If you've been thinking about starting your own small business in Thailand, one of the first questions that must be answered is about financing for your business. This is one of the first and probably the hardest hurdles to get over in the beginning. If you have sufficient backing through investors or property that you can use as collateral, then the job becomes much easier.
Do You Have Collateral?
Before speaking to a bank or lender about a loan for your new small business, be sure to have all your paperwork in order including your business plan. Being prepared is one of the keys to success. If you are planning to leverage one of your investments or collateral, then make sure you have a clear deed to this or other proof of ownership.
Seek Financing in Your Country of Origin
In Thailand mortgage lending for foreigners has traditionally been very difficult. In spite of the shift in policies in recent years, financing for a small business can be difficult for foreigners. Due to this fact, many professionals recommend that foreigners acquire their financing in their home country before coming to Thailand to set up their business.
Get Help from Local Consultants
The Thai government is working now to make it easier for foreigners coming to Thailand in order to encourage economic growth. Due to the restrictions concerning foreigners owning property, many financial professionals suggest getting help from a local consulting company in Thailand. Local financial consultants offer clear direction and innovative ideas when it comes to being able to get funding for your small business. They can help you put together all of the viable documents and information you will need.
Working with Thailand's Major Banks
In the last 10 years, Bangkok Bank began offering offshore financing to foreigners who wished to purchase real estate in Thailand. Borrowers can get up to 70% of the property's value. A few of the requirements for these loans include documents that prove your annual income, such as a letter of employment and a business plan.
United Overseas Bank (UOB) in Singapore now offers similar programs to foreigners seeking to purchase real estate in Thailand. In every situation an application fee is required along with other miscellaneous fees and charges. Be sure to ask about these before signing any final paperwork. You must also meet in person with a bank officer to discuss your loan. That means that you must be in Thailand at the time of initiating your loan application.
Lower Expenses with Serviced Offices
Servcorp Serviced Offices can alleviate much of the expense of setting up a professional office in Thailand. We have serviced office space at the Offices at Central world, a familiar sight in Thailand's Capital City. This iconic building offers amazing views of Bangkok and is an ideal and prestigious location for Serviced Offices in Bangkok. The building is near the Siam Skytrain station and offers good access to highways and rail lines. Serviced office space is also available at Park Ventures, the newest major Central Business District location in the heart of Bangkok, and at #1 Silom Road located in Bangkok's most vibrant commercial district with spectacular views of Lumpini Park. Each of these locations has numerous amenities including a mail service, dedicated receptionist, and skilled personnel as you need them. Contact us to learn more.