Well over 90,000 new business registrations anticipated thanks to government measures like the 10,000-baht handout scheme.
Thailand is poised to set a new record for business registrations this year, with over 90,000 new companies expected thanks to supporting factors like the 10,000-baht handout scheme, the Commerce Ministry said.
The Department of Business Development reported that in the first half of this year, 46,383 new businesses were registered, marking a slight decline of 1.91% compared to the same period last year.
However, with an average of 7,700 new companies being registered monthly, the trend indicates ongoing economic recovery, Witthayakorn Maneenetr, Commerce Ministry spokesman, said on Monday.
The ministry expects a surge in new company registrations in the latter half of the year, potentially pushing the total beyond 90,000 to a new high of 98,000, he said.
“The Thai economy is seeing many positive signs, including growth in domestic consumption, tourism industry, and exports,” Witthayakorn noted.
In addition to the digital wallet scheme, which is expected to significantly boost domestic spending, the government is also supporting small and medium-sized businesses by reducing their costs and holding sales promotion events throughout the country.
The ministry has also held roadshows overseas to enhance the export sector and expand market opportunities for Thai entrepreneurs, he said.
“Thanks to continued support to the tourism industry during the low season, entrepreneurs are ready to welcome more visitors during the upcoming high season, including hotels, restaurants, transport and related businesses,” he said.
The department reported that the total registered capital of new companies registered in the first half of 2024 came in at 145.07 billion baht, dropping significantly by 66.15% year on year.
This drop has been put down to the merger of telecom giants True Corporation and Total Access Communication (Dtac) last year. Both companies had a registered capital of more than 100 billion baht each, Witthayakorn said.
In contrast, the number of dissolved companies fell by 14.91%, with 6,039 companies filing for dissolution and only four had registered capital exceeding 1 billion baht.
As of June 30, Thailand has 1,923,618 registered business entities with a combined registered capital of 30.19 trillion baht. Of them, 77.97% are limited companies, 21.87% are partnerships, and 0.16% are public limited companies.
Source: The Nation