Thailand named best country to start business for second year running
Thailand was named the best country to start a business for a second year by US News, Wuttikrai Leeveeraphan, director-general of the Commerce Ministry’s Business Development Department, said on Tuesday (August 25).
“US News & World Report recently released the names of best countries to start a business and Thailand topped the list for a second year running,” he said.
According to US News, the ranking draws from results of a global perceptions-based survey and ranks countries based on scores from nearly 6,000 business decision-makers in a compilation of five attributes: affordability, bureaucracy, low manufacturing costs, connecting with the rest of the world and easy access to capital.
“Starting a business in Thailand takes six days and five procedures, according to the World Bank. In 2019, Thailand made starting a business cheaper by introducing fixed registration fees,” US News said in its website.
Following Thailand are Malaysia, China, Singapore, India and the Philippines.
The list can be viewed at www.usnews.com/news/best-countries/best-start-a-business.
Separately, the World Bank’s 2020 Doing Business list ranked Thailand 21st for overall business practices and 47th for starting business.
The five procedures for starting a business in Thailand include: reserving a company name, putting capital in a bank, registering for new company, registering for value added tax and submitting employee registration.