Five Quick Facts on Establishing a Foundation in Thailand
Organization in Thailand is mostly of three types- Companies, Associations, and Foundations. Philanthropic activities are commonplace in Thailand. You will find a large section of the society is engaged in charity. They establish Foundations for reaching out to the destitute’s and the needy people. Even foreigners are also involved in helping the less fortunate people.
If you have similar intentions, then you too can contribute to the society by creating a foundation. However, there are particular rules before you can do that.
Over here, you’ll find quick facts in regards to foundation establishment in Thailand:
#1. Under Thai Law, a foundation is legally recognised as a juristic person that can hire employees, take any legal action,and enter into contracts. Register it with the concerned district administrative office. Before you do that, ensure that it has a proper name and a corporate address.While establishing a foundation, you also must establish the rules and regulations that will govern your foundation. You must also define the specific objective of your foundation.
#2. The name of your foundation must include the word “foundation” and must be written in the Thai language. The name of your foundation cannot contain the King’s name or the name of anyone from the Royal family. You can do that if you obtain a consent from the Bureau of the Royal Household.
#3. You cannot use a public place and a government office as a location for your foundation’s corporate office.
#4. Any foundation in Thailand must have a board of at least three people. These persons may include Thai and Foreign nationals and must work voluntarily for the foundation. A board must include positions such as the Director, Assistant Director, Secretary,and a Treasurer. Your board members must furnish identity proof and details of personal finance.
#5. For registering your foundation, a bank account must be opened. Ensure that your deposit an amount between 200,000 Baht and 500,000 Baht in that account. The amount, however, depends on the goals and objectives of your foundation. This is the minimum amount that must be maintained in the account. You cannot use this amount to pay for any operational expenses. You can acquire assets through donations, fund-raising programs, interests gained from your bank savings,and from the rental fee of the assets.
We hope that these quick facts have helped you to understand the basic requirements for establishing a foundation. If you have any further queries related to foundation establishment in Thailand, we are just a call away. We are always ready to answer your queries and discuss your needs.
