The tech hubs of California and Hong Kong are set to make way for a new competitor.
Over the last decade, the economy of Thailand has grown at a remarkable rate and the country is fast becoming a home for ambitious entrepreneurs. The tax rates are low, the cost of living is modest, and registering a business here is quick and easy.
These are many more reasons to register your company in Thailand, not least the fact that the government is increasing funding for tech start-ups and providing more support for smaller, flexible business models. The number of tech summits and conferences is growing all the time and consumers are hungry for new products.
Keep reading for more reasons why you should launch your next tech business in Thailand.
Easy, stress-free registration
Many countries in Southeast Asia are welcoming to investors and entrepreneurs but they don’t always make it easy to get started. There can be a lot of red tape and complex regulations to adhere to before you can even register a company name. Thailand, fortunately, has an efficient system and a new business can be set up in three to five days.
Nevertheless, you do need the help of a local advisor if you’re not from the area. It will take longer to go it alone because, for one thing, all of the documents are in Thai. Every piece of information that you provide will need to be translated into Thai as well. The good news is that there are plenty of competent, reliable law firms who specialise in helping overseas investors.
People who aren’t equated with or knowledgeable about the area often mistakenly believe that its infrastructure isn’t very good. This is actually quite an old-fashioned perception of a country, which has grown exponentially over the last twenty years. Today, the existing infrastructure is dynamic, reliable, and efficient.
From road systems to banking institutions, ISPs, energy providers, and distribution links; life and business run smoothly in Thailand. You can reach the capitals of all the major Asian cities within a few hours if you fly from Bangkok. There are also plans to build a high-speed rail network, which will connect Thailand to Singapore, Malaysia, China, and other regions.
Hard working employees
Whether you want to work with local recruits or bring in foreign workers, it is relatively easy to staff a new business in Thailand. There are plenty of hard working, skilled locals who need roles and the country is an appealing prospect for many people overseas as well. It does go a long way to helping you integrate if you recruit from the Thai population.
Certainly, in big cities like Bangkok, you’ll find that most people can speak fluent English. They are well educated and very easy to manage. Plus, if you need help getting in touch with the right recruits, those same law firms offer valuable advice. They can help you verify educational records, work experience, character references, and more.
Plenty of real estate options
Finally, you should consider making a home for your business in Thailand because there are lots of great real estate options. Bangkok contains a number of high-end office providers and they operate serviced virtual, and coworking environments. So, whatever style of working model your company needs, you’ll find it at one of these facilities.
You could even start out from a coworking space or virtual office and evolve to a full serviced suite at a later date. If you choose a flexible provider, you’ll have the freedom to make these changes at the most convenient time. Serviced offices don’t require a lock in lease and you can leave or upgrade your contract whenever it suits.