Blog
Automotive Industry Thailand: Advancing towards the EV center of Southeast Asia
Over the next five years, the BOI anticipates an investment volume of more than USD 5.5 billion for electric vehicles (EV) and EV-related investments in Thailand. Import duties and excise taxes will also be significantly reduced. The automotive industry in Thailand will thus further expand its leading role in the Asia-Pacific region. There are great opportunities for vehicle manufacturers, but especially for suppliers, in a flourishing production market.
China Plus One: Sanet and W+B in India collaborate on Management Consultancy in Asia
India and Thailand, the center of the ASEAN Economic Union, are considered to be the world’s fastest-growing economic regions until 2035. With the motto “China Plus One”, international investors are increasingly moving away from the risk of concentrating on China.
These risks are characterized by new tariffs and boycotts on Chinese products in the Western world, particularly the US and the EU, and the well-known threats to intellectual property as well as state interference in foreign investors.
Investment Thailand: The BOI Thailand Promotes Joint Ventures in the Automotive Industry with Tax Waiver
Watch out investors in the automotive industry: The Thailand Board of Investment (BOI) is promoting Joint Ventures manufacturing automotive parts until 31.12.2025. Anyone investing in Thailand’s automotive industry has the option of extending the general exemption from corporation tax by 2 and up to 8 years. The regulation applies to both newly established Joint Ventures in Thailand as well as to existing companies that take on Thai partners.
In addition, access to the Japanese automotive industry beckons with the addition of a Thai partner.
Validity of Electronic Signatures: Thai Business Law
The electronic signature (“e-signature”) of contracts in Thailand is regulated by the Electronic Transactions Act B.E. 2544 (“ETA”). The law represents a significant facilitation of business transactions in Thailand. Even foreigners can use the e-signature to process their contractual agreements with Thai companies. However, this does not apply to every contract, so you should always exercise caution when using electronic signatures.
Have you ever thought about signing a contract without holding the documents in your hand? Sanet Legal & Accountancy the Thai, English and German speaking lawyers in Thailand, will clarify whether and how this is permissible and when such contracts are legally binding.
When a Bonus Payment Becomes Mandatory: Labor Law in Thailand
As a general rule, a bonus agreement in a Thai employment contract is a voluntary benefit. However, under certain circumstances it may become mandatory. A clause that would eliminate the bonus in the event of a negative annual result would also be unlawful.
In the business world, employers particularly value those employees who perform productive work and are committed to the company. Many employers therefore offer employees the chance of a bonus in order to motivate them to work hard and commit to the company. Employees are usually paid such a bonus at the end of the year, depending on their performance. The amount of the bonus is at the discretion of the employer.
Yet, a legal dispute often arises when the employer exercises its discretion not to pay a bonus to individual employees or to all employees. The Thai Supreme Court has now delivered a judgment on the bonus in the Thai employment contract.
Success has a reason: Creating Career is a FAST-GROWING Recruitment Agency in Thailand
Admittedly, a proper recruitment process cannot be completed in two or three weeks. Admittedly, too, that using CREATING CAREERS to search for shop floor or unskilled employees goes beyond the time and financial scope for such positions. A good HR manager is the best choice here. He knows his people, he is aware of their social situation and a good HR manager also knows how to keep staff turnover within limits.
It is particularly true that it is extremely difficult to describe and prove the quality of a recruitment process unless you can present evidence from a successfully completed recruitment assignment. We strive to strengthen all of these three tools:
Market Strategy for India: WB’s Expertise in the Indian Market
As India emerges as a key player in the global economy, businesses worldwide are recognizing its potential as a top investment destination. For a seamless and effective expansion into India, choosing the right partner with extensive experience is crucial.
For companies considering expansion into the Indian market, our long-standing partner, the Dr. Wamser + Batra Group (WB), offers unparalleled expertise and support. Established in 2003, WB offers a comprehensive range of services, including market entry, sales development and optimisation, procurement and production, recruitment, crisis and interim management. WB also provides tax and auditing services. To date, WB has successfully assisted around 750 German and European clients. With a proven track record, WB is a reliable partner both in Europe and locally, supporting companies in every phase of their operations.
The New Destination Thailand Visa: A 5-years Visa with a Doctor’s Appointment
The new destination Thailand visa, specifically tailored for “digital nomads” – people who work from anywhere – allows for a long-term stay to work and travel in Thailand. Interestingly, this visa is also suitable for those who wish to participate in certain activities or medical treatments in the Kingdom.
BOI Thailand – Incentives and Procedure
A Production in Thailand is massively promoted by the Thailand Board of Investment (BOI). The financial incentives are high, yet the ISO-regulated procedure for a BOI Approval requires good knowledge of the BOI Thailand’s expectations towards the investor and a thorough application process.
The Sanet Group, which has been a reliable partner for Western companies since 2004 when it comes to finding a strategy and setting up sales or production in Thailand, explains the main features:
THAI RECRUITMENT AGENCY – CREATING CAREERS AMONG THE TOP 10
CREATING CAREERS, a subsidiary of the German/Austrian Sanet Group, is one of the top 10 headhunters and executive search firms in Thailand that have specialized in this way and are licensed by the Thai Labor Department.
Thailand’s New Plan: Taxes on World Income?
It was only at the end of last year that the current interpretation was announced, according to which foreign income imported into Thailand must be taxed in Thailand. Now the government is announcing the next bombshell: Tax residents are to pay tax on their entire global income in Thailand.
New Boost for Investment in Thailand: Relaxation of Real Estate Law Planned!
The Thai Ministry of the Interior has been commissioned to examine the implementation of new regulations. In addition to an extension of rental and leasehold rights from 30 to 99 years, majority foreign ownership of up to 75% of residential properties is also intended to be possible in the future. The aim of the regulations is to boost Thailand’s economy and to create more opportunities to encourage investment in Thailand.
Eco-Friendly Investments: BOI’s Framework for Energy and Environmental Sustainability
Thailand Board of Investment (BOI) has introduced new guidelines to promote sustainable development. Effective April 30th, 2024, the guidelines encourage businesses to adopt energy-saving practices, renewable energy, and pollution reduction measures. In return, companies can receive significant tax and customs incentives. This initiative positions Thailand as a prime destination for eco-conscious investors, aligning economic growth with environmental responsibility.
Investment in Thailand: How to Prepare a Project
It is not every year that a company plans foreign investments, and the best “blueprints” cannot be adopted for a new project without risk. Planning the organization of a project carefully is decisive not only for the smooth running of the project. A lack of preparation inevitably leads to expensive, subsequent adjustments and delays in the start of your production in Thailand and thus the return on investment.
The Sanet Group in Bangkok has been supporting foreign investments in Thailand for around 20 years, not seldom from the initial workshop and strategy finding to the start of production.
Thereby, it has proven itself time and again that the management pays full attention to the following planning principles:
• Proactive communication of the project with stakeholders
• The proper composition of the project team
• Agreed project and reporting rules
• Selecting and involving of external support
Our expert opinion deals with these key criteria.
SANET: The “ONE-STOP SERVICE” for Western Companies in Thailand
Whenever it comes to an investment in Thailand, be it for distribution or production in Thailand, the consultants of the Sanet Group have proven to be the expert guides through law and business in Thailand.
Since founding the “Strategic Alliance Network (Sanet)” by entrepreneur Dr. Gunter Denk, operating in Europe and Asia, we have been systematically expanding the group’s expertise, particularly in Bangkok, as our company profile illustrates impressively. With its four companies and around 40 experts in the segments of management and investment consulting, legal advice and accounting, recruitment and distribution in Thailand, we at Sanet support Western companies in Thailand in any special business situation.
Find out here which services the Sanet Group offers for your investment and business in Thailand or for Western companies already based in Thailand.
Ensuring Data Privacy in HR and Recruitment: Understanding Thailand’s PDPA
In 2022, Thailand introduced the Personal Data Protection Act (PDPA) to establish clear guidelines for safeguarding personal data. As technology advances, the threat of data breaches rises, making these guidelines essential. The PDPA defines the duties of data controllers, like companies handling employee data, to ensure proper data management and protection.
Human Resources (HR) and recruiting departments, which frequently collect and manage personal data through job applications, employee records, and healthcare information, must comply with the PDPA. To meet these regulations, HR departments should follow several key guidelines for data protection.
“WE DON’T MOAN ABOUT THE ‘SHORTAGE OF SKILLED WORKERS’, BUT INSTEAD WE GO TO WHERE SKILLED WORKERS ARE!”
An Austrian entrepreneur chooses a service in Thailand as the winning solution for his company’s international expansion.
We interviewed Anton Abson about the reasons behind expanding his IT services via a Business Unit in Thailand at Sanet Trade & Services for the implementation of his services in Asia. He tells about the benefits and special characteristics of a team of professionals working for him in Thailand and about the service in Thailand that he has found with the SANET Group.
Read here the blunt opinion of a strong family entrepreneur about skilled workers in Europe, the special features of Thai employees and the opinion about the “Thai-typical” business model of the Sanet Group as his service partner in Thailand.
BOI Promotion Thailand: Congrats to Spaleck Thailand
Sanet is proud of having successfully guided Spaleck GmbH on its path to direct market entry into Thailand and Southeast Asia.
After successfully managing the legal challenges, Sanet now will also handle the payroll and accounting services in Thailand and CREATING CAREERS, Sanet Group’s Thai recruitment agency will engage the right sales and service team.
The additional establishment of a production facility in Thailand is now firmly in the management’s sights. This new venture is expected to bring considerable additional tax and customs benefits, which will further strengthen Spaleck’s competitiveness.
The success story began in 2021 …
Sanet Legal Ltd. becomes “Sanet Legal & Accountancy“: Accounting in Thailand
The Sanet Group in Bangkok is now offering accounting services in Thailand for international SMEs. Sanet Legal Ltd. will thus be formally renamed “Sanet Legal & Accountancy” from April 2024.
Three “SME Packages” include everything needed for legally compliant and management-oriented accounting, such as accounting, monthly reports, tax declarations and reports tailored to the needs of both well-established companies and start-ups.
Under the guidance of a certified auditor, Sanet also offers payroll services, BOI reporting and audits for local and international SMEs.
In close cooperation with the lawyers under the common umbrella, shareholder resolutions and meetings will be prepared and implemented in a legally secure manner.
Thus, the Sanet Group further rounds off its position as a comprehensive service partner for Thailand-based corporations.
CREATING CAREERS now a brand of “Sanet Manpower Co., Ltd.”: Recruitment in Thailand
With the name Sanet Manpower Co. Ltd., Sanet, the international Consultancy Group in Bangkok now has integrated the recruitment brand CREATING CAREERS into its portfolio, and offers a job placement service for jobseekers in addition to recruitment.
Investments and market success are largely dependent on a company’s employees. The same, of course, applies to the consultants themselves. As a licensed recruitment consultancy in Thailand, the Sanet Group is known for its corporate management and legal advice, but also for the quality of its team and its selection of employees, for example for the business units of its sales company Sanet Trade & Services.
These competencies are now reflected in the entity “Sanet Manpower Co. Ltd.” as of April 1, 2024.
The experienced professionals that Sanet deploys for recruitment in Thailand are organized into specialized teams for “Leadership” in management, HR, accounting and controlling and for “Technology”, i.e. engineers, procurement and production. A further “Operations” team is responsible for IT, operations, and logistics.