10 Reasons Why Buying a Business in Phuket is a great choice
With Phuket Business Broker
Let’s start with the basics:
- The weather is fantastic! With over 300 days of Sunshine, an average high temperature of 31C and an average low temperature of 24C. An offshore breeze of around 3 Knots daily. Sea temperatures average 29C. There is only a 2-degree difference from the coolest month (December and January) and the Hottest Months (April to July).
- There is a lot of things to do. There is a large diverse Expat Community. The Population of Phuket is Approximately 380,000 people and of those nearly 10% are Expats. English is widely spoken and all traffic signs are in English. There are many diverse cultural events and activities. From Surfing to Salsa, hiking to theater, there is something for everyone.
- It’s a very low cost place to live! Food costs are very low. A bowl of Noodles with Pork is only 40 baht ($1.20). Average food costs for a family of four people is approximately 5000 baht ($140) per week. A three-bedroom villa will a swimming pool can be found for as little as 35,000 baht ($1000). A nice one bedroom can be found for as little at 7000 baht ($200). There are no heating costs. Air Conditioning/electric is the most expensive utility and would average around 3500 baht ($ 100) for a family of four. Water is very inexpensive. Internet is stable and relatively fast. You can get 30mb fiber optic service for around 1000 baht ($29) per month. Western foods are widely available. Fresh sea food and vegetables are inexpensive options and offer great selections.
No why to buy a business in Phuket?
- Taxes are low. With business tax ranging from 10% to a high of 30% it’s a low cost environment for businesses. A Business in Phuket has a distinct cost advantage over western countries.
- Licenses, covenants and restrictions to business are low. The 2012 survey by the world Bank ranked Thailand the 17th easiest place to do business in the World.
- A very diverse work force. A high number of Thai citizens have a post-secondary education. An increasing number of younger Thais are choosing to study abroad. Labor costs are low. The Average starting salary for a college graduate is around 22,000 baht ($630) per month.
- Phuket is one of the largest Tourist destinations in the world. Phuket gets nearly 30 million tourists a year. It ranks annually in the top 30 destinations in the world. This affords a large number of possibilities to service expat visitors to the island. Buying a Business in Phuket in this area is a popular choice for Expats.
- Strategic Location. Travel, transportation, and infrastructure are very good. Phuket is a regional airport and its very cost effective to fly. There are several low cost airlines providing service to Phuket as well as international flights from the major carriers. Bus transportation is available from Phuket to all of Thailand and to neighboring country destinations. Streets in Phuket are good and traffic is very low(with a few bottle neck exceptions in the tourist areas.) Phuket has a deep water port and offers import an export options. The infrastructure allows ease of movement in goods and services.
- Low cost office space and low cost rental factors for business addresses. The cost of office space is one of the lowest in Asia and far lower than western cities. This offers many potential businesses a distinct advantage when competing in a global market. There are a large number of options of space available. Most businesses with find it relatively easy to find a suitable work space. Costs in Phuket are a fraction of What Bangkok will cost for an office space.
- Hard work pays off quickly. The Thai culture is very open and casual. Personal relationships with others are highly valued. Work life balance is very important to Thai persons. Thailand has not developed the level of competition in business compared to western countries. Often if a Thai person makes a fair living that is enough for them. This more relaxed culture affords some distinct opportunities. For those persons who are focused on success both via hard work and technology there are opportunities to outpace the competition. Also Thai culture is slow to change and slow to adapt. For those persons who are able to quickly take advantage of markets there is a great opportunity.
Phuket Business Broker is your top source for information on Buying a Business in Phuket.
Please contact us today with any questions about doing business In Phuket.