New business registration is expected to outstrip the government target this year, driven by the country's economic recovery.
Thosapone Dansuputra, director-general of the Business Development Department, said the business sector believes the Thai economy is moving in the right direction, with economic activities returning to normal.
"The department expects new business registrations in 2022 to total 76,000, exceeding the target of 68,000-72,000 and the 63,340 registrations issued last year," said Mr Thosapone.
According to department statistics, new business registrations tallied 72,480 in the first 11 months of this year, up 4.66% from the same period of last year, with registered capital increasing by 93.2% to 409 billion baht.
For the period, 16,096 firms ceased their business, up 18.2% year-on-year, with registered capital totalling 105 billion baht, down by 71%.
The top three new business registration categories were general building construction, real estate and restaurants. Restaurants ranked in the top three for new registrations for the 10th consecutive month, in line with the economic recovery, higher levels of travel and the country's reopening.
The department's recent study found restaurants, accommodation and travel booking services, Mice (meetings, incentives, conferences and exhibitions), pharmaceutical products, health and beauty services, and medicinal plants are sectors expected to have the brightest prospects during the latter part of this year and into next year, in part because people are more concerned about their health. Other sectors with good potential include bars and nightlife, e-commerce, frozen food, and the auto industry, particularly electric vehicles.
There are 852,395 businesses operating nationwide as of Nov 30, 2022, with a capital value of 20.7 trillion baht.
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