We are honored to announce that both Jasberry Co., Ltd. and sister company Siam Organic Co., Ltd. were part of the first group of 15 Thai companies officially recognized as social enterprises by the Government of Thailand yesterday. This is an important milestone in Thailand’s social enterprise community, as it was the first time the Thai government has legally defined social enterprise as a unique way of structuring businesses to generate social good.
Earlier this year, the Thai government passed new regulations setting the requirements for a business to be certified as a social enterprise. The legislation is an important step forward in formalizing social enterprise as a distinct way of doing business that is different from both traditional for-profit company structures and non-profit foundations. To receive certification from the Thai government as a social enterprise, a board reviews each company applying for social enterprise status to ensure it addresses community development, environmental, or social issues with its business model. Additionally, a minimum of 70% of the company’s annual profits must be reinvested into the enterprise. The legislation also made plans to set up a revolving fund to support Thai social entrepreneurs, and set up penalties for businesses using the “social enterprise” label without proper certification.
Jasberry has proven that social enterprise business models can be successful while also generating social good for their communities. We hope this new legislation will encourage even more Thai entrepreneurs to adopt social enterprise approaches, and look forward to seeing more Thai businesses achieve social enterprise certification in the future.