article was originally published in The Diplomatist Magazine, June 2017, and has been republished with the permission of L.B. Associates (Pvt.) Ltd., a contract publishing house.

Malaysia and Thailand, both active members of the Association of Southeast Asian Nations (ASEAN), enjoy cordial diplomatic relations and share strong bilateral ties in areas such as trade and investment; security; education and vocational training; youth and sports; tourism; and connectivity and socio-economic developments in border areas. Both countries like any other countries in the region. Though both countries share a land border, yet they are culturally distinct. Malaysia is a primarily Malay Muslim country with a multicultural character with some non-Muslim minorities. On the other hand, Thailand is a homogenous Thai Buddhist country with a small Muslim community, especially in its southern region bordering Malaysia. Before discussing the problems and the prospects of the trade and economic relations of the two countries, let us have a look at their historical, political and cultural linkages over the years.

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Thailand Launches New Online Service for Work Permits and Visas

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By Dezan Shira & Associates
Editor: Vasundhara Rastogi

Thailand’s Board of Investment (BOI) has launched a new online visa service for BOI-registered companies in order to ease the visa application process. Under the new system, authorities will issue an electronic work permit to the applicants instead of the work permit booklet currently in use. A Single Window System will allow BOI-registered companies to apply for visas, work permits or renewals online.

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ASEAN Market Watch: Thailand GDP Growth, Malaysia Manufacturing Sector, and Singapore Retail Sales

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Thailand: First quarter GDP growth fastest in four years

The Thai economy recorded its fastest growth in four years during the January-March 2017 period. This has been propelled by stronger exports, consumption and growth in tourist arrivals despite weaker private investment and public funding. According to a poll conducted by Reuters, gross domestic product (GDP) is expected to have expanded a seasonally-adjusted 1.2 percent in the January-March period from the previous quarter, when growth was 0.4 percent – the best pace since the final quarter of 2012. As per the poll, growth is expected at 3.3 percent in 2017, up from 3.2 percent in the previous year.

According to data from Thailand’s central bank, exports grew at 6.6 percent in January-March, private consumption at 2.9 percent and farm income grew at 20 percent. Exports comprise about two-thirds of the Thai economy. Tourist numbers rose to 9.2 million in the January-March period from 7.8 million in the previous quarter, when some tourism-related entertainment activities were curtailed following the death of King Bhumibol Adulyadej in October 2016.

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ASEAN Growth to Remain Resilient Despite Regional Vulnerabilities

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By Bradley Dunseith

In April, 2017, the World Bank (WB) released their biannual East Asia and Pacific Economic Update, entitled, “Sustaining Resilience.” As the title suggests, the WB anticipates growth in East Asia and Pacific, including ASEAN states, to remain resilient despite risks from global and regional vulnerabilities. In this article, we go through “Sustaining Resilience” and summarize the WB’s forecast for developing ASEAN states generally as well as their country specific predictions for economic growth.

About the report

The WB predicts that large developing economies will continue to grow moderately while smaller regional economies will benefit from the rapid growth of their neighbors as well as high commodity prices. The WB marked that poverty has continued to decline in most countries and will continue to fall with sustained growth and rising labor incomes. However, the WB report noted that global policy uncertainties means that countries must address macroeconomic vulnerabilities so as to prepare for external shocks to the economy. External shocks – such as changes in US policy – disproportionately affect smaller countries; as such, the WB report strongly recommends small economics to improve the efficiency of their public spending in preparation of needed structural changes.

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Trade Fairs in Thailand – Steps to Protect Your Intellectual Property

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By: South-East Asia IPR SME Helpdesk

Trade fairs are now a well-established part of the business calendar in Thailand, particularly in Bangkok, with a number of high-tech industries represented, as well as areas of the creative sector such as furniture and design. Trade fairs provide foreign businesses with the opportunity to present their innovations and ideas to potential business partners and customers, and allow them to learn from and collaborate with other innovators. There is, however, a risk, in that disclosing your innovations to the public leaves you exposed to copying and infringements of your IP.

Infringement of innovations may not necessarily be straightforward ‘counterfeiting’ – i.e. exact product, packaging and brand imitation. It is more likely that competitors could be using, intentionally or otherwise, a certain part of your product or innovation. It is therefore advisable to be as diligent as possible and to get to know competitors’ products well. In the light of this, a practical and realistic approach must be taken when preparing for and attending trade fairs in Thailand. IP owners must also be patient and pragmatic, as it is unlikely that immediate action can be taken against an infringer. There are, however, steps that IP owners can take before, during and after the event to best protect their IP.

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Thailand’s Eastern Economic Corridor – What You Need to Know

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By Bradley Dunseith

With the Eastern Economic Corridor (EEC), Thailand hopes to develop its eastern provinces into a leading ASEAN economic zone. The EEC straddles three eastern provinces of Thailand – Chonburi, Rayong, and Chachoengsao – off the coast of the Gulf of Thailand and spans a total of 13,285 square kilometers. The government hopes to complete the EEC by 2021, turning these provinces into a hub for technological manufacturing and services with strong connectivity to its ASEAN neighbors by land, sea and air.

The government expects US$43 billion (Thai Baht 1.5 trillion) for the realization of the EEC over the next five years. This funding will come from a mix of state funds, public-private partnerships (PPPs), and foreign direct investment (FDI). The government has identified four “core areas” essential in making the EEC a renowned economic zone: (1) increased and improved infrastructure; (2) business, industrial clusters, and innovation hubs; (3) tourism and; (4) the creation of new cities through smart urban planning. The government predicts the creation of 100,000 jobs a year in the manufacturing and service industry by 2020 through the EEC.

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ASEAN Regulatory Brief: Singapore Anti-Bribery Standard, Thailand E-Work Permits, and Laos Sea Access

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Singapore: ISO 37001 Anti-Bribery Systems Management Standard adopted

In order to enable Singapore-registered companies to implement and manage anti-bribery best practices, the city-state recently adopted the ISO 37001 Anti-Bribery Systems Management Standard. The Standard is being launched jointly by SPRING Singapore, an agency under the Ministry of Trade and Industry, and Singapore’s Corrupt Practices Investigation Bureau (CPIB). The two organisations released a joint statement saying ISO 37001 “is based on internationally recognized good practices [and] provides guidelines to help Singapore companies strengthen their anti-bribery compliance systems and processes [to] ensure compliance with anti-bribery laws.”

An accreditation mechanism for certification bodies is expected to be rolled out by the end of 2017. The majority of people prosecuted for bribery and corruption in Singapore in 2016 were private sector employees. According to the CPIB, 808 corruption complaints were filed in 2016, down from 877 complaints filled in the previous year.

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ASEAN Regulatory Brief: Singapore-Ghana DTA, Philippines Tax Amnesty, and ASEAN Banking Sector Integration

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Singapore – Ghana sign Double Taxation Avoidance Agreement

Singapore and Ghana have signed a Double Taxation Avoidance Agreement (DTA) on March 31, 2017. The agreement aims to reduce double taxation and tax disputes by clarifying the taxation rights on all types of income flows arising from cross-border business between the two countries. The DTA aims to reduce trade and investment barriers and increase trade flows between the two countries.

The agreement stipulates that withholding taxes on dividends, interest, and royalties will not exceed seven percent, while withholding taxes on services will be capped at 10 percent. All rates will come into effect on or after January 1, following the year when the DTA comes into force. The DTA will come into force after its ratifications by the two countries.

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