The current government has realized the importance of the startup industry and have made it one of the three “S” that the government wanted to further support including Startup, SME (small and medium enterprise), and Social enterprise.

This led to the attempt to get rid of the old mechanisms and the move towards a new model that allow the private sector to become more involve in state’s stimulation decisions. The supportive measures include:

Regulations and Law

  • Looking to amend the corporate law to allow a single individual to register as corporate entity to support entrepreneur.
  • Preparing to amend the Board of Investment (BOI)’s regulations to allow a single individual with potential idea in the targeted industries to gain BOI privileges. Current regulation only allows targeted firms that already have machinery.
  • The Business Security Act will be changed from having a requirement for various guarantees and mortgages to just only having an idea is already enough for a business security.
  • There might be some tax incentives or some guarantees to encourage investors.

Ecosystem

  • The creation of an ecosystem that will foster sources of supports and funding including incubator, venture capital, and crowdfunding.
  • Encourage startup to enter…

Read the complete story here

About the author

Techsauce is the partnership of two titans in the Thai technology startup industry between Thumbsup, the leading technology media in Thailand and HUBBA, the biggest coworking space network in Thailand.

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