H ere are five reasons why.
1. Low cost of living
This comes as no surprise considering the number of local tourists who flock to the Land of Smiles to enjoy significantly cheaper luxuries from branded knock-offs to food and massages. However, aside from perks for the traveller, Bangkok is a highly affordable place to live in as well.
According to Numbeo, the world's largest database of user contributed data about cities and countries worldwide, the cost of living in Thailand is nearly 48 per cent lower than that in Singapore. As much of a metropolis as Bangkok is, rent is still nearly 80 per cent lower. A one-bedroom apartment outside of Bangkok’s city centre averages about US$250 a month. You wouldn’t even be able to rent a room, much less an apartment, for that price in Singapore.
The lower cost of living also means cheaper office space rentals and lower labour costs – all good news for the start-up.
With trade ties with all of ASEAN and the Greater Mekong sub-region which includes China, Cambodia, Vietnam, Laos and Myanmar, Thailand offers businesses a wealth of opportunities and access to areas of growth.
Geographically, Thailand has a strategic location and is the gateway to the heart of Asia. Not only that, Thailand also boasts a 68-million strong domestic consumer market. As the capital of Thailand, Bangkok could not be a better place to build your start-up
3. High chance of funding
The Thai government is doing all it can to help the funding situation in the country. In 2016, it launched a US$570 million venture fund to give a leg up to the local start-up ecosystem. The money will finance some 2,500 existing start-ups in Thailand. The government hopes to raise the number of start-ups in the country to 10,000 over two years.
Business database Datafox reports that five of the fastest growing venture capitalist firms are based in Bangkok. Ardent Capital, the fastest growing VC firm in Bangkok, single-handedly raised an estimated US$12.5 million for start-ups.
Bangkok sits at the heart of VC and start-up funding, making the city fertile ground for emerging start-ups.
4. High social media penetration
According to a social media analysis by local digital company We Are Social, Thailand has reportedly 46 million active internet and social media users. This makes up two per cent of the total world’s population of internet user.
Digital marketing has never had it easier in Thailand given Facebook and Google’s intuitive advertising platforms. In addition, with mobile phones enjoying a 147 per cent penetration rate, Thailand’s digital ad space, albeit competitive, is brimming with potential for your business.
5. Favourable start-up conditions
Start-ups in Thailand can enjoy tax-free incentives from the Board of Investment (BOI) operated by the Ministry of Industry. Companies that are approved by the BOI can be exempted from corporate income tax for up to eight years.
Thailand is also presents other opportunities. The renowned Thailand Startup Summit, for one, will bring together investors from Thailand, Singapore, China, Malaysia and Indonesia to share ideas and network.
Forget about leisure possibilities, Bangkok could be your start-up opportunity.
5 Reasons Why Bangkok is a Start-Up Haven
H ere are five reasons why.