Singapore and Thailand have good economic relations secured through bilateral agreements which is why the two countries have decided to enhance these relations by signing two more memoranda of understanding (MoUs). This time, cooperation will be improved in the technology field. Our lawyers in Singapore can offer information on the legislation allowing foreign investors to open companies in the city-state.
International Enterprise Singapore (IE Singapore), the main agency in charge with promoting Singapore companies in countries all over the world, signed one of the two agreements with its corresponding agency in Thailand, while the other convention was concluded with an agency which helps Thai companies to build their presence on the local market. Through the second MoU, startups in Singapore will be offered easier access on the Thai tech market.
IE Singapore will support tech companies in the city-state to establish their presence in Thailand, a country where tech startups have only started gaining popularity. Contrary to that, Singapore high-tech startups are the most popular types of businesses at the moment and entering a recently new market could have a significant impact on their future.
Our law firm in Singapore can assist investors who want to open companies in the city-state.
Singapore and Thai representatives also discussed enhancing cooperation in other fields such as agriculture, investment, trade, intellectual property, air transportation and tourism. Once again, Thailand offers many opportunities for Singapore startups in the above-mentioned industries, as Singapore companies can fill in the spaces where Thai business have not reached yet. Moreover, from Thailand, Singapore businesses can expand their operations to other neighboring countries such as Laos, Vietnam, Myanmar and Cambodia.
The industries presenting most interests for Singapore startups are e-commerce, healthcare, financial technology, agriculture technology and urban solutions and IE Singapore will facilitate access on these markets.
If you want to create a startup in the city-state, feel confident to contact our Singapore lawyers for assistance.
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