|
|
Positive Changes for Thailand Lawyers with Tourism Boosting Laws
Amid reports that the current slump in hotel occupancy may last two more years, until the end of 2011, and the immediate possibility of further protests by red shirts in the end of 2009, the tourism sector has been putting up what barriers it can lately.
Thailand lawyers have been advising on bankruptcy and property transfers more than anything positive. However, the tide is beginning to turn for the country's accommodation businesses, restaurants and markets, with the government announcing a raft of new Thai laws in recent months aimed at supporting the tourism trade to help it come out the other side of the crisis with infrastructure and Thai ownership intact. We review the recent changes in Thai law for tourism operators.
One of the main tasks of law firms in Thailand with regard to tourism lately has unfortunately been assisting with liquidation and payment of creditors. The government recognizes that these business failures are ultimately not in the interests of the industry generally, and has announced that the SME Bank of Thailand will have TB5 billion available in loans for businesses not exceeding TB200 million.
The first year of lending is available interest free, and very attractive interest is available thereafter. Thai law sets the rates for these loans at the nominal lending rate minus 3%. Borrowers with no collateral will also be able to access the loans, with the Small Business Credit Guarantee Corporation acting as guarantor and charging a .25% fee.
There is actually a huge range of monetary measures in place for tourism businesses, and corporate legal services in Thailand are preparing to explain the avenues that will best suit their clients. In some cases, seemingly unimportant measures may have quite a large impact. For example, Thai tourism businesses will be re-categorized as low-risk. The activity has no impact in itself, but actually makes a huge range of other survival measures possible.
There will also be waivers and bonuses such as tourism employers and employees being exempted from making social security contributions, delaying the collection of hotel operation fees, and reducing the entrance fee for national parks. The tourist visa fee which was scrapped some time ago will remain at zero for the present, according to Thai legal services.
The government has also introduced some measures it dubs 'environment development measures', and while the focus of these is somewhat different that the name suggests, they will also do much for long-term sustainability of tourism in Thailand. Tourism areas will be standardized and have better sanitation, and local safety and security regulations for tourists will be improved. Even small local businesses may need to check with their Thai business law expert to ensure the changes do not affect them.
Eco-tourism measures have not been ignored in the discussion about Thai tourism sustainability. The WWF (World Wide Fund for Nature) will offer loans to hotels with green credentials only, and the German ambassador to Thailand has stated that businesses that do not consider their impact on the environment in terms of waste management, sanitation and water supply.
|
 |
Please Rate: |
|
Rating: |
 Processing ... |
(Average: Not rated) |
| Views: | 21 | |
|
| More Articles from Law | | |
| Top Articles in Law | | |
|
