Number of newly-established businesses in Thailand hit a 10-year high in 2023

Thailand recorded a total of 85,300 companies registered as new businesses in 2023, the highest number in a decade, with combined registered capital of over 560 billion baht (over 15.72 billion USD).

In its “2023 Thailand Investment Report” published on January 26, the Department of Business Development under the Thai Ministry of Commerce said 29% of new businesses were set up in Bangkok (25,120 companies), while the rest (60,180 companies) were in other provinces.

The central region reported the highest number of new business registrations at 17,581 companies (20.61%), followed by the South (11,675 companies, 13.69%), the East (10,948 companies, 12.83%), the Northeast (8,942 companies, 10.48%), the North (8,604 companies, 10.09%), and the West (2,430 companies, 2.85%).
 
In Bangkok, the top five businesses that saw the biggest jump in new registrations from last year are operating in electronic manufacturing, entertainment venues, bakeries, games and toys, and employment services.

In provincial areas, the top five new businesses that saw the biggest increase over the previous year were motorcycle parts wholesale, motorcycle rental, currency exchange, marine transport, and technology education.

The department estimated that the number of new companies in Thailand could reach 95,000 in 2024, increasing 5-10% year-on-year./.

VNA