Representative office: Did you know these facts?
Foreign investors, who are interested in establishing a 100% foreign owned company in Thailand, can establish a representative office in the country. A representative office in Thailand serves as a head office of the company in Thailand. If you are interested in establishing a Thailand representative office here are a few quick facts for you:
1. A representative office is generally and non-commercial business entity and represents that particular organization. This is a completely legal entity. Though it cannot involve in economic activities that generate revenue but it definitely has economic roles to play. It basically supports the activities of the mother company in Thailand or in any other country.
2. A representative office in Thailand usually sources products into the country on behalf of the organization. It checks the quality of the products that are been sourced and purchased. It also circulates information and notifications on behalf of the organization and regularly reports to the head office of the organization to pass information on business development activities.
3. If you want to form a representative office in Thailand, you must submit an application to the Thai embassy in the home country of the organization. Afterward, file an affidavit which must include all information regarding director, shareholders, jurisdiction, and date of incorporation along with the name of the company. The organization needs to grant a power of attorney to the manager of the representative office, thus allowing him/her to interact with the Thai government on behalf of the company.
4. The organization also needs to submit documents containing the function of the company and an explanation regarding the need of the representative office.
5. To apply for establishing a Thailand representative office, you need to open a Thai bank account and transfer 5 million Baht into it. This will be the working capital for your representative office. During the first year of operations, you must remit at least 2 million Baht and thereafter, transfer 1 million Baht every year.
6. The manager of the representative office needs to prepare an annual report mentioning the activities of the office and then submit it to the Ministry of Commerce.
Establishing a representative office in Thailand involves a lot of legal formalities. To ensure a smooth flow of processes, consult legal experts (like us). To get in touch with us, call us at+66 26260277 or write to us at firstname.lastname@example.orgTags : branch office, Representative office in Bangkok, Representative office in Thailand, representative office Thailand, Thailand representative office,