Pros and Cons of Startups in Bangkok
Thinking about launching your hot new startup in Thailand? Imagining yourself sipping fresh coconut water by the pool with a laptop by your side, living the true entrepreneur’s dream?
We at Silk Legal applaud your dream of entrepreneurship in Thailand and hope we can partner with you in your venture. After all, we are the go-to legal firm for start-up law and can help you easily and affordably accomplish legal company formation, secure business visas and protect your intellectual property.
Here are some things to think about before launching your venture in Thailand:
First, the Pros:
-Easy Livability: Thailand is consistently rated one of the top places for expats to live. The welcoming attitude of locals makes life easy. The amount of people that speak English make conversation smoother than in other places and the ability to rent or buy a condominium, start a business or open a bank account are key to livability.
-Accessible and Lots to Do: Thailand welcomes foreigners from all over the globe. Transportation is top-notch, accommodations are gorgeous and it’s easy to get by with just a few simple Thai phrases. Because of the range of expats in the cities and islands, you’ll find accessibility to everything you want to do – from salsa dancing to shisha lounges. What’s your passion? You’ll find a place to indulge it in Thailand.
-Affordable: Though it’s easy to blow through your savings in the glitz and glimmer of Bangkok, it’s just as easy to live on a dime. Beautiful apartments with luxurious pools and gyms can be had for a quarter of what you’d pay in New York, Vancouver or London. Thailand’s street food and small restaurants are amongst the cheapest and most delicious in the world. Heading out on a Saturday night can be as affordable – or expensive – as you choose.
-Diverse Workplace and Talent Pool: Because so many expats live – or want to live – in Thailand you’ll find a talent pool of locals and foreigners with all the skills that you need. Need a native English speaker with management skills? You’ll find it. Need a French-speaking social media maven? You’ll get that too.
-Startup Culture Growth: The start-up scene is exploding in Thailand. More co-working spaces, tech networking events and venture capitalists are popping up everyday. The burgeoning “digital nomad” scene in places like Bangkok and Chiang Mai mean that, not only will the life transition come easily – you’ll also be amongst like-minded individuals that you are can partner with for work or pursue friendships with.
Next, the Cons:
-Complex Legislation and Legal Regime: Thailand welcomes expats starting businesses in their country – but their seemingly impenetrable system for permits and paperwork leaves many foreigners throwing up their hands. Solution? Partner with us at Silk Legal/Silver Cord Advisory. We have both Thai and international legal staff and are well-versed in Thai startup law. Let us handle all legal aspects of your business.
-Unclear Paperwork Processes: To a foreigner or Thailand newbie, the paper-pushing that happens in Thai governmental offices can seem overwhelming and the process far from streamlined. Instead of bogging yourself down in these details, simply tell us what you need and we’ll take care of the rest.
-Complex Investment Structure: The structures in place that govern investments for foreigners involve complicated work-arounds, additional addresses in nearby countries such as Hong Kong and Singapore and transfers that just don’t make sense to expats trying to manage the system for the first time. Thankfully, we’ve done all of this before and can ease you through the process seamlessly.
-Thai Employment Requirements: Law in Thailand states that, for each expat employee you hire, you need to provide jobs for four Thai employees as well. We can help you structure your company roles, advise you on meeting the requirement and make sure your paperwork provides the right details.
Now that you know the pros and cons, it’s clear to see that starting your business in Thailand is easy – with the right legal partner by your side. Let Silk Legal make your dream of launching a startup in Thailand a reality. Email us today at [email protected].com.