Obtaining Financing for Your Business in Thailand

Submitted by tilaadmin on Tue, 12/08/2020 - 15:12
Entrepreneurs that are interested to set up a new business in Thailand need a solid financial backup to begin with the idea. One should be more realistic about the capital amount even at the planning stage to lead it well.

For most entrepreneurs, the decision about whether it is the right time to start a business or not is more dependent on available funding. Although there are plenty of ways to receive financial support for your start-up, sometimes it can be risky as well. Even successful business ideas also fail just because of the lack of financial backup.

Before doing company registration in Thailand , one should analyze the different aspects of setting up a business as well as future goals. Even one wrong step in this process can lead to potential debts for your business in the long run.

Stats reveal that a number of businesses in Thailand fail just because they do not have enough funds to manage business operations during tough times; when they are just making efforts to spread a message around. If you are also facing similar kind of difficulties, here we have listed a few potential ways to obtain finances for your business:

Government finance incentives:
If you are running a business in the USA or UK and are now interested to expand it to Thailand, you can avail of some financial incentives from the Thai government in terms of tariff reliefs and tax rebates. Some of the most advantageous schemes include no need to pay corporate income tax for almost eight years, reductions on import duty, special exemptions on raw materials and machinery, almost 50% rebate on corporate income tax for the first five years, no reductions on remittances of foreign currency, and deductions on infrastructure construction.

Financing from private banks:
Right after the Asian economic crises of the year 1997, the banking sector in Thailand has improved its regulations by a considerable level. In order to avail of financial assistance from private banks, one needs to present a strong business plan. At the same time, adequate knowledge of the local market and etiquette is a must to qualify. It is better to avail of assistance from an experienced agent who has better knowledge about the local financial environment.

Crowdfunding in Thailand:
There is no doubt to say that obtaining the necessary funding for a successful start-up in Thailand can be a little difficult. Usually, people who are interested to lend money for your business may not always have complete trust in your idea. In this scenario, most of the emerging business owners prefer to move to the crowdfunding option. Although this idea is new in Thailand, it encourages new entrepreneurs to ensure uninterrupted economic growth.

You can follow any of these ideas to get enough funds for your business. Prefer to get started with a solid business idea that can sustain in the Thai market. Also, be careful in utilizing your funds. They must support the growth of your business in all ups and downs during this journey.

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