BANGKOK, Thailand – Deputy Prime Minister and Minister of Higher Education, Science, Research and Innovation Yodchanan Wongsawat is advancing a proposed Startup Act to reduce legal barriers to fundraising, enhance financial flexibility, attract skilled talent, and strengthen the startup ecosystem. The Deputy Prime Minister stated that the draft Startup Business Promotion Act will be submitted to the Cabinet for approval before proceeding to the House of Representatives.
Drafted by the Office of the Council of State, the legislation aims to address restrictions in the Civil and Commercial Code that limit startup business models and modern fundraising. The government seeks to retain investment in Thailand, create jobs and economic opportunities, and support the development of Thai unicorns. The draft designates the National Innovation Agency (NIA) as the principal agency and one-stop service center for startup certification, support, and coordination. Certified startups would receive benefits for five years, with qualifying deep-tech businesses eligible for extensions of up to 10 years.
NIA Executive Director Dr. Krithpaka Boonfueng stated that the legislation would introduce key financial mechanisms, such as convertible debentures, treasury stock for employee or director incentives, and debt-to-equity conversion. Additional support measures include tax incentives, access to highly skilled foreign talent, intellectual property protection, commercialization of research and innovation, and access to government procurement opportunities. The government expects the framework to improve access to capital, enhance competitiveness, and encourage startups and investors to expand their activities in Thailand. (NNT)
