Floods see fewer start-ups

The Business Development Department yesterday reported that the number of newly registered companies in October dropped 22 per cent year-on-year to 4,520.

Deputy Commerce Minister Siriwat Kachornprasart said the flooding during the past few months had significantly damaged investors’ confidence in launching new businesses here.
However, the situation is likely to improve in the coming months, and that should boost the country’s growth next year, Siriwat said.
Sectors likely to see more start-ups include property development; housing repair and home decoration; car maintenance; electronic-appliance repair; and furniture trading, the deputy minister said.

The department reported that about 350,000 companies, or 70 per cent of total registered businesses, have been hit by floods in 31 provinces in the North, Northeast, East and Central regions.
The number of start-ups in October was down 30 per cent from September. New business registrations were up 16 per cent to 42,906 companies in the first 10 months of this year.
Combined initial investment for the period was Bt60.23 billion. By sector, construction, entertainment and property development topped the list of new registrations.

The number of business shutdowns increased significantly by 103 per cent year on year to 479 firms in October. A total of 4,886 firms shut down in the first 10 months of the year, up 36 per cent year on year.
A total of 506,081 companies and 915 public companies are registered in the Kingdom.