Bangkok is the best city in Asia to launch a startup and No 7 in the world, according to a new survey by PeoplePerHour that took into account the cost of living, rent, monthly salary and general ease or difficulty of starting a new business.
The freelance sourcing firm found Bangkok has been attracting financial technology and other startups that view it as an ideal hub from which to push into the Asean region given its location, huge population and growing middle-class.
According to the survey, Vancouver in Canada takes the top spot globally followed by Berlin and Manchester, England. In Asia, Bangalore was No 2 (it ranked 10th globally) followed by No 3 Kuala Lumpur (11th globally) and Singapore (12th).
Bangkok's ascendancy results from strong government support for startups in recent years as well as its cooperation with other stakeholders from the private sector, said Science and Technology Minister Atchaka Sibunruang.
The government has been emphasising the importance of new business developers who can effectively and significantly drive economic growth, she added.
Already this year 1,500 of 8,000 proposed startups have launched in Thailand, creating over 7,500 jobs, Ms Atchaka said. Investment in this area has grown 150% year-on-year, she added.
Thailand can lure significant investment from new startups as they marvel at the business opportunities despite the tight regulations, said Pun-arj Chairatana, executive director of the National Innovation Agency (NIA).
He said Bangkok and Chiang Mai are home to groups of "digital nomads" who serve as freelance digital technology developers, but who find their businesses hobbled by restrictive regulations on visas, money transfers and other matters.
"The government has realised the problem and is trying to deal with it," Mr Pun-arj said.
"They may issue a 'talent visa', as is the case in Japan and Europe. That's a good way to lure investment and promote close cooperation with local startups," he added.
Mr Pun-arj said the private sector is focussing more on helping startups, especially land developers. He said the NIA has signed a deal with True Cooperation to develop part of Punnawithi Road in the Sukhumvit area as a digital park or startup hub.
This month, the ministry's Startup Thailand 2017: Scale up Asia event saw over 42,000 participants and up to 30 billion baht in business generated, he said.