Sunbelt Asia Weekly Column
25 October 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.
VAT refund ceiling to be raised
The Revenue Department has announced plans to raise the ceiling for value-added tax (VAT) refunds for tourists at downtown agents to 30,000 baht per traveler from 12,000 baht that is now currently refunded. Cash payment services for VAT refunds will be expanded to 10 international airports instead of Suvarnabhumi and Don Mueang airports; Chiang Mai, Chiang Rai, Phuket, Hat Yai, Krabi, Samui, U-tapao and Surat Thani. Downtown booths that were a test run for the past year showed greater numbers of tourists requesting VAT refunds; claimants must depart from Suvarnabhumi or Don Mueang airports within 14 days of the downtown VAT refund claim. Goods must be taken out of the country within 60 days of the date of purchase. To be eligible to claim a VAT refund, foreign tourists must spend at least 2,000 baht per store per day and show the goods on departure, those who purchase goods valued at more than 5,000 baht will not be required to show the items.
Lifestyle product exports expected to grow
Lifestyle products are expected to buck the declining trend in exports this year as shipments are expected to grow this year based on higher purchase orders from the US, Japan and China. About five percent of total export value comes from lifestyle products such as furniture, home decor, artificial flowers, perfume, handicrafts, textiles, stationery, office supplies, toys and housewares.
Airport high speed rail link deal to be inked this week
CP will be signing a deal to develop the high speed train connecting Don Mueang, Suvarnabhumi and U-tapao airports this week. The signing was delayed after all members of the State Railway of Thailand board stepped down. The signing will go ahead now that new members have been selected. CP leads a consortium with Bangkok Expressway and Metro Plc, China Railway Construction Corporation Ltd, Ch Karnchang Plc, and Italian-Thai Development Plc whose bid won the contract in December last year.
Jewelry shop in suburban Bangkok Big C complex
This jewelry shop is located in a busy Big C shopping complex in suburban Bangkok and offers real pearls and other costume jewelry at good prices. The busy location attracts customers but other commitments forces this sale.
The owner is selling all inventory and stock at cost as they seek to pursue other interests. While the lease runs until November 2019 Big C will extend the lease to the new owner of the shop.
ASKING PRICE: 550,000 baht
Restaurant near golf courses and shopping malls in suburban Bangkok
There is no place quite like this in the whole area so business is very good with a delivery service that caters for the up market golf course that sits nearby and the surrounding area in suburban Bangkok.
Located near the airport, many shopping malls and a number of world class golf courses as well as the Convention Center this restaurant is in three units similar to three 4 storey townhouses of which two have been knocked through on the first two floors therefore allowing for a large restaurant café and a useful 2 floor office space above which is currently being used by an accounting firm (who are relocating).
The kitchen has a large Thai style commercial space which also caters to western cuisine and has done well with repeat business.
ASKING PRICE: 24 million baht
Cafe in fast developing beach town near Hua Hin
Located in the fast developing beach town of Khao Takiab, only 7km from Hua Hin, this lovely café is only a few minutes walk from many major four and five star hotels. Included in the sale price is chanote titled property and the business as well as all fixtures, fittings and equipment. If you have always wanted to live near the beach and run your own business, then this is a fantastic opportunity.
The restaurant has been open since 2005 and is fully equipped with all necessary restaurant and bar equipment including a kegerator. There are three floors with the top floor a private apartment that could be used by the owner or rented out. There is plenty of space for diners and a new garden area that is leased at 50,000 baht a year was recently added. The café is beautifully decorated with hand-painted murals from a well-known Thai artist, sourced brick, and a gorgeous European meets Asia aesthetic.
The owners will include all supplier contacts so the new owner can just walk in and take over. In the high season there are 8 full time staff and in the low season 6. Monthly wages during the high season are around 80,000 baht, sales during the high season average on 30,000 baht a day. The owner is selling the business as they are ready for a new challenge after building up this restaurant and bar.
ASKING PRICE 16.5 million baht includes land
Chiang Mai resort on 21 rai ripe for further development
Ideal for those who wish to create something truly stunning is this, as yet, unused business opportunity is set on 21 rai in Chiang Mai with five western style bungalows and two teak houses that include a large multipurpose room and one a half baths. There is also an outside bathroom for campers. Additionally there is a kitchen, office and a covered car park, the manager has a bungalow with kitchen and bathroom.
There are 3 patio seating areas, a volleyball court, badminton court, a pond and two wells. The property has already been graded for future construction making it ideal for someone seeking a large property to expand. The owners have been developing it but not run a business as yet so while it is currently turnkey for a small resort it could easily be grown.
ASKING PRICE: 43 million baht includes land
Onnut area hostel
Located in the up and coming Onnut neighborhood with great street food and many neary restaurants and bars, this hostel is only a five minute walk from the BTS station. In business since 2015 the hostel has earned good ratings on booking sites and good word of mouth. The business offers guests free WiFi in addition to the 10 bed mixed dormitory, and 3 rooms private rooms. All dorm rooms are air conditioned and there are personal lockers for guests. There are 2 full time employees and the lease is 3+3+3 year with a monthly rent of 25,000 baht. Sales last year reached around 400,000-500,000 baht.
The owner is selling as he has no time to run the business. With a busy and active manager and good marketing this business could easily grow as more and more visitors turn to Onnut and other outside areas for budget accommodation.
ASKING PRICE: 999,000 baht
Pattaya high-end furniture factory
Located in Pattaya, this high end furniture factory offers not just top quality fine furniture but also full service interior design for residential and commercial projects. The company has earned a reputation for attention to detail, unique and interesting design solutions and high quality products. Offering a wide variety furniture,including stand alone and built-ins, the company has a full service interior design solution for its customers.
The business has a 600 sqm showroom in a busy Pattaya area and a 2500 sqm factory on the outskirts. The company owns the land and showroom in town. There are 45 employees and the monthly payroll of 1 million baht includes the owners salary. The business is open 6 days a week.
Sales last year reached 50.8 million baht and net profit over 2.6 million baht. The owners have spent a great deal reinvesting in the business including property to continue its growth.
The sale price includes the company with showroom, factory and land
ASKING PRICE: 60 million baht
Wood manufacturer in Chiang Mai
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
Popular western restaurant in Chiang Mai Night Bazaar
This popular western restaurant has a great location right on the Night Bazaar in Chiang Mai and has been in business since 2008. The restaurant has 220 sqm over two floors with a rent of 250,000 baht a month. The restaurant is in a top location in a very popular area with a lot of foot traffic and has garnered a good reputation among locals and tourists alike. The lease on the space is for 3 years. There are 24 full time employees with monthly wages of 250,000 baht. Sales were between 18-22 million baht with a proft of 2-3.5 million baht. Furniture, fixtures and equipment valued at 6 million baht are included in the sale.
The owner is changing his focus and so seeks to sell the restaurant.
ASKING PRICE: 4.5million baht