In a bid to serve Korean investors seeking investment opportunities in the Thai market, Mazars in Thailand, a leading international audit, tax and advisory firm, has recently set up a Korean Desk to provide business consultation, tax consulting and legal advice to Korean enterprises wishing to expand their businesses in Thailand.
In line with this strategic expansion, Mazars appointed Ms. Jungmin (Susan) Park as the Head of the Korean Desk at Mazars in Thailand. Susan worked for Mazars in Korea for a long time before joining Mazars in Thailand. Thus, with her experience working in both countries, she can provide professional support to Korean enterprises considering business expansion in Korea and Thailand.
Ms. Park noted that Thailand is considered a very attractive market for Korean businesses. As the second-largest economic power in ASEAN countries and the fourth-largest GDP in ASEAN per capita, Thailand is the most attractive country in the region in terms of its population and purchasing power.
“There are several other good things about doing business in Thailand, including the geopolitical advantage, as the country is located at the centre of the Indochinese peninsula, a hub of infrastructure in the region. Furthermore, the country can be utilized as a bridgehead to enter other ASEAN countries through its land and sea routes.”
“Moreover, the country has recently been promoting ‘Thailand 4.0’, a mid- to long-term national development plan for cultivating major targeted industries, including next-generation automobiles and biofuels, based on information technology. Therefore, many opportunities are available for Korean enterprises, who can play a greater role with world-class technical ability in many sectors, such as the bio-circular-green (“BCG”) economic model, the electrical vehicle industry, smart cities and digital industry. These developments have allowed room for business growth,” added Ms Park.
Despite such an advantage, Korean enterprises still find it difficult to enter the Thai market. From their point of view, it is not easy to set up businesses in Thailand because the market has been dominated by several developed countries, including Japan, European countries, the US and China has also begun investing aggressively in Thailand.
Furthermore, while it is easy to access the latest information related to Thai business in English and Japanese, it is difficult to find such information in Korean. There are also not many experts, including CPAs, tax professionals and lawyers, who are capable of supporting Korean companies in Korean.
“This is why Mazars in Thailand established the Korean Desk, to provide Korean enterprises with the accurate, up-to-date and valuable information they need to compete with other international companies on an equal footing,” Ms. Park stated.
One of the key benefits that Mazars in Thailand can offer its clients is the inclusion of Korean experts in its multinational composition, which allows it to serve as a bridge between businesses operating in Thailand, Korea and overseas affiliates.
Mazars in Thailand will start by researching optimal investment forms, reviewing Thailand’s investment laws, as well as the equity structure for Korean investors, then provide support for incorporation into the most suitable type of entity, as well as provide support with Board of Investment or foreign business licence needs, if necessary.
“We also provide tax consulting ranging from general business-related tax issues to international taxation, include transfer pricing. Of course, we also provide accounting outsourcing and payroll services, audit services, including financial, IT and internal audit and financial advisory, including M&A transactions, valuation and restructuring. All of these services are customized to fit the needs of our Korean clients. Furthermore, we can provide consulting for the integrated management of businesses in both countries through the cooperation of Mazars in Thailand and Mazars in Korea,” Ms. Park said.
At present, Mazars has more than 44,000 professionals in more than 90 countries and territories. Mazars in Thailand currently has more than 300 professionals providing audit, accounting, legal, tax and financial advisory services, combining the benefits of an integrated global partnership with the entrepreneurial drive of its partners.
Mazars operates as one team, taking a collaborative, integrated approach that allows it to deliver consistent and personalized services to its clients – large and small – across all sectors and geographies. It provides tailor-made services in response to the local and global needs of its clients.
Setting up the Korean Desk at Mazars in Thailand is viewed as an important step to fostering business ties between Thais and Koreans. However, there is no guarantee of investment success. From Mazars’ point of view, if the Thai government makes an effort to attract Korean enterprises to help achieve ‘Thailand 4.0’ and the BCG economy, it will be a turning point in the growth of both countries.
“I have no doubt that Thailand and Korea will become better partners and take a new leap forward as a global centre by achieving sustainable development together if the efforts of the governments and private communities of the two countries are combined. The Korean Desk at Mazars in Thailand will continue to provide active and detailed tailor-made services to Korean companies to help them invest actively and do business successfully in Thailand for the prosperous future of both Thailand and Korea,” Ms. Park concluded.
Bio - Khun Susan: https://www.mazars.co.th/Users/Our-team/Susan-Park
Korea Desk webpage: https://www.mazars.co.th/Home/Services/International-services/Korea-desk