New business registrations hit a 10-year high in 2023
A total of 85,300 companies have registered as new businesses in 2023, the highest number in a decade, with combined registered capital of over 560 billion baht, the Department of Business Development said.
In its “2023 Thailand Investment Report” published on Friday, the department cited data from its DataWarehouse+ platform that 29% of new businesses were set up in Bangkok (25,120 companies), while the rest 71% (60,180 companies) were in other provinces.
The Central region recorded 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%).
The department said all regions saw increasing new business registrations in the past year, except for the Northeast.
The report said the top three businesses that saw the highest number of new registrations in Thailand were: property, building construction, and restaurants.
In Bangkok, the top five businesses that saw the biggest jump in new registrations from last year were: 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.
It also forecast that the following businesses would see a rising trend this year: Innovation and technology products, environmentally friendly products and services, and senior care services.
