Thai Company Formation vs Its 2019-2021 Peak, Rolling 3 Years 2026
In short
Not yet. Thailand registered 362,735 new companies across 2023 to 2025, as of 17 July 2026. The 2019 to 2021 window holds 384,916. That leaves recent formation at 94.2 percent of the prior peak. The gap is 22,181 companies. It is narrowing, because 2025 alone reached 128,617.
Is formation back above the 2019 to 2021 peak?
No, but it is close. Across 2019, 2020 and 2021 the registry shows 111,284, 122,427 and 151,205 new companies, a sum of 384,916 (DBD, 2026). Across 2023, 2024 and 2025 it shows 112,461, 121,657 and 128,617, a sum of 362,735. That is 94.2 percent of the earlier window. The single year 2021 makes the raw comparison look worse than it is, because that one spike supplies 39.3 percent of the whole 2019 to 2021 total. A rolling sum spreads it out and keeps the comparison honest.
Companies registered in each rolling three-year window
- 2011 to 2013155,125
- 2012 to 2014173,153
- 2013 to 2015192,187
- 2014 to 2016205,080
- 2015 to 2017231,382
- 2016 to 2018267,155
- 2017 to 2019305,276
- 2018 to 2020337,984
- 2019 to 2021384,916
- 2020 to 2022393,555
- 2021 to 2023383,589
- 2022 to 2024354,041
- 2023 to 2025362,735
Figures in new companies per three-year window.
The window peaks at 393,555 in 2020 to 2022, dips to 354,041 in 2022 to 2024, then turns up.
Rolling three-year formation against the 2019 to 2021 window
| Window | Companies registered | Average per year | Share of 2019 to 2021 |
|---|---|---|---|
| 2015 to 2017 | 231,382 | 77,127 | 60.1% |
| 2016 to 2018 | 267,155 | 89,052 | 69.4% |
| 2017 to 2019 | 305,276 | 101,759 | 79.3% |
| 2018 to 2020 | 337,984 | 112,661 | 87.8% |
| 2019 to 2021 | 384,916 | 128,305 | 100.0% |
| 2020 to 2022 | 393,555 | 131,185 | 102.2% |
| 2021 to 2023 | 383,589 | 127,863 | 99.7% |
| 2022 to 2024 | 354,041 | 118,014 | 92.0% |
| 2023 to 2025 | 362,735 | 120,912 | 94.2% |
Sum of new registrations per window, the yearly average, and each window as a share of 2019 to 2021. Registry as of 17 Jul 2026.
Recovery or new plateau?
The answer is a slow recovery, not a plateau. The rolling sum fell from 393,555 in 2020 to 2022 to 354,041 in 2022 to 2024. It then rose 2.5 percent to 362,735 in 2023 to 2025. Annual registrations tell the same story. The count went from 112,461 in 2023 to 128,617 in 2025, a rise of 14.4 percent. The year 2025 now sits just above the 2019 to 2021 yearly average of 128,305. A plateau would show flat years. These years are climbing.
What would close the gap
The 2026 count is still partial, at 110,866 registrations in the extract. A full 2026 would set the window for 2024 to 2026. To match 384,916, 2026 must reach 134,642 with 2024 and 2025 unchanged. That is 4.7 percent above 2025. It is a realistic target, but the registry has not yet shown it. Anyone claiming a full recovery today is comparing a partial year with complete ones.
Why this matters
Formation counts drive demand for accountants, banks, landlords and software sellers who serve new firms. A market that reads 2021 as normal will over-hire and over-stock. A market that reads 2023 as the new normal will under-invest. The rolling view says the truth sits between them. New-company volume sits 7.8 percent under the record window of 393,555 and is rising. The 2017 to 2019 window of 305,276 is 15.8 percent below today. The floor has moved up since then, even if the 2021 spike does not repeat.
Definitions
- Rolling three-year sum
- The total of a year and the two years before it, recomputed for each year in turn.
- Founding year
- The Gregorian calendar year in which a company was registered.
- Plateau
- A stretch where the level stays roughly flat instead of rising or falling.
Assumptions
- The registry counts firms by founding year, so companies that closed early may be under-counted in older years.
- The year 2026 is partial and excluded from all windows.
- Rows were computed on 17 July 2026, later than the 7 July 2026 anchor in the data guide, so figures use the newer refresh.
- Registrations measure legal formation, not the start of trading.
Methodology
Counts come from the Department of Business Development registry of Thai juristic persons, as of 17 July 2026, grouped by Gregorian founding year. A rolling three-year sum adds a year and the two years before it. Windows use complete calendar years 2007 to 2025 only. The year 2026 is incomplete and is excluded from every window, and only appears in the forward-looking target. Counts show companies still in the registry by founding year, so some firms founded and closed early may be under-represented, especially in older years.
How we verified this
- 2019 to 2021: 111,284 + 122,427 + 151,205 = 384,916.
- 2023 to 2025: 112,461 + 121,657 + 128,617 = 362,735.
- Share of peak: 362,735 / 384,916 = 0.9424, so 94.2 percent, and the gap is 384,916 - 362,735 = 22,181.
- 2020 to 2022: 122,427 + 151,205 + 119,923 = 393,555. 2022 to 2024: 119,923 + 112,461 + 121,657 = 354,041. 2021 to 2023: 151,205 + 119,923 + 112,461 = 383,589.
- Recovery from trough: 362,735 / 354,041 = 1.0246, so 2.5 percent. 2025 over 2023: 128,617 / 112,461 = 1.1437, so 14.4 percent.
- 2021 share of 2019 to 2021: 151,205 / 384,916 = 39.3 percent. Yearly average 384,916 / 3 = 128,305.
- 2026 target: 384,916 - 121,657 - 128,617 = 134,642, which is 134,642 / 128,617 = 1.0468, so 4.7 percent above 2025.
- 2017 to 2019: 89,719 + 104,273 + 111,284 = 305,276. 305,276 / 362,735 = 0.8416, so it is 15.8 percent below 2023 to 2025. Record window: 1 - 362,735 / 393,555 = 0.0783, so 7.8 percent under.
References
- Department of Business Development. (2026). Registered juristic persons by founding year. Ministry of Commerce, Thailand. https://www.dbd.go.th/
Frequently asked questions
Is Thai company formation above its 2019 to 2021 peak?
Not on a rolling three-year basis. The 2023 to 2025 total of 362,735 is 94.2 percent of the 384,916 registered in 2019 to 2021, per the DBD registry as of 17 July 2026.
Why use a rolling three-year sum?
Because 2021 alone had 151,205 registrations. A single spike distorts a year to year comparison, and a three-year sum smooths it.
Which was the strongest three-year window?
2020 to 2022, with 393,555 new companies.
When could formation pass the old peak?
If 2026 reaches 134,642 registrations, the 2024 to 2026 window would match 384,916. The 2026 count is incomplete as of 17 July 2026.
Cite this page
Chatpong L. (2026). Thai Company Formation vs Its 2019-2021 Peak, Rolling 3 Years 2026. Max Data Insights. https://maxdatathailand.com/insights/thailands-rolling-three-year-formation-index-vs-prior-peak-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.