Let's save the legal bills; what could go wrong? Everything

RECENT memorandums of understanding (MOUs) signed by International Enterprise (IE) Singapore to help local technology startups break into the Thai market are welcome, but a lack of legal knowledge often scuppers expansion plans.

Singapore's trade development agency recently signed a series of MOUs with two Thai enterprises that will help to provide a welcoming destination for Singaporean startups looking to expand into the Land of Smiles. With a 3.7 per cent economic growth forecast for the second quarter of 2017 - the fastest growth rate in more than four years - massive mobile penetration (133 per cent) and a substantial increase in the size of the middle class, the country provides much potential for our startups and small and medium enterprises (SMEs) looking to larger markets to grow into.

There is no doubt that IE Singapore is right to promote Thailand as a destination for growth-orientated startups, and to provide assistance. But as a lawyer who has worked with many startups, I know that venturing outside of Singapore can present challenges that could fell even the most promising and established young firms.