When it comes to a firm’s finances, accounting company in Thailand is necessary to make sure everything is in order. Surely the food and beverage industry of the country will need an accountant too with the increasing investment. As of writing, the sector has already received more than 1.6 billion USD worth of investments within four years starting from January of 2015 until December of 2018.
The investment was distributed into 262 projects which only proved how much confidence the investors have in the economy of the country especially its food resources and capacity to produce. One of the business that attracted foreign investments is Thailand Food Science Park which is found in the province of Pathum Thani.
Now, there are 32 companies that have pledged their investments to the food science park. BOI’s deputy secretary general, Chokedee Kaewsang, said that 11 of the foreign companies came from Singapore, United States, Taiwan, United Kingdome, Japan and Germany. The investments came from different companies like Suntory Food & Beverage, Austrianova, Bio Talk Technology of Thailand, ECOLAB, Zoetis, Emsland Asia Food Innovation Corp, TUV SUD from Thailand and Ueno Science Tech Laboratory.
He explained that the listed companies are focusing greatly on high value food, functional food as well as research and development with regards to health.
The food and beverage industry is already receiving momentum which prompted the government of Thailand to launch an additional of seven Food Innopolis which was constructed inside universities in the country such as Prince of Songkhla University, Mahidol University, Kasetsart University, Khon Kaen University, Chulalongkorn University, Chiang Mai University and King Mongkut University of Technology Thonburi.
In order to encourage foreign investments to come to the country, the government promised tax incentives along with a more efficient visa framework. This way the expatriates will no longer doubt about their status in the country.
The tax incentives will make things easier for accounting company in Thailand as it will lessen the burden from them. This will only be applicable to companies under three sectors – food and beverage, active ingredients and health food or supplements.