Unanswereda year ago
What are the legal requirements and challenges for foreigners wanting to open a currency exchange business in Thailand?
Hello everyone, I am thinking to open a currency exchange shop business in phuket. I doon't have any experience in this business. Still I am confident I can do this.
Is there anyone who is already doing this business here? Or have experience in this?
I have so many doubts regarding this business
Is there anyone who is already doing this business here? Or have experience in this?
I have so many doubts regarding this business
Summary so far
The original poster is considering opening a currency exchange shop in Phuket without prior experience in this business. The community responses highlight significant legal and practical challenges, including the requirement for foreign partners to own only 49% of the business, the necessity of obtaining a license from the Minister of Finance, and the importance of understanding local business laws. There's a general sentiment of skepticism regarding starting a business in a foreign country without relevant experience, with suggestions to conduct thorough research and consider existing competition, such as established currency exchange services. The conversation also touches on the cultural hurdles and the financial implications of such a venture.
55 repliesnewest first
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ทิม ************
@Tassaneeya *********
u could do some business consulting?Holger **************
I thought all Indians have Tailor Shops in Thailand 🤣
Андрей **********
This is very interesting if you don’t have experience in this business how will you work?
Nitesh ******
How can you even think of doing the business where you dont have any knowledge and that too in thailand ? most of the indians started their restaurant business without having full experience about it & they had to sell it off at a loss within one year of minimum rental contract of the place. if you really wanna loose your money then you are welcome to thailand 🥳🥳🥳
Sagar ********
OP@Nitesh *****
what work you do in Thailand?Nitesh ******
@Sagar *******
i am a CA broSagar ********
OP@Nitesh *****
Are you doing accounting in Thailand?
Martin *********
Go for it, it'll be fine, trust me on this.
Greg *********
Is it just that you don’t have funds to stay in Thailand? We could all understand that. No shame in saying it.
Sagar ********
OP@Greg ********
I have a well established Snacks business in India. But those snacks are liked by Indians only. Otherwise I would have started that business here. I like Thailand so I am planning to move here.Andrew ********
@Greg ********
him opening a currency exchange would mean he is here with capital to open a buisness do you have any idea how much renting a building is ?Holger **************
Sell Fake Bills...you will make a Fortune in short time ...but also in prison within short time😅
Sagar ********
OP@Holger *************
I saw so many currency exchange shops giving fake bills. I hope everyone here noticed that
Jae **********
Bro you can easily just ask ChatGPT
Sagar ********
OP@Jae *********
haha everything is easy for Chatgpt
Dave **********
In Thailand, owning and operating a currency exchange business requires a license from the Minister of Finance, and all foreign exchange transactions must be conducted through authorized entities. This includes commercial banks, authorized money changers, and money transfer agents.
Elaboration:
Licensing Requirement:
Any individual or entity wishing to conduct business related to foreign exchange (including buying, selling, or exchanging foreign currencies) must obtain a license from the Minister of Finance, according to Thailand's Currency Exchange Control Act.
Elaboration:
Licensing Requirement:
Any individual or entity wishing to conduct business related to foreign exchange (including buying, selling, or exchanging foreign currencies) must obtain a license from the Minister of Finance, according to Thailand's Currency Exchange Control Act.
Rafal *************
I even have a problem opening a corporate bank account after setting up a company. Bangkok Bank refused because the shareholders are foreigners.
Alan *********
You will need software and you will need a way to securely transfer physical cash in and out of the booth. It's also a regulated business so somehow you will need to be approved by the right government agency
Sagar ********
OP@Alan ********
Thank you for your time to write and Advice 🙏
Shxhin ********
No need of any partnership, you can start business alone also , but there are specific agencies only they have strong network in Thailand and they are paying big amount of tax to government, we can start private like we do in India " AANGADIYA PEDHI" "HAWALA" something like that but can you give better price than SUPERRICH? think twice
Sagar ********
OP@Shxhin *******
dm you on Instagram.Shxhin ********
@Sagar *******
ok bro
Ron ****
There are lots russian shops, not sure how successful they are
Sagar ********
OP@Ron ***
yeah I am looking for such people to tell me exactly. How's this business in realityAndrew ********
You can open it run it but you can't work it unless you have a work visa i would suggest consulting a lawyer first on this.
But I would recommend you keep to what you know
But I would recommend you keep to what you know
Sagar ********
OP@Andrew *******
Thank you for your time to write and Advice 🙏Andrew ********
@Sagar *******
my pleasure, if you wish to open buinsess you will need around buinsess visa
Gary *********
Sure, go ahead 🙄 what could possibly go wrong 🤔
Trevor **********
If you don't have any experience in any business, opening up in a foreign country is extremely foolish. Do your research!
Sagar ********
OP@Trevor *********
I feel it's better to do this business rather than opening an restaurant. Everyone is doing same
David *******
A few questions and suggestions;
1 - Have you spent some time in Thailand learning the culture and how business operates here.
2 - Can you speak the language - Thai
3 - Do you have experience operating any business
4 - Do you have experience in foreign exchange transactions and converting cash
5 - Are you hoping this can facilitate money laundering 😮
6 - Have you prepared a basic business plan covering an analysis of existing business in this field, how you would compete, what legislation and licensing you need to follow, your financial projections (including income, expenses, profit expected, initial capital to get started)
Once you can answer all these in the affirmative you can ask your question again
1 - Have you spent some time in Thailand learning the culture and how business operates here.
2 - Can you speak the language - Thai
3 - Do you have experience operating any business
4 - Do you have experience in foreign exchange transactions and converting cash
5 - Are you hoping this can facilitate money laundering 😮
6 - Have you prepared a basic business plan covering an analysis of existing business in this field, how you would compete, what legislation and licensing you need to follow, your financial projections (including income, expenses, profit expected, initial capital to get started)
Once you can answer all these in the affirmative you can ask your question again
Bob ********
1st rule of business - stick to something you know.
Wayne *****
FFS, another idiot.
Jay ********
You will need a license
I would say impossible for an individual to get
Good luck
In this case I recommend Googling first before asking opinions
I would say impossible for an individual to get
Good luck
In this case I recommend Googling first before asking opinions
Marney ********
Are you Thai?
Or have a Thai Partner?
Or have a Thai Partner?
Sagar ********
OP@Marney *******
I am not Thai. But I do have a Thai partner
Jeremy ********
It’s probably a prohibited job for foreigners. Brokerage or agency work, except brokerage or agency working in international trade or investment
Michael **********
@Jeremy *******
plz educate me but isn't exchanging money international trade?Jeremy ********
@Michael *********
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Kenny *****
Most tourist or locals would go to Superrich for exchange, not sure how a new exchange shop could compete.
Sagar ********
OP@Kenny ****
Superrich is not operational in Phuket)Sagar ********
OPI had a conversation with Superrich they don't want to open their Franchise in Phuket.
Eden *******
Opening and running a business when you have never worked in the industry is not a good business move, opening in a foreign country doubles the recipe for disaster. Ask yourself why you want to open this, do you have the skills required, have you run a business before, can you lead staff, can you lead staff in a different culture with a language barrier etc, do you want to learn about setting up legally, taxes etc. From the outside people think it's easy to set up businesses, running them is different, I wish you luck, but really do your research before proceeding.
Robbie *******
Are these posts being made by a circus clown 🤡.
Gary **********
What you crazzy. You got no chance if you jot Thai.
Brandon ************
You need to do research about business laws in Thailand. As a foreigner you cannot own any business. You can only own 49% of a business, and Thais must own 51%.
Lna ******
@Brandon ***********
this is all bull schit you open one societe whit 7 thai you buy the action from dem and bye bye the society is your and ewery body now it. And i guess you now it too
John ****
@Brandon ***********
if you’re an American this isn’t true. Americans can own 100%
Sagar ********
OP@Brandon ***********
Thank you so much for your time. Yes you're right. I am gathering information about it. And yes I know about 49-51% ownership.I am looking for more details about this business. If it's really profitable or just a hype. Most of the foreigner open a restaurant and then sell it after one year.
Betty *********
@Sagar *******
ask yourself , do you really believe you can do this , it's like opening a bank , you have to have a license from the Thai ministry of finance !!!!
Nongnuch ********
@Sagar *******
if you knew the true scale of crashed business dreams of foreigners in Thailand, I guess you would want to take a beach or varanda chair and start gently rocking, and keep yer fingers off any businesses in ThailandActivity
34 joined34
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