Thai Company Formation Rebound From the 2023 Low, 2026
In short
Thai company formation has rebounded to 128,617 new registrations in 2025, as of 17 July 2026. That is 14.4 percent above the 2023 low of 112,461. It is also 85.1 percent of the 2021 peak of 151,205. Two straight years of growth make this a rebound, not a blip. The peak itself is still 22,588 registrations away.
How far has formation come back?
Most of the way, but not all of it. Thailand registered 151,205 new companies in 2021, the highest year in the series (DBD, 2026). Formation then fell to 119,923 in 2022 and to 112,461 in 2023. That was a drop of 25.6 percent from the peak. Since then the count has climbed twice. It reached 121,657 in 2024 and 128,617 in 2025. The 2025 figure is 85.1 percent of the peak and 14.4 percent above the low.
New company registrations by founding year, 2019 to 2025
- 2019111,284
- 2020122,427
- 2021151,205
- 2022119,923
- 2023112,461
- 2024121,657
- 2025128,617
Figures in new companies.
Full years only. 2026 is excluded because the year is still running.
The fall and the climb back
| Year | New companies | Change on prior year | Share of 2021 peak |
|---|---|---|---|
| 2,021 | 151,205 | +23.5% | 100.0% |
| 2,022 | 119,923 | -20.7% | 79.3% |
| 2,023 | 112,461 | -6.2% | 74.4% |
| 2,024 | 121,657 | +8.2% | 80.5% |
| 2,025 | 128,617 | +5.7% | 85.1% |
New registrations by founding year with change against the prior year and share of the 2021 peak, as of 17 Jul 2026.
Why this reads as a rebound
A blip is one good year that fades. This is two. The 2024 gain was 8.2 percent and the 2025 gain was 5.7 percent. Growth slowed, but it stayed positive. The 2025 count also sits 7.2 percent above 2022, the first year after the peak. And it beats 2019, the last year before the pandemic, by 15.6 percent. The 2021 spike looks like the outlier here. The level around it keeps rising.
Why this matters
Formation is the earliest signal the registry gives about business confidence. Founders commit capital before any financial statement exists, so a turn in new registrations can show up well before it appears in revenue or profit data. The turn is real, and it is incomplete. Anyone sizing new demand for accounting, banking or office services should plan on roughly 128,000 new companies a year, not the 151,000 of 2021. The remaining 14.9 percent gap is the number to watch in the 2026 full-year count.
Definitions
- Formation
- The number of companies newly registered in a calendar year, counted by founding year.
- Peak
- The highest annual formation count in the series, 151,205 in 2021.
- Trough
- The lowest annual count after the peak, 112,461 in 2023.
- Rebound
- Growth that continues for more than one year after a trough, as opposed to a single-year bounce.
Assumptions
- Founding year is taken from the registry as recorded, so late registrations can shift counts between years.
- The registry counts registrations, not companies that traded or raised capital.
- Two years of growth is a short run, so the rebound could still stall.
Methodology
New companies are counted by founding year from the Department of Business Development registry, using the aggregate table of new registrations as of 17 July 2026. A company counts in the year it was registered. Only full calendar years 2019 to 2025 are compared, because 2026 is still in progress. Counts reflect companies that remain in the registry data, so older years may be slightly understated.
How we verified this
- 2025 share of peak: 128,617 divided by 151,205 equals 0.8506, or 85.1 percent.
- 2023 share of peak: 112,461 divided by 151,205 equals 0.7438, or 74.4 percent.
- Fall from peak to low: 151,205 minus 112,461 equals 38,744, which is 25.6 percent of 151,205.
- Rebound since 2023: 128,617 divided by 112,461 equals 1.1437, or plus 14.4 percent, a gain of 16,156 registrations.
- 2024 growth: 121,657 divided by 112,461 equals 1.0818, plus 8.2 percent. 2025 growth: 128,617 divided by 121,657 equals 1.0572, plus 5.7 percent.
- 2022 change: 119,923 divided by 151,205 minus 1 equals minus 20.7 percent. 2021 change: 151,205 divided by 122,427 equals 1.2351, plus 23.5 percent.
- Gap to peak: 151,205 minus 128,617 equals 22,588, which is 14.9 percent of the peak. 2025 versus 2022 is plus 7.2 percent and versus 2019 is plus 15.6 percent.
References
- Department of Business Development. (2026). Registered juristic persons by founding year. Ministry of Commerce, Thailand. https://www.dbd.go.th/
Frequently asked questions
How many companies were registered in Thailand in 2025?
The registry shows 128,617 new companies with a 2025 founding year, as of 17 July 2026.
How far is formation below the 2021 peak?
It is 22,588 registrations below the peak of 151,205, so 2025 reached 85.1 percent of the best year on record.
Is the rebound just a one-year blip?
No. Formation rose in both 2024 and 2025, by 8.2 percent and 5.7 percent, after bottoming at 112,461 in 2023.
Why is 2026 left out?
The 2026 count of 110,866 covers an incomplete year, so comparing it with full years would understate it.
Cite this page
Chatpong L. (2026). Thai Company Formation Rebound From the 2023 Low, 2026. Max Data Insights. https://maxdatathailand.com/insights/thailand-company-formation-rebound-from-the-2023-low-2026
Data & corrections
Download the data (CSV)Spot something off, or want to ask about the data? Email insights@maxsolutions.co.th. We publish corrections.
Written by
Chatpong L.Founder, Max Data, Max Solutions Co., Ltd.
Chatpong L. leads Max Data, a company-intelligence platform built on Thailand's official business registry. He writes about the structure of the Thai economy using primary registry data. His work covers company formation, industry concentration, and regional business activity.
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This page reports company-level and aggregate statistics only. It names no individuals and makes no claims about any person. Figures are provided for information and may be revised as source data updates.