Sunbelt Asia Weekly Column
23 December 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.
Record for tourist arrivals broken last week
The record for foreign tourist arrivals was broken last week as the 38,260,000th visitor arrived. The visitor, who was awarded two return tickets on Thai Airways and accommodation for her next visit to Thailand, was also the record breaker for Indian tourist arrivals as that number hit 1.9 million. The Indian market has grown significantly, projected at 22 percent growth in arrivals this year and a27 percent growth in revenues to 85 billion baht.
From all of us at Sunbelt Asia, we wish you a merry Christmas. Sunbelt will continue to serve you during this holiday season! We will be closed from Monday December 30 to January 1. Our offices will re-open Wednesday January 2nd.
BOI offers more tax privileges for companies in the EEC
The Board of Investment of Thailand (BOI) has approved measures to promote investment in the Eastern Economic Corridor (EEC) by expanding the number of target industries and increasing corporate income tax benefits. The first measure is to expand target industries and businesses in the EEC, such as industries in the advanced technological development and supporting industries. The second measure is to increase corporate income tax benefits, which cover human resource development and location. Companies in the A1, A2 and A3 business categories will be entitled to a 50 percent reduction in corporate income tax for three more years, while technological industries and businesses will enjoy corporate income tax exemption for two additional years. Companies located in the EECs Innovation Zone, Industrial Promotional Zone, Digital Innovation Zone, Eastern Aviation City and the EECmd in Thammasat University, Pattaya Campus, will receive a 50 percent reduction in corporate income tax for two more years. Targeted sectors in technological development located in the EEC will enjoy corporate income tax exemptions for another year. Applicants can sign up for the new privileges which will take effect on January 2, 2020. Interested in learning more about opening a BOI company? Contact us at (+66) 02-662-7004.
Outdated and jailbroken phones to be blocked from Thai banking apps
The Bank of Thailand has issued guiding principles for mobile-banking security to banks in Thailand to block mobile applications for out of date and jail broken phones. Android phones running software older than version 4, and iPhones using an operating system older than iOS 8, will no longer be able to access full mobile banking services. The central bank is giving banks four months to inform customers of the change and for those customers to update their phones. Banks would also be required to have more complicated settings for PIN codes and passwords in order to reduce the risk of being hacked.
Fully equipped beauty clinic
Experience true beauty at this nearly brand-new Clinic. All their surgeons have experience working in the best plastic surgery centers across Asia. With the aim of delivering the best of art and science, these surgeons utilize their training and skills alongside state-of-the-art equipment, offering a range of services, including facial contouring, rhinoplasty, liposuction, fat contouring, and breast augmentation.
The clinic hosts a dedicated International Patient Office, which sees many thousands of medical tourists every year – its reputation speaks for itself, as the number one place for plastic surgery.
The clinics team will assist with medical record translations and interpreter services and unlike most other clinics and hospitals, they offer video consultations prior to travel.
ASKING PRICE: 31,071,983 baht
Events organizer business
?Events are an active and growing business in Thailand and a well-organized and well established events business can go far. This is your opportunity to buy into a long-running and well-known business that has been in business since 1994 and has a list of loyal clients.
The company handles corporate groups that come to Thailand for conferences, gala dinners, corporate team-building and events. Their client list consists mainly of five star hotels and travel agents.
There are 6 full time staff while the current owners handle sales and accounting. Freelancers and sub-contractors are added to the team to handle an average of 50 events per year all over Thailand. The company rent offices and a warehouse in town, with the contract renewable annually. Last year sales reached 25 million with four million baht in profit.
The owner wishes to retire soon but plans to remain available to assist the buyer in the handover period.
ASKING PRICE: 6.6 million baht
Fashion jewelry chain with 10 branches nationwide
This fashion jewelry business has 10 branches nationwide; eight in shopping malls and tourist areas in Pattaya, one branch in Rayong and one branch in Bangkok and offers well-known jewelry with popular designs. Each kiosk style shop is around 15sqm and the business has 15 well-trained and knowledgeable staff with a total monthly payroll of 300,000 baht. Sales for this business reach 15 million baht annually with a profit of 20 percent.
Inventory valued at 5.5 million baht is included in the sale as is the lease deposits totaling 600,000 baht. The owner is moving back to his home country due to family issues and so is selling the business.
ASKING PRICE: 12 million baht
Restaurant in busy Ekkamai area with room to grow
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: 1.6 million baht
Koh Chang bar on White Sands Beach
Located in a top spot on Koh Chang, this popular bar is a turn key business for someone looking to live in paradise, Just a minute to the beach, the bar has been in business for 17 years with only two owners. With good profit margins, full accounts are available to interested buyers.
Fully equipped, including two Yamaha motorbikes and staff accommodation, the new owner can also obtain one extra room at 3,500 baht a month. The owner is selling as he is leaving the area.
ASKING PRICE: 1.25 million baht
New backpacker hostel on Koh Phangan
Set in the heart of Ban Tai on Koh Phangan this new 22 bed hostel is convenient to the Full Moon Party as well as the other parties held on the island. The hostel also has a popular restaurant and bar serving Western and Thai food that seats 26 people. The business also offers motorbikes for rent and those are included in the sale. The rent on this 200 sqm building is only 16,000 baht a month.
The Full Moon Party draws thousands of visitors to the island every single month, while the neighborhood hosts the popular Black Moon Party as well as a few others. This is a great deal for someone who wants to get in on the ground floor of a backpacker business on Koh Phangan.
ASKING PRICE: 2.5 million baht
Samui craft beer bar
Join the growing trend of craft beer – but in paradise! This beer bar has earned good reviews and word of mouth for its great selection of beer on tap and craft beer. Established in 2016, the beer bar is quite popular with expats and tourists alike. Open from 5pm to 12 midnight, there is one full time and one part time employee with wages of 15,000 baht. Rent on the 65 sqm space is 28,000 baht a month with a 3 year lease. The business sold 1.7 million baht last year.
?The owner invested 1.75 million baht to open it including a huge walk in fridge to store the taps. All fixtures, fittings and equipment are included in the sale.
The owner has priorities in his home country that take up his time so is looking to sell the business.
ASKING PRICE: 2.5 million baht
Chiang Mai wood products manufacturer
This manufacturer of solid wood doors and windows is located in Chiang Mai, a popular destination for both expats and Thais looking for a second home. Known for its timber, this company uses high quality teak or mahogany for its top quality windows and doors. The company also produces top quality wooden flooring including parquet, tongue and groove and decking. The business sends their high quality wooden products across the country.
The business was established in 2010 and owns the land the 1500 sqm factory is set upon. The factory has two floors and nine full time employees. The monthly payroll is 120,000 baht and the business saw sales of 7.14 million baht in 2014 and profits of 2.85 million baht. Top quality inventory valued at 800,000 baht is included int the sale. The owners are retiring and so wish to sell the business.
ASKING PRICE 24.9 million baht