First, Understand The Culture

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TAKEAWAYS

• Manage your own expectations when it comes to managing local talents or business partners. People and processes will be different from what you are familiar with.
• Invest time and effort to build meaningful relationships. Who you know often matters more than what you know.
• Take the time to understand the country’s rich history and culture as they shape the country and its people.

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It’s been almost four years since I arrived in Bangkok, in the midst of the COVID-19 shutdown. Perhaps it was the “empty nest” syndrome that drove us here, but after 15 years in Hong Kong, we figured it was time for a fresh challenge. Thankfully, I have a family that is supportive and accustomed to my nomadic professional journey over the past 30-plus years, with stints in Seoul, Jakarta, Manila and Kuala Lumpur being some of my other transit points along the way.

Having lived and worked around the region, coupled with my Asia-Pacific remit in previous capacities, I have had the privilege to immerse in the regional and cultural nuances and intricacies of doing business in various jurisdictions. This has helped shape me. And, with all that “som tum” I get to enjoy daily, that shape is closer to a barrel than a six pack now!

ISCA’s initial foray into The Land of Smiles kicked off with a networking dinner at the Millennium Hilton Bangkok Hotel back in November 2023, which coincided with the annual Loy Krathong Festival. Soon after, in December 2023, the Thailand Chapter of ISCA took shape with the primary focus to create awareness of the ISCA brand and membership in Thailand’s accountancy landscape, and to spearhead ISCA’s initiatives locally.

Thailand is an interesting proposition, whether for business or employment. It would be naïve, and extremely challenging, to try to surmise and encapsulate everything within this short article. The language barrier aside, if I had to share a few highlights, they would be:

• Manage your own expectations when it comes to managing local talents or business partners vis-à-vis the local “sabai sabai” and “kreng jai” cultural values.
• Invest time to build deep and meaningful relationships. Often, it’s the “know who” than the “knowhow”.
• It helps if you invest time to understand Thailand’s rich and colourful history and culture, to understand what shapes the current-day Kingdom of Thailand and its people.

For businesses considering market entry into Thailand, one of the most common queries centres around foreign ownership in a juristic person (the local jargon for a company or corporation). In general, I would say that Thailand is relatively restrictive when it comes to certain industries or businesses, but very welcoming if it relates to one of the many promoted sectors that the government-of-the-day wishes to encourage and attract. Hence, barriers are up when it comes to, say, services or retail, while 100% foreign ownership is possible if it falls under an exemption category or one of the many Board of Investment (BOI)-promoted sectors, such as renewable energy, software development, data centres, automotive and electric vehicles (EVs), to name a few. Thus, setting up a business in Thailand can at times be an arduous and long-drawn affair.

The regulatory and oversight landscape has shifted in recent years as well. The workaround solutions of the past may no longer be relevant today. Thus, it is highly imperative that businesses ensure they have the right corporate structure and governance framework to minimise risks of future complications. And, this is one of many areas where ISCA members can be at the forefront!

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Dyland Mah, CEO of Vistra Thailand and Vietnam, is Chairperson of the ISCA Thailand Chapter. He is a professionally trained chartered certified accountant and holds several professional qualifications, including Fellow of the Association of Chartered Certified Accountants.