Foreign Startups To Enter Thai Market

The government of Thailand is currently deciding whether they should allow foreign startups to have visas in the country. This is in an attempt to improve the innovation industry as well as the whole economy of the nation. Many businesses are hoping to penetrate the scene but BOI company registration is required and it could be a hassle sometimes.

According to the minister attached to the office of the Prime Minister,Kobsak Pootrakul, they are going to give these businesses a visa known as Startup Camp Visa to determine that they are legally operating in the country. This is in place of the tourists visas that are currently awarded to startup companies.

Pootrakul added that many of the digital nomads are coming to Thailand because of the cheap lifestyle, the good food as well as the tourist attractions available in the area. This is a chance for them to be given legal ways of staying in Thailand. The good news is that they can legally hire locals as their staff.

In a report published by the Ministry of Science and Technology, the country has over 1,500 startups that entered the country at the beginning of this year alone. The capital city of Thailand, Bangkok, as well as Chiang Mai, the northern city, has achieved top rankings in the lists of top cities where digital nomads are heading to. This result is not just in a single poll but various polls have included these two Thai cities.

According to Kobsak, during the launch of the World Bank of the economic report of Thailand which is held in Bangkok, Thailand has the biggest growth in terms of economy among other countries in Southeast Asia from the period of 2012 up to present with 4.1 per cent increase.

The World Bank also added that the growth continues to increase with 2.9 per cent for 2015, 3.2 per cent during the year 2016 and last year it was 3.9 per cent.

There is no fixed date yet as to when the government will be giving out the said visa for foreign startup businesses. For now, startups are encouraged to undergo BOI company registration in order to be legally recognized in the country.