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Thailand: Registrations hit hard by health crisis
The coronavirus crisis has battered new business registrations, with the figures down 12% year-on-year in March.
Vuttikrai Leewiraphan, director-general of the Business Development Department, said yesterday that business registrations totalled 6,066 last month, down from 6,876 in March 2019. On a monthly basis, registrations fell 5% from 6,407 in February.
The amount of registered capital totalled 24.57 billion baht in March, up 38% year-on-year but down 19% from 30.29 billion baht in February.
The top three sectors for new business registrations in March were building and construction (579), real estate (370) and restaurants (157).
“Business operators may still wait and see about the impact of the deadly virus on the Thai and global economies,” Mr Vuttikrai said.
The number of businesses that ceased operations in March totalled 947, down 12% year-on-year but up 16% from February, with registered capital worth 4.52 billion baht, up 51% year-on-year but down 25% from February.
The top three sectors ceasing operations were the same: building and construction, real estate and restaurants.
For the first quarter, the number of business registrations totalled 19,415, down 6% year-on-year, with registered capital worth 71.13 billion baht, up 36% year-on-year but down 98.7% from 141.35 billion baht in the fourth quarter of 2019.
For the same period, the number of businesses that reported liquidation totalled 3,169, down 4% year-on-year, with registered capital worth 14.45 billion baht, up 45% from last year.
Before the outbreak, the department expected the number of new business registrations this year to stay in a range of 70,000-72,000.
Last year, the department reported new business registrations totalling 71,485, down 1% from 72,109 in 2018, with total registered capital of 327.46 billion baht, down 13% from 374.28 billion baht the previous year.
Source: https://www.bangkokpost.com/business/1909500/registrations-hit-hard-by-health-crisis