WHY THAILAND’S
TECH START-UP SCENE HAS A BRIGHT FUTURE
Why Thailand’s Tech Start-Up Scene Has A Bright Future. The effective strategies adopted by the Government and other powerful corporations resulted in Thailand to be one of the expeditious and most profitable start-up panoramas in worldwide. A new economic model was introduced by the Thai Government in 2016, which has encouraged a digital revolution to such an extent that since then, the country witnessed a noteworthy growth in all types of industries.
The territorial mapping of Thailand has always bonus points in its journey towards developing into one of the world’s revolutionary business hubs. Being situated in the heart of South East Asia, adjoining Myanmar, Vietnam, Laos, and Cambodia, it has achieved at establishing a direct connection to all these fast-growing emerging markets with astonishing potential.
If you are planning to start your business, irrespective of what industry you are stepping in, Thailand is the best place for your start-up to incorporate. We have sketched down all the steps a start-up needs to follow to establish your own business in Thailand and how Cloud 7 Legal Services can guide you through the entire process.
THAILAND'S
ADVANTAGES FOR TECH START-UPS
FUNDING
Firstly, as compared to the high quality of life, Thailand offers a very minimal cost of living. This makes it easier to establish a start-up. The country also has five Venture Capital funds which are located in Bangkok, while businesses in Thailand are constantly getting investments from foreign firms. In 2014, a global fund of more than US $30 million was acquired for start-ups. Due to this funding, technical and digital start-ups are in an advantageous position and can receive the fund they need. Cloud 7 Legal Services can support you to meet highly potential investors and prepare all the legal agreements that you need.
INCENTIVES
Thailand delivers tax-free incentives from the Board Of Incentives (BOI) of the country. BOI was founded to enable the country to become one of the top investment locations in the whole of Asia. Also, because of the large population and diversified culture, Thailand became one of the revolutionary places for launching a start-up. Almost the majority of Thailand’s population uses technological devices for their daily, which is why tech start-ups are a profitable business. This situation makes Thailand a digital paradise for creative entrepreneurs.
LOCATION
Since the inception of True Digital Park, Bangkok's business platform has been attracting many business developments. This digital tech park beholds convenient working spaces, office areas, data centers, conference rooms, lawn as well as other extravagant facilities like broadband and a 4G network. There is a plethora of upgraded digital and technological infrastructure which are quality benefits for start-ups as well as entrepreneurs. As an official partner, Cloud 7 Legal services has its location within the True Digital Park to assure legal and accounting guidance that each start-up will require.
STEPS TOWARDS
A THAILAND START-UP
Business Planning and Blue-print
- The primary step to start any business is to have a concrete and well-thought business plan. Being Thailand, an amazing hub for starting Start-ups, if you have a thoughtful and reasoned business strategy and a clear business blueprint, then you are most likely to get the desired and required funding for your venture.
License You Require
- Licensing is one integral part of the business and there can be some business objectives that require getting a license prior incorporation. Licensing includes authorization from various Government bodies like such as the FDA, the Department of Foreign trade, the bank of Thailand, etc. At Cloud 7 Legal Services, our experienced solicitors and lawyers will ascertain that your business will acquire all the license documents you need to stay clear of litigations.
Register Your Company
- After the completion of the company’s name allotment, application forms, shareholders list, etc are needed to be filed with the Business Development Department. This is a pivotal step and can be best prepared and presented by a potential legal firm only. Our extensive legal services ensure that your company is registered properly.
Get the Right Visa
- A work permit is essential before starting working in Thailand. And applying for the correct visa category is indispensable to find out before applying for the work permit. One will be able to find out the number of foreign work permits required for the business type with a BOI certificate. Cloud 7 Legal possesses some brilliant immigration lawyers who can advise you regarding this.
Tax-Planning and Reporting
- The taxation system of every country is strangled and confusing to navigate. That is why for start-ups, tax planning and reporting should be performed by experienced people who are well-accustomed to the taxation system and tax brackets. It is a mandate to submit annual tax reports which must be authorized by a licensed CPA. Cloud 7 Legal services will assist you to prepare and file mandatory tax returns, sales return and all tax-related compliances.
Understand the Incentive Available
- The Thailand Board of Investment (BOI) is a stellar option for many start-up companies providing tax and non-tax incentives. Cloud 7 Legal Services being a selective partner for its efficiency and expertise in making successful BOI applications, establishing the ideal legal framework for the companies and adhering to legal and accounting compliance.
Complete Agreement Between partners
- To avoid possible future conflicts, if there are co-founders in the company then a partnership or shareholders agreement is essential, keeping in mind the rights of the partners. This will help resolve any issues and can avoid a lawsuit. Cloud 7 Legal Services assures the drafting of a detailed and beneficial agreement.
Open a Corporate Bank account
- After the company is registered by the appropriate authority, a corporate bank account should be opened for the daily transaction of the company. 25 percent of the initial capital can be asked to pay for opening a corporate bank account and signatories on the account must be presented in person.
Registration of Staffs
- Your employees need to get themselves registered at the Social Fund’s Office which includes filing of monthly contributions from their salary to the said fund. This will enable them to receive extensive medical benefits. Directors of the company are excluded from such provision. Utilizing our services, you can rest assured about your employment agreement and practices.