US News recently announced its annual Best Countries rankings. The report is designed to help measure how countries around the world are perceived in different categories. This year, Best Countries named Thailand as the best country to start a business in 2017.
The news came as no surprise. Thailand also earned the same award last year, making this year’s award their second one in a row. Thailand also ranks fairly well in other categories according to the full list by the US News website.
A Thorough Evaluation
Best Countries is an annual report that evaluates 80 countries in total. US News further divided its rankings into 24 categories, including specific ones such as Best Countries to Travel Alone and Best Countries for Transparency.
The evaluation is nothing short of thorough. All 80 countries are ranked based on several metrics, including inputs from more than 21,000 global citizens as well as a look into 75 dimensions with the potential of improving the nation’s economy. The list itself is used by many other publications as soon as it is announced.
Best Country to Start a New Business
One of the many things that Thailand offers to new businesses is a favourable tax environment, according to the US News survey. The country was able to drive more investments in various sectors thanks to its healthy tax policies and the economy in general.
Safety is another primary factor that makes Thailand the perfect destination for new businesses. The country is easily connected to the rest of the world and offers sufficient infrastructure to support different businesses.
The manufacturing sector is the most popular sector in Thailand for new businesses. The country may have strong agriculture roots, but it is the manufacturing industry that is helping to shape the future of Thailand.
Labour and manufacturing costs are kept at a competitive level and the lack of bureaucratic complications makes Thailand a prime destination for companies thinking about setting up a manufacturing line in South East Asia.
Good Business in General
It is not difficult to see why Thailand is a suitable country for new businesses. Even simple things such as staging a business meeting in Thailand are easy. There are hotels and facilities ready to accommodate expats and investors visiting Thailand or working in the country.
Business is not the only strong suit of the country either. Thailand also ranks 4th for adventure, which is also not surprising considering the country’s vast growing tourism industry. At the same time, it is the 8th best country for those traveling alone.
Thailand ranks 38th for government transparency. This last ranking may come as a surprise due to the fact that most South East Asian countries are famous for their bureaucratic issues. 38th is a very respectable rank indeed; it shows how serious the government of Thailand is when it comes to establishing an attractive environment for new businesses to succeed.
Are you interested in setting up a venture in Thailand? There are only several steps to complete to make that happen. After all, it is the best country in the world to start a new business.