Thailand is well known for its tourism and the tourist sector has always been a major forex earner for the government. During last year further changes were made and anyone who had a travel agency stood to benefit.
Outside of rice Thailand has always been well known for its tourism sector. Being such a major earner of currency the Thai government made many changes during 2009 to keep the sector going and growing it by offering very lucrative offers to those in the trade. If you are in the tourism sector then you too might have seen the benefits.
If you were a small time tourism operator and your sales did not exceed 200 million Baht a year the Small and Medium Enterprise Development Bank of Thailand stood ready to offer you loans. These had to be repaid over a period of 5 years with the first year being a grace period. The interest rates were better than anyone else could ever offer. 3% below the minimum lending rate. Lets put it in a more Western manner – 3% below prime lending rates. If you did not have any property to offer as collateral the Small Business Credit Guarantee Corporation would under write your loan for you at a fee of 0.25% per annum. The government made available more than 5 billion Baht in loans. In real money that would total more than USD 142 million.
Tourism training was given double tax breaks, hotels got electricity discounted and tourists had been insured. If you missed all of this then that is because you do not have a solicitor who knows all of this and what it has to offer you as a businessman in the tourism sector of Phuket or for that matter anywhere in Thailand. Always ensure that you have a solicitor who has his finger on the pulse of changes in Thailand which stand to benefit your business. Speak to us toll-free from the US or the UK to get the latest changes in Thai law that could benefit you and your business.