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Registration of new companies in tourism business continues its growth

The Ministry of Commerce of Thailand records an ongoing boom in the registration of new companies in tourism and related areas, somehow connected with the hospitality industry.

According to the latest data from the Department of Business Development, 7.4 thousand new legal entities were registered in Thailand in May 2023, which is 26% higher than in 2022 and is the highest level in 10 years. The total registered capital of new companies is 28.4 billion baht, which is twice as high as last year’s figure.

Most of the new firms were registered in real estate, construction and restaurant businesses. In the period from January to May, 40 thousand new companies were registered.

However, tourism and related industries showed the most significant year by year growth. For example, the number of registrations of currency exchange offices has grown fivefold, tour agencies have inncreased almost four times, and guide services have shown more than threefold growth. In the field of accommodation (hotels, condos, resorts), an increase of one and a half times was recorded.

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