Sunbelt Asia Weekly Column
8 November 2019
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Concerned about the new excise tax for entertainment venues?
The latest excise tax has many in the food and beverage industry concerned and a little confused. Sunbelt Asia has been retained by some of the largest food and beverage clients in Thailand. We specialize in the excise tax and all related matters, if you are an entertainment venue with concerns regarding the implementation of the excise tax don’t hesitate to get in touch with our senior lawyers who specialize in this area. Please call (+66) 02-662-7004.
Looking to start your own business and overwhelmed by the information?
There are quite a few options available to you including BOI, Limited Company and more. We can assist you in finding the right fit for your business ideas.
Gems and jewelry to see little effects from GSP changes
Gem and jewelry exports are likely to see a marginal impact from the US suspension of trade preferences for Thailand under the Generalized System of Preferences (GSP), according to the Gem and Jewelry Institute of Thailand. There are four major product groups in the GSP; genuine jewelry, goldwork or silverware, jewelry made from pearls and precious stones, and imitation jewelry. Only 22 minor items within these four groups will have to pay the tariff at a normal rate. Last year, outbound shipments of these four groups of products to the US were worth US$111 million (3.36 billion baht) or 8.2% of total gem and jewelry exports. Diamonds, colored gemstones and pearls still enjoy zero tariffs. Last year, Thailand shipped $364 million worth of those three products, up 7.3% from a year earlier. Gem and jewelry shipments including gold is predicted to grow by more than 1 percent in September, up from last year’s $12 billion, which was up 4.7% from 2017.
BOI approves incentives for five more Food Innopolis locations
The BOI approved five more Food Innopolis sites as science and technology zones in addition to the eight already in place. Investment projects in the targeted industries and located in any of the 13 Food Innopolis locations will receive additional privileges on top of the normal package of 5-10 years of corporate income tax exemption depending on the type of business. These privileges include a50% corporate income tax deduction for five years or an additional two years of corporate income tax exemption. The target activities qualifying for investment promotion include plant and animal breeding, research and development, and scientific testing services, among others. Give Sunbelt Asia’ expert lawyers a call at 0850 572 376 to learn more about BOI opportunities.
Alibaba to offer special Thai products section
Alibaba, the Chinese e-commerce giant, is hosting a special section on its website dedicated to Thai products. The portal will give Thai makers of quality products access to online markets in China and other countries. Buyers will be able to more conveniently browse specifically for items from Thailand. So far, 45 companies have expressed interest in being featured in the portal. The Ministry of Commerce is also working with Alibabas Hema supermarket chain, which currently has 180 branches in China, in placing Thai products on their shelves. Hema is planning to expand to 400 locations within the coming year. Contact us at (+66) 02-662-7004 to learn more about starting an e-commerce business in Thailand.
Job seeker app available
This is a great little money-making opportunity that requires very little work on the part of the buyer as the app has already been developed and approved by both the Apple Store and Google Play.
Although the app was developed in Phuket, this jobs app for iPhone and Android is a great opportunity for anyone in Thailand. The app allows companies to post jobs and then the job seekers will bid on the job. Commission is paid by the winning bidder but only once the job has been accepted by the job poster. This is also a great app for freelancers seeking new jobs.
The app is easy to use and monitored, additionally there is an automated punishment system to reduce safety concerns and for protection of those who do not fulfill their jobs as they should have.
ASKING PRICE: 1.6 million baht
Nail salon near upmarket condos
This attractive nail and eyelash salon would possibly suit a Thai as a sole trader, one that perhaps is looking for a nice nail salon in a nice location but for a good price. This business has been busy due to upmarket condos nearby which are improving the area as more are built. Also offering manicures, pedicures and acrylics this business also has the scope to offer waxing as the there is a large unused 1st floor space.
Comprising of a modern nail salon a small kitchenette and toilet on the first floor with toilets located on all three floors the 3rd floor is currently used to accommodate staff.
With CCTV, a 10 day hard drive back up that also can be viewed online and internet access the ground floor salon also boasts air conditioning with a washing machine on the first floor.
ASKING PRICE: 699,999 baht
Fully fitted out restaurant on Ekkamai
A great deal for someone interested in walking into a fully set up restaurant on Ekkamai road. The restaurant has 350 sqm over five floors, with two floors used for the restaurant. The new owner could easily expand the upper floors for a hostel set up. Rent on the building is 80,000 baht with a 3 + 3 year lease. The kitchen equipment is only 1.5 years old.
The new owner can move into a popular location and start their own restaurant easily. The owner is selling the assets and lease as he is moving back to his home country.
ASKING PRICE: 1.8 million baht
Kids playground and fun space in Bang Khae
This playground and kids fun space is set in a well-known shopping center in Bang Khae. The business concept was brought in from overseas and caters to sports oriented fun for kids. As parents realize the importance of making sure their children also have time for play and exercise, this business is ideally located as it is in an area surrounded by schools, neighborhoods and a university. A new BTS Skytrain station is scheduled to open this year.
The premises is about 1,000 sqm with five different areas of fun, including a trampoline, giant Legos, and croquet. The business has been being seeing good sales since its opening last year, reaching 10.9 million baht in the first nine months of business. Rent on the premises is 333,000 baht per month and monthly payroll for 11 staff is 100,000 baht. The owner invested 12 million baht in the business but due to partnership problems are selling it for only 13.5 million baht.
ASKING PRICE: 13.5 million baht
Jewelry and gems factory
Take advantage of Thailands premier reputation for high quality gemstones and jewelry design with this long-running jewelry factory in Bangkok. The business exports gold and silver jewelry and gemstone jewelry to the EU and the US, nearly 95 percent of its product are exported. The factory, which was established in 1994 has a team of loyal, well-trained and experienced staff who will stay on. The factory, which is set in 600sqm 5 story shophouse, has the capacity to produce 12,000 pieces a month and is currently running at only 6,000 pieces, showing a huge potential to double sales.
With a good reputation and a huge database of customers the business saw sales reach 24 million last year with a profit of around 15 20 percent. There are 35 full time employees with a total monthly payroll o f 450,000 baht. There are more than 400,000 3D designs valued at $1 per file and inventory valued at 5.5 million baht, both are included in the sale.
The sale includes all design files, customer database, inventory and a Thai company with 12 million baht in registered capital. There are currently four foreigners working full-time with work permits. The owner is moving back to his home country for family reasons and so is looking to sell this business that has huge growth potential.
ASKING PRICE: 12 million baht
Turnkey budget guesthouse near Asoke
This budget friendly guesthouse is in a great Asoke area location, close to both BTS and MRT stations making access for guests very convenient.
Tucked down a quiet soi, the guesthouse offers 10 stylish and unique rooms. The business has had occupancy rates over 80 percent since its opening in 2014 and has excellent ratings with all the online booking sites.
This is a turnkey ready business for someone looking to get in to hospitality in Bangkok.
ASKING PRICE: 3.8 million baht
Co-working space or office for rent in Ratchayothin
As more and more people turn towards the gig economy, the need for co-working spaces arise. Co-working is booming in Bangkok as people flock to the city for its ease of living and good infrastructure.
This great office space is available for rent either in full or the owner will consider a partner to help develop a co-working space. The space is opposite the Siam Commercial Bank in Ratchayothin, a busy neighborhood in Bangkok. Total space is 600 sqm with three big rooms and six small rooms ideal for/50 joint venture share on the co-working space concept.
ASKING PRICE: 360,000 baht
PADI Dive school on Koh Samui
Always wanted to run your own dive business on a tropical island? Well here is your chance to take over a well-established dive school on Koh Samui. The business has developed a good reputation and has seen revenues and profits increase every year for the past five years.
The rent on the premises is 55,000 baht and has two training rooms and a training pool for new divers and is in a central location for tourists and visitors to easily access on the main ring road. There are 11 employees, total annual wages last year were 3.466 million baht and total expenses of 15.6 million baht. The business saw 18.16 million baht in revenues and a total profit of 2.5 million baht last year.
All licenses are included and includes inventory valued around 9 million baht. Furniture, fixtures and equipment are valued at 800,000 baht and included in the sale.
The owner is moving back to his home country so wishes to sell the business
ASKING PRICE: 11 million baht