Thailand is a unique place to do business. It can be highly rewarding and at times, frustrating. A good number of Thais would like their country to join the developed world. Therefore, they like learning about the best practices and technology from the western countries. However, Thai’s can also refuse ideas that have worked in other countries. This way, they may prefer for different functions to be done the ‘Thailand way.’ Investors ought to be aware of class and respect. Thai people are generally class-conscious despite of the backlash to ills committed by the rich in recent years. Age and appearance are the common elements that determine how most of them approach a stranger. For instance, a light-skinned Westerner wearing a suit will command respect from the populace. This means that he or she will be treated well. However, this sort of respect may lead the Thais to withhold information and divergent views. Thais may not open up to such an individual.
Important Aspects that Travelling Investors Need to Know about Bangkok
When it comes to the working hours, the business hours in Thailand are similar to other countries. On Saturdays, many firms work half a day. Additionally, many Thais rarely request for business gatherings on Saturdays. Generally, keeping time does not worry Thais as it does to Americans. The dress code in work places is more of a formal Western style. It consists of shirts along with ties that serve as a standard for nearly all male employees. While attending most upper management business meetings, the participants will be in full suits.
The biggest challenge in conducting business in Bangkok lies in negotiations, payments and contracts. It is proper to note that few people understand the English language. This situation makes it difficult to negotiate different deals with Thai firms. Sometimes, those that can communicate in English do not have the knowledge of what an investor requires. When it comes to contracts, travelling investors should be cautious of the project to be undertaken. Getting a signature on the documents does not mean everything is done and dusted. Some of the contract elements may be ignored even if the Thai companies made much emphasis on them. The problem lies in the cultural difference. Whereas in the West people are taught how important it is to keep promises from an early age, Thais treat contracts as a show of intention. Additionally, being paid is another great challenge owing to numerous delays.
Where to Get Assistance on Conducting Business in Bangkok
Investors can get a great deal of assistance in conducting business in Thailand through different people and from several places. The first place to get help is the embassies, which usually have trade representatives.
Another place an investor can get assistance is business hotels and meetings. In order to be assisted from business hotels, it is advisable that an investor chooses a hotel located near the business. This is important because it reduces the time of travelling to and from meetings.
Bangkok’s location is strategic. It is considered as an air transport hub. Bangkok attracts regional business gatherings. This is because it is reachable from all the major cities across the world. The competitive hotel rates make it convenient for any businessperson. While Bangkok offers plenty of hotels to choose from, Center Point has premier locations and a gratifying customer service. An investor can also get help from books that provide advice on the cultural and legal aspects of conducting business in Thailand. Through the literature materials, an investor will be able to comprehend about the political factors, economic condition, legislation and available technologies in Thailand. The business lounges at Suvarnabhumi International Airport provide fantastic meeting rooms, free internet, and great food.