New business registrations rose 7% year-on-year in the first quarter, spurred by rising domestic consumption and the government's investment in megaprojects.
According to Kulanee Issadisai, director-general of the Business Development Department, the number of new business registrations totalled 20,049 in the first quarter.
Registered capital, however, fell by 13% year-on-year to 60.83 billion baht in the period.
"The Thai economy remains on course for continued growth, driven by rising construction from infrastructure megaprojects, which are expected to proceed well this year, as well as growing exports and tourism," Mrs Kulanee said. "The government's aid package to low-income earners through the smart card scheme is also helping boost domestic consumption."
The cabinet in January approved 35.7 billion baht for the second phase of the welfare scheme, aiming to raise 1 million people out of poverty.
Some 5.3 million out of 11.4 million recipients of the government's welfare and subsidy scheme are living below the national poverty line, earning less than 30,000 baht a year.
The second phase will see the government allocate 35.7 billion baht to finance 34 projects that aim to raise the income of low-wage earners.
Mrs Kulanee said the department remains confident that new business registrations will reach 75,000 this year, due to trade and services expansion and growing small and medium-sized enterprises (SMEs).
The department reported that new business registrations in March totalled 6,728, up 1% from 6,772 in the same month last year. The total registered capital of new companies fell 5% to 25.25 billion baht from the same period of last year.
The top three categories with the most new firms registered in March included building construction, property and restaurants, while closed businesses were firms in building construction, property and management consultations.
"New business registrations over the next few months will be driven largely by SMEs," Mrs Kulanee said.