Starting your Muay Thai business in Thailand can be an overwhelming task. However, it can be a lucrative investment if you get things right. It is currently the second biggest economy in the Southeast Asian region. Before you even start your marketing and branding campaign, you need to be equipped with the essential knowledge such as the standard regulation and the law. In this article, we will guide you on how you can start a new venture in this country.
Things to Know When Starting a Muay Thai Business in Thailand
Here are some of the things that you need to be aware of if you plan to open your local training camp in Thailand.
Foreigners who are planning to start their new venture in Thailand should be aware on the Foreign Business Act. There are penalties listed here in the event that you did not follow the restrictions. Non-compliance on the law can lead to at least 3 years of imprisonment. You will also be required to pay a fine of around 100,000b-1,000,000 Baht. According to the Foreign Business Act, foreigners will not be allowed to carry out a range of industrial, commercial, and trade activities unless they required the relevant licenses.
Acquire a Business Visa
Before you can even start your Muay Thai camp in Thailand, you need to acquire a non-immigrant B Visa. This will allow you to lawfully conduct a business in the country. You will be able to apply for this visa at the Royal Thai Embassy. The cost of this visa is around 2,000Baht for the single entry and 5,000Baht for the multiple entries.
When opening your Muay Thai training camp in Thailand, you will have to consider the expenses that you will incur. Construction and manual labor are quite affordable when compared to the western countries. The staff salary will range from 4,000 Baht if they are a part-timer to 8,000 Baht for the full-timer. In case you plan to rent a space for your gym, an area with 15sqm will cost 13,000 Baht every month. Utility bill will cost at 800 Baht per month. Additional expenses such as your monthly supplies will be 15,000 Baht.
Register Your Company
Registering your business in Thailand is a time-consuming process. For the private company, it can take at least 7 days and will extend up to 30 days for public companies. The first thing you have to do is to reserve your company name that will be valid for about 30 days. After this, you will be asked to submit all the necessary documents. Before opening your Muay Thai camp, you will also be required to pay around 25% of your initial investment.
Starting a business in Thailand can be a laborious process, but once you complete the entire process, you can start conducting your branding and marketing campaign and begin collecting your profit. You can read at Reasons why your entire family should learn martial arts and it is good to do business. There is a great deal of interest on Muay Thai today and investing on this combat sport will prove to be lucrative.