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:
- 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.
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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.
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.