Nonthaburi, Director-General of the Department of Business Development reveals that in the first 2 months of 2024, newly established businesses registered capital exceeding 45 billion baht, with the 3 most popular businesses being the most established. General building construction Real Estate and Restaurants Restaurants account for nearly 20% of all business establishments. Meanwhile, e-commerce businesses, not least, established 479 new businesses as a result of the strict measures of the Revenue Department. Resulting in a total of 98,000 new cases established throughout the year, or a growth of more than 15 percent. Mrs. Oramon Sapthaweetham Director General of the Department of Business Development The Ministry of Commerce revealed that 'The start of a new era in 2024, Thai businesses are continuing to move forward with business registration. The Department of Business Development estimated that In the first quarter of 2024, there will be 23,000 - 27,000 registrations and it is expected that 2024 will be the year that both Thai and foreign businessmen will continue to be interested in traveling to invest in Thailand. This is the result of a variety of supporting factors, such as private sector consumption expanding. The export sector has begun to recover. Large government economic infrastructure investment projects (Mega Projects) have returned to progress continuously. After delays and disruptions during the COVID-19 outbreak, including policies to promote the economy according to the new economic model Bio-Circular-Green Economy or BCG Model that results in related businesses growing as well. In January - February 2024, there were 17,270 new businesses established nationwide, with a total registered capital of 45,794.41 million baht. Compared to the same period of 2023, business establishment registrations increased by 267, or an increase of 1.57%. Total registered capital increased by 5,807.51 million. baht or an increase of 14.52% (January - February 2023, 17,003 registered businesses, capital 39,986.90 million baht) by January - February 2024, the top 3 newly registered businesses are: 1) General building construction business, 1,378 businesses (7.98%) Registered capital 3,020.09 million baht (6.59%) 2) Real estate business 1,311 cases (7.58%) Registered capital 5,275.20 million baht (11.51%) and 3) Restaurant business 743 cases (4.30%) Registered capital 1,374.09 million baht (3.00%) While businesses that ceased operations in January - February 2024 numbered 1,898, with a total registered capital of 6,361.29 million baht, compared to the same period of 2023, registrations to cease operations decreased by 268, or a decrease of 12.37%, total registered capital decreased by 846.37 million baht, or Decreased 11.74% (January - February 2023, 2,166 businesses were registered to cease operations, capital 7,207.66 million baht) by January - February 2024, the top 3 businesses that ceased operations were: 1) General building construction business, 192 cases (10.12%) Registered capital 446.51 million baht (7.02%) 2 ) Real estate business 100 persons (5.27%) Registered capital 409.83 million baht (6.44%) and 3) Restaurant/restaurant business 71 persons (3.74%) Registered capital 185.90 million baht (2.92%) Currently (information as of February 29, 2024) there are businesses operating throughout the country. There are a total of 905,544 companies with a total registered capital of 21.86 trillion baht, divided into 1) 703,449 limited companies (77.68%), 2) 200,644 limited partnerships/ordinary legal partnerships (22.16%), and 3) 1,451 public limited companies (0.16%). As for January-February 2024, foreigners are allowed to invest and do business in Thailand. Under the Foreign Business Act B.E. 2542, 109 cases were investments through the channel of applying for foreign business licenses, 37 cases and requesting foreign business certificates. (via investment channels according to the investment promotion law or is permitted according to the law on the Industrial Estate Authority of Thailand and exercising rights according to treaties or international agreements) 72 people, total investment of 26,542 million baht, employing 564 Thai people, with the top 5 foreigners who come to invest are: 1) Japan 31 cases (28%), investment 15,930 million baht (60%) 2) Singapore 18 cases (17%), investment 1,760 million baht (7%) 3) United States 15 cases (14%), investment 959 million baht (4%) 4) China 11 cases (10%), investment 892 million baht (3%) and 5) Hong Kong 7 cases (6%), investment 621 million baht (2%) An interesting business with a significant increase in business registrations is e-commerce or Internet retail business. Between January - February 2024, there were 479 new business registrations with a total registered capital of 555.06 million baht, accounting for 2.77% and 1.21% when compared to the number and value of registrations for 2 months (January - February). In the same period of 2023, it was found that business registrations increased by 116, or an increase of 31.96%, with registered capital increasing by 137.43 million baht or an increase of 32.91% (January-February 2023, 363 e-commerce business establishments registered, registered capital of 417.63 million baht) Cause It comes from an announcement from the Revenue Department that requires electronic platforms to have a special account that must be created and submitted to the Revenue Department. And from such measures, it is expected that there will be more e-commerce businesses registering new businesses. It is to encourage more Thai businesses to enter the system. It is expected that from many reasons the Thai economy is about to recover, it will cause the number of registrations in 2024 to grow accordingly. The total number of registrations in 2024 will increase by 5-15 percent, or definitely more than 98,000 income. Source: Thai News Agency