Why Bangkok is the place for your startup business
Finding the right location is one of the most vital factors of success in any startup business. A thriving city where tradition meets innovation, Bangkok offers a world of possibilities for aspiring entrepreneurs.
If you’re an entrepreneur looking for a vibrant metropolis to kickstart your business dreams in Southeast Asia, here are 10 reasons why Bangkok is the place to be for your startup business
1. Navigating a startup business in Bangkok is a breeze
Starting a startup business in Bangkok is more than just an exciting adventure—it’s a well-supported journey. Ranked 21st for Ease of Doing Business by the World Bank Group in 2020, Thailand offers a seamless process of starting a business, with simple procedures for getting construction permits and enticing benefits such as import tax breaks and reductions.
The country’s free trade agreements with many countries ensure you’ll find no barriers to engaging in import and export activities, allowing you to access new markets and expand your business without a hitch.
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Thailand also offers incubator programs such as TDPK Startup Booster which is designed to simplify business navigation in the country. This program offers consultation sessions with startup experts to assist you in crafting an effective business plan to drive growth in Thailand and they will even help you secure a one-year Smart S visa.
2. The global gateway of Southeast Asia
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Nestled at the crossroads of Southeast Asia, Bangkok enjoys a strategic location surrounded by dynamic cities like Ho Chi Minh City, Kuala Lumpur, Singapore, and more. A global connector, the city’s well-developed transportation network and major routes further facilitate efficient goods delivery and distribution and help expand the geographic reach of businesses.
Moreover, Bangkok draws a lot of people from all over the world, providing you with a more diverse market to work with. This can offer opportunities for cross-border marketing and business partnerships for your business.
3. A vibrant startup ecosystem & business hub
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There are over 1,000 startup businesses in Thailand, and even during the pandemic, 3 unicorn companies – companies valued at over one billion dollars – have emerged in Bangkok. A thriving business hub, the emergence of a vibrant startup ecosystem in Bangkok is largely due to the government policies that make processes easier for startup business launches in Thailand.
And while securing capital funding can often be a challenge elsewhere, here in Thailand, accessing venture capital funding has become pretty feasible with the help of startup incubator programs.
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Recognized as Southeast Asia’s largest startup hub, True Digital Park offers a startup booster program that gives access to resources, mentorship, opportunities to meet VCs and potential business partners, and even regular performance reviews, so you can be sure that your startup business launches is optimally as possible.
4. Innovation-focused industries igniting the future
Bangkok isn’t just staying current; it’s pioneering the future with a focus on 12-S curved industries. The Thai government has been supporting innovative industries to supercharge the country’s economic growth. From robotics to biotechnology, opportunities are ripe for entrepreneurs ready to make their mark.
In association with Thailand’s Board of Investment (BOI) and the National Innovation Agency (NIA), True Digital Park can help you explore opportunities in these innovative sectors. Their Startup Booster is specially designed for international startups and foreigners and gets you opportunities for 1-on-1 mentorship with leading VCs and experts in the field of innovation every 2 months, possibly leading to funding or other growth opportunities in Thailand.
5. Land, live, and launch with the one-year Smart Visa’s advantages
Imagine a visa that not only empowers you to work in Thailand but also offers remarkable perks like bringing your family along. The one-year Smart Visa type S is exactly that.
The Smart S visa doesn’t only allow you to work in the business without the need for a work permit but also lets you re-enter the country without a re-entry permit, and bring your family to stay in the country. You can even report your home address to the Immigration at the One Stop Service Center annually, instead of every 90 days.
If you join a one-year incubation program for startups such as the TDPK Startup Booster, you can easily apply for a one-year Smart Visa to live and work fuss-free in Thailand. The program advisor will also help you in applying for an extension once your visa is up.
6. Startup support from The Board of Investment (BOI)
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The Board of Investment aka BOI is a government agency that helps promote valuable investment in Thailand by offering lucrative incentives and benefits to entrepreneurs. For instance, you will get an income tax exemption for a certain period, exemptions from import duties on materials, and permits to bring skilled workers into the country.
When looking for startup assistance, watch out for startup hubs certified by the BOI. Qualified as a “Digital Park”, True Digital Park is certified by the BOI and upon registering your startup with them, you can get an extra 1-year tax exemption if your company is approved by the BOI. You’ll also get the option to work in a spacious environment as True Digital Park offers an office space of over 200,000 square metres with full facilities.
7. Skilled workers at competitive rates for a winning team
Bangkok is not only home to skilled Thai workers but also skilled foreign workers from around the world, so you’ll have no difficulty finding competent ones for your company. And you can be rest assured that many skilled workers in Bangkok are well-versed in English, facilitating effective business interactions.
Compared to other Asian business metropolis such as Tokyo, Seoul, and Hongkong, the minimum wage in Thailand is ฿353 (~USD10.14), a modest rate that allows you to hire skilled workers at lower rates. In case you encounter challenges in sourcing skilled individuals for your job openings, startup booster programs also provide recruitment assistance that makes sure you’ll get adept employees for your business.
8. Affordable luxury: convenient living in Bangkok
Bangkok’s affordable living and modern conveniences are more than lifestyle perks—they’re strategic advantages that let you invest more in what matters most. With modern amenities that are convenient available and within reach, high safety standards, reliable public transport, and delicious local food, Bangkok is an appealing destination to budding entrepreneurs around the globe.
Both you and your employees will find comfort in living with such great standards at an affordable cost of living. Relish in a city that supports both your life and your dreams.
9. Access to a vast consumer market
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With over 70 million citizens in Thailand, your startup can grow in a dynamic and large consumer market that’s ripe with collaboration opportunities. As an urban destination, Bangkok has a thriving e-commerce market, supported by its modern infrastructure and high-speed internet. This attracts a vibrant consumer market and startup investors. Finding partnerships that match your goals is an easy feat in this diverse market.
Plus, incubator programs such as the TDPK Starter Booster program offers a Business Matching Event that’ll help find potential partnerships for your startup business.
10. World-class facilities and support at your fingertips
When starting any business, you’ll need space, funding, and support. With True Digital Park’s Startup Booster Program, you will have access to all of this and more, making your business journey easier and smoother.
True Digital Park’s Startup Booster Program offers business experts who will provide you with business advice. They also host a monthly networking event where you can gather and share ideas with professionals from various backgrounds.
What’s more, True Digital Park boasts a spacious co-working space and over 10 locations at True Space and Partners, giving you the opportunity to work efficiently in productive environments. If you’re a budding entrepreneur interested in the program, they offer Entrepreneur Package for those who plan to explore a business in Thailand, starting from ฿100,000 (~USD2,860.41).
Kickstart your startup business in Bangkok
Bangkok is more than a city; it’s a thriving metropolis where opportunities are ripe, and support is abundant. From its strategic location to a thriving ecosystem, from world-class facilities to enticing visa advantages, it stands as one of the most sought-after cities where you can unleash startup business dreams.
If you’re ready to embark on a journey that leads to success, check out True Digital Park. With their expertise and tailored support, your startup dreams are no longer a distant horizon but a thriving reality. Launch your startup in Bangkok and seize the prospects that await you. Explore True Digital Park’s Startup Program and let them guide you to success.
Boost you startup with True Digital Park’s Startup Booster Program
If you wish to explore more of our enjoyable articles, check out 9 photogenic places to visit in Thailand, 12 things to do in Pattaya, and 10 Chiang Mai mountains for camping.
Cover image adapted from: The Smart Local Thailand