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Finance Ministry aims to ease legal restraints on start-ups

Finance Ministry aims to ease legal restraints on start-ups

THURSDAY, August 17, 2017

A regulatory “sandbox” for experimental undertakings is among measures the Finance Ministry is introducing to help start-ups succeed.

Permanent Secretary Somchai Sujjapongse said on Thursday the sandbox would enable entrepreneurs to test out innovations currently prohibited by law.
He said the ministry was drafting legislation for submission to the Cabinet next month or in October.
The ministry will also consider waiving a withholding tax for start-ups and might allow them to raise funds on the Stock Exchange and by issuing convertible bonds. 
Incentives would also be provided to foreigners working with Thai start-ups, Somchai said.
He said the ministry would launch a training course for middle-school and vocational students to encourage them to think about innovative approaches to business.
“We want start-ups to register in Thailand instead of Singapore,” he said, acknowledging that Thailand has been slower in creating the necessary “ecosystem” for them to thrive. 
The result has been that many Thais register their start-ups in Singapore, where there is less bureaucratic red tape.