With the growth of the global economy, countries are embracing new technologies and enhancing business with other nations. Presence of smartphones and internet-enabled computers has augmented communication. In addition, technology has enhanced connectivity of the world population through education, e-commerce, entrepreneurship and social media. Innovation has managed to transcend language and culture. Irrespective of people’s language, people are on the lookout for new ideas as well as discover and create solutions to the identified problems. Bangkok has a vibrant start-up market, which is an indication of how entrepreneurs are able to identify and develop new processes irrespective of their cultural and language hurdles. Many entrepreneurs from different parts of the globe have been drawn to the city. These entrepreneurs have been working together to find the new problems of tomorrow and designing appropriate ways of making it a reality.
Bangkok has been in the entrepreneurship space for few years, particularly as a start-up market. However, the city has been in existence for centuries. Considered as the second largest city in Southeast Asia, Bangkok is a leading destination for major industries in the region. In addition, Bangkok bagged the award of the Second “Best Business City in Southeast Asia. In the next few years, Bangkok is poised to be a rightful leader in the start-up space. It is imperative to note that Bangkok is home to the country’s financial institutions and leading commercial banking corporations. The city serves as the headquarters of the various largest corporations in the country. Many multinational corporations have established markets in Southeast Asia by settling in Bangkok. It does not come as a surprise that fifteen of these multinational corporations rank high on the Forbes 2000.
In Thailand, tax incentives have been created with the view of enhancing entrepreneurs’ ability to engage in business. With a low corporate income tax ranging between 10% and 30%, Thailand facilitates start-up companies to grow to established businesses. Reduced taxes have been instrumental in reducing import duties, thus enhancing development of new technologies and machines. The Board of Investments (BOI) is the sole institution that permits an investor to bring a foreigner to work in Thailand.
BOI has been working on ensuring that entrepreneurs have many opportunities. Through BOI, foreigners have adequate land where they can build their businesses. In addition, BOI has set effective mechanisms that protect companies from stiff competition. This way, start-up companies have the opportunity to woo consumers to their businesses. Before commencing any business in Bangkok, it is prudent to enlist the services of legal counsel and tech companies.
Bangkok has many venture capitalists and angels. In addition, the United States has established a treaty with Thailand. This treaty has opened up Bangkok’s market to American entrepreneurs.
Benefits for a Start-Up in Bangkok
However, some specific industries are barred from participating. Bangkok has cheap housing as well as many street food restaurants. Bangkok has many resources, thus the right place for a start-up business. It is imperative to note that Bangkok has well-educated people who are also tech-savvy. Bangkok has a strong entrepreneurial market with more than 20% of the population engaged in one form of business. Bangkok presents endless opportunities in terms of entrepreneurship as compared to tourist attractions.