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Location is always one of the most important decisions to make when launching a new business and one which will have a huge impact on the success of your company.
For those looking to launch a new tech startup, one place which should be at the top of your list is Thailand, which is for a few different reasons. Read on to find out more.
Strategic Positioning
First, the most obvious benefit of starting a new business in Thailand is that it is a smart strategic spot. Thailand is an intelligent area to start a new business as it can easily service China and the rest of Asia and act as a gateway to many other areas around the world.
This opens up many possibilities and will give a business a much better chance of cracking multiple markets as opposed to just one. Thailand has long been recognized as a smart place to start a business because of its location, and this has only become more evident, thanks to globalization.
Booming Industries
It is not just its convenient global position that makes Thailand the perfect place for a tech startup. The startup and tech industry is booming in Thailand right now, with large corporations interested in startups and established accelerators to drive growth for businesses in a range of industries.
Thailand has a healthy consumer base, strong exports, a skilled and affordable workforce, natural resources, and strong trade agreements with fellow SE Asia countries. Hence, it is no surprise that it is somewhere that many people are looking to start a new business.
Challenges
Of course, there will always be challenges when starting a new business in a foreign country, especially when considering local law, tax, and management risks.
Fortunately, RSM provides excellent services and resources for new tech startups looking to start a new business internationally. They can help reduce stress while ensuring that you are legally compliant and prepared to open your doors.
Key Steps
In terms of the key steps that you need to launch a tech startup in business, there are the same ones that you will have to go through with any new business, which includes market research, creating a business plan, securing funding, and registering your company.
In addition to this, you will find that the Foreign Business Act of 1999 is a good starting point, and the incentives and benefits available from the Thailand Board of Investment.
Visas & Learning the Culture
You will also need to apply for a visa and work permits if you plan on working in Thailand – a Non-immigrant ‘B’ or Business Visa will be the type that is required, or possibly a new SMART Visa, which is targeted at investors and startup entrepreneurs for certain industries.
It is also worth considering learning the Thai language and culture, which will be helpful in many different ways.
Thailand is the perfect place to launch a new tech startup, but there are also challenges that you need to be aware of, and you must know the best ways to overcome these.
