When it comes to Thailand, most of us think of a place for us to escape from the hustle and bustle of city life. We retreat ourselves to this land of smiles and sunshine, and we know that we are not alone. Tourists around the world flocked to Thailand for the beaches that it offers, foods, luxurious white sand, captivating scenery, and warm water.
Thailand offers more than just a white sandy beach, bustling nightlife, delicious foods, and amazing Thai culture. On January 07, 2020, Hakim Saya |Global Navigation| had the privileged and honored to co-organized an event with the Thailand Board of Investment (BOI). The theme was "Embrace Digital Innovation & Technology in Thailand." We were thrilled that we had the opportunity to work with Sudakorn Devakula, Director of Thailand Board of Investment, Los Angeles office, to promote Thailand.
After the panel discussion, Mr. Narucha Ruchuphan, Director of Investment Promotion, Division - Creative and Digital Industry, Thailand Board of Investment, Bangkok Office, delivered his keynote speech on "Think Asia, Invest Thailand." The question is, why Thailand?
Mr. Narucha took the time and made compelling reasons as to why investors, companies, and entrepreneurs should consider Thailand when thinking about expanding their business in Asia, and of course, especially in Southeast Asia. Here are some of the reasons:
Thailand has a strategic location to the world's second (2) and sixth (6) largest economy, such as China and India, and also gateway to ASEAN.
Thailand's population is 69.6 million, an inflation rate of 1.1%, GDP growth of 4.1%, GDP of 523.3 billion USD makes it this country attractive for investors looking to invest in Southeast Asia.
Thailand has implemented 13 Free Trade Agreements (FTAs), enabling businesses in Thailand to earn rewards of almost tariff-free trade with 17 different nations.
Thailand has a Friendly-Tax Environment with 20% for Corporate Income Tax and 7% for Value-Added Tax, which is lower than in many countries in the ASEAN region.
The unemployment rate in Thailand is 1.1%, which is quite low compared to his neighbors. The middle-class income group is also increasing.
Thailand offers Activity-Based Incentives and primarily based on several key factors, such as level technology, role in the supply chain, etc.
The Digital Economy is expected to contribute 25% to Thailand's GDP by 2027.
Top five (5) internet usage: Social Media, E-mail, Searching, TV/Streaming, and Shopping.
Thailand ranked 39th out of 63 countries in the World Digital Competitiveness Ranking (Technological Framework).
Thailand's Startup Ecosystem at a glance: 32 Active VC, 13 Accelerator/Incubator, 55 Co-Working Space, 150 MakerSpace/FabLab, and 4 Innovation Incubation Center.
There are many other incentives in different categories, as well. I highly recommend contacting Sudakorn Devakula at the Thailand Board of Investment for further information about these incentives.
Mr. Narucha's presentation caught my eye, especially with the Smart Visa Program. The Smart Visa Program is intended to attract experts, such as senior managers, and investors to work or invest technology companies to help develop the ten (10) targeted industries, which will, in turn, drive technology and innovation in Thailand.
So what are the incentives?
Maximum 4-year visa, but not exceeding the employment contract term ( One (1) year for startups renewable for another two(2) years).
No work permit required
One (1) year reporting to the immigration
No re-entry permit required
Spouse granted permission to work with no work permit
Access to a fast-track service at international airports in Thailand
There are many opportunities awaits in Thailand for those who want to expand in Southeast Asia. As Mr. Narucha's said, whenever you think of Asia, please invest in Thailand.
We, at Hakim Saya, would like to thank all speakers and moderator, Randall Tran for volunteering your time, and a special shout out to Jane Wachiradejkul for connecting us to the Thailand Board of Investment. The event would not happen if it weren't for your introduction to BOI. Last but not least to all attendees who came and supported the event.
We hope that you will continue to support our work. And if you are planning the next event for your company, please do consider our services. We will be delighted to work with you!
Thank you from the bottom of our hearts.
CEO & Founder
Hakim Saya, LLC