New business registrations at a 10-year high in 2023

The year 2023 saw a significant increase in new business registrations in Thailand, reaching over 85,000, with a total capital of 560 billion baht, according to a NNT report.

• Thailand experienced a significant surge in new business registrations in 2023, driven by economic recovery, government stimulus measures, and large-scale infrastructure projects.
• The service sector, particularly in general construction, real estate, and restaurants, dominated the new business registrations, indicating a diverse entrepreneurial landscape.
• Foreign investment in Thailand was substantial in 2023, with Japan leading the way, and the Business Development Department anticipates further growth in new business registrations and foreign investment in 2024.

This surge was driven by the country’s economic recovery, government stimulus measures, and infrastructure projects. The service sector dominated the new registrations, with general construction, real estate, and restaurants being the top categories.

The Department of Business Development has reported a 12% increase in new businesses and a 31% rise in registered capital compared to the previous year, with the service sector leading in new registrations, especially in general construction, real estate, and restaurants.

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Foreign investment also played a substantial role, with Japan being the leading investor. Looking ahead to 2024, the Business Development Department expects further growth in new business registrations and foreign investment.