When it comes to starting a business, the initial costs can be exceedingly high, which is why many companies will look for funding to help them get off the ground. No matter what industry you are in if your business is young and needs funding to take things to the next level, there are options open to you in Thailand to assist you with this. Below are some of the ways your company can get funding in Thailand to help grow and develop your company while it is on the road to becoming a unicorn.
There are a lot of incentives set up by the Thai government to help promote and develop business that are starting out and give them the funding they need so much. Some of the incentives include waiving corporation tax for eight years, no public utility costs, no restrictions on transferring and receiving foreign currencies, or import duty reduction or exemption for your raw materials or machinery that you need.
Help From The Banks
You may be able to get help from the banks for funding for your business, although it will depend on your bank and the type of business that you are operating. You will want to approach the company that you bank with first as you have a history with them, and if no luck there you can then try other banks to see if they can loan you the necessary funds.
You can also look at the private funding that is on offer through both individuals and companies, such as the VC fund in Thailand. It can often be more straightforward to secure private funding that it can be from the banks, so this should be the next option you try if the banks said no. Private investors can also be more flexible thank banks and large corporations, so you may also be able to strike up a better working relationship with private investors than with a bank.
There are many websites that you can turn to for crowdfunding for your business, such as Go Fund Me or the gogetfunding.com website. You can post information about your company, what your goal is, and anything that you are offering investors, and have private people donate to your cause. For this to work, you will need to resonate with your audience and entice them into helping fund your business, as well as offer them some motivation to do so.
These are a few of the ways that you can source the funding that you need to make your business successful, but you need to realise this is only half the battle. When you have the financing in place, the hard work starts, and it can take blood, sweat, and tears to achieve the success that your idea deserves.