Economic slowdown drags new business registrations down 22% in November

Poonpong Naiyanapakorn, Director-General of the Department of Business Development (DBD) under the Ministry of Commerce, said Thailand recorded 5,554 new business registrations in November 2025. That was down 22% month-on-month from 7,165 in October 2025, a fall of 1,611. Compared with November 2024 (6,266), registrations were down 11%, or 712.

Total registered capital stood at 14.86 billion baht in November. This was down 32% month-on-month from 21.78 billion baht in October, a decline of 6.92 billion baht, and down 39% year-on-year from 24.22 billion baht in November 2024, a fall of 9.36 billion baht.

The figures, he said, reflect a broader economic slowdown. However, the DBD identified three business categories showing notable growth compared with November 2024:

• Hotels, resorts and condominium businesses: 1,339 registrations, up 428 (46.98%), with registered capital of 12.88 billion baht, up 9.48 billion baht.
• General wholesale trading on a commission/fee basis: 1,426 registrations, up 437 (44.19%), with registered capital of 2.75 billion baht, up 577 million baht.
• Transport and cargo handling, including passenger transport: 1,876 registrations, up 415 (28.41%), with registered capital of 2.84 billion baht, up 531 million baht.

Business closures totalled 2,494 in November 2025, up 9% month-on-month from 2,298 in October, but down 13% year-on-year from 2,852 in November 2024.

Over the past five years (2020-2024), the ratio of new registrations to closures averaged 4:1. For January-November 2025, the ratio improved to 5:1, which the DBD said indicates an overall positive trend and sits clearly above the five-year average.

As of November 30, 2025, Thailand had 2,044,893 registered legal entities with total registered capital of 31.73 trillion baht. Of these, 970,081 entities were operating, with total registered capital of 23.32 trillion baht, comprising:

• Limited companies: 770,906 (79.47%), registered capital 17.27 trillion baht
• Limited partnerships and ordinary registered partnerships: 197,671 (20.38%), registered capital 0.43 trillion baht
• Public limited companies: 1,504 (0.15%), registered capital 5.62 trillion baht

By sector, the largest share of operating entities was in services (526,117, registered capital 13.60 trillion baht), followed by wholesale/retail (318,212, 2.62 trillion baht) and manufacturing (125,752, 7.10 trillion baht)—accounting for 54.24%, 32.80%, and 12.96%, respectively.

Poonpong added that over the past 11 months, Thailand registered more than 80,000 new businesses, and the full-year figure is expected to meet the target of around 85,000.

“Business registration is one indicator of economic conditions. This year we faced an earthquake, natural disasters, and a conflict with a neighbouring country, but keeping the economy at this level is satisfactory—though ideally, growth should be stronger,” he said.