Thailand has a reputation as being one of the most
popular tourist destinations in the world. With stunning beaches, vibrant
cities and beautiful food, the country is adored by all travelers.
What about starting a new business here? The
number of startups in Thailand has exploded over the last decade due to
a buzz around its ecosystem and a rise in job
opportunities.
Thailand has shown huge ambition with its economic
goals and has proposed that 1000 startups and 50,000 trained workers will be in
action by 2021.
This country has seen growth in the following
industries over the last 5 years:
- Technology
- Finance
- Travel
- Logistics
- Real Estate
So why set up a business in Thailand? Here are 5 reasons to consider.
1- Increase of Business Professionals
Thailand has experienced growth due to an increase
in qualified professionals and digital entrepreneurs. These established
professionals are supported by local businesses. Companies like this consulting firm in Thailand are helping entrepreneurs set up
shop in the country.
Business travelers have created new opportunities
for themselves by bringing knowledge, experience, and ideas into a country
that’s poised for growth.
Co-working spaces have been set up throughout the country, which helps future startups find a home. Thailand is also producing consistent tech startup conferences, which provide the perfect opportunity for networking.
2- Startup Thailand
Thailand is proud to keep boosting its geo-economy, which makes it an attractive destination for startup investors.
In 2016, a national platform called Startup
Thailand was created to support startups. The aim was to encourage new ventures
with a long term goal of maintaining economic growth.
Through Startup Thailand, startups can participate
in an acceleration program, which prepares them for international fundraising.
Once completed, they can expand their business overseas and compete in the
global marketplace.
3- Location
Thailand sits right in the heart of Southeast
Asia and has the second-largest economy in SEA after Indonesia. Its high
turnover of tourism and natural resources makes it a desirable location for
foreign businesses to set up.
The land is accessible by numerous international
airports across the country. Air travel to and from Asia will remain accessible
and cheap over the next few years.
Thailand’s location makes connecting to major
outside consumer markets easier with its affordable transport solutions.
4- Improved Digital Infrastructure
Thailand has benefited from an open
market-oriented economy. They view foreign investment as a means of promoting
economic development and technology transformation.
It’s important to consider the country’s
well-developed infrastructure, including a progressive digital framework that
leapfrogged the introduction of nationwide 4G services in 2015.
Digital technology has opened the doors to
e-commerce, a popular industry within Thai society that has changed the
national economic makeup forever.
5- Affordable Overheads
Startups have found working and living in Thailand
hugely beneficial their launch. Thai based startups enjoy a strong cost
life/development ratio compared to other countries around the world.
All startups have to worry about overheads when
moving into an office space. The scale for rental space is as affordable as
housing rentals which frees up some spare expenditure.
For those in the early stages of business
development, Thailand has boosted its co-working spaces and cafes with faster
internet, and larger spaces to work.
Ready for a Startup
in Thailand?
Thailand is a multicultural society and one of the best places in Asia to start a business. That makes it welcome international influences and new businesses. This open interaction ensures that this country is a welcoming host and ready to embrace startups from around the world.
In the future, the Thai people will continue to
attract new talent and experts. The country wants to open its doors to new
relationships, fresh ideas and digital innovation, which will continue to
change international culture and world economy.
