Company Formation In Thailand
There are several ways for foreigners to set up a company in Thailand, the most popular being the Thai limited company, which is likely to be your choice too, since it gives you the advantages of being able to operate in a category that is normally reserved for Thais, requires lower registered capital, and gives you the option to buy land.
Understandably, you may question the wisdom of having a majority of Thai shareholders, but rest assured that we can arrange for you to have total and legitimate control of your company and all of its resources, and if you require fast service, we can arrange the registration of your company in just a few days.
Our services extend to arranging the correct visa and a work permit for yourself, as well as any foreign experts that you need for your company. We’ll help you to set up corporate and personal bank accounts, a business address and any other service, so that you can concentrate on the technicalities and marketing of your business.
Please call us for an appointment, and let’s get you up and running smoothly and quickly!
5 Steps for setting up a company in Thailand
Step 1: Corporate Name Reservation
– The name you wish to reserve for your company must not be the same or similar to that of other companies. You will need to follow the name reservation guidelines of the Business Development Office in the Ministry of Commerce, and we will help you with that. The approved corporate name is valid for 30 days. No extension is permitted.
Step 2: Filing Of Memorandum of Association
A Memorandum of Association has to be filed with the Business Development Office. It must include the name of the company that has been successfully reserved, the province where the company will be located, its business objectives, the capital to be registered, and the names of seven promoters. The capital information must include the number of shares and the par value. At the formation step, the authorized capital, although partly paid, must be fully issued. Although there are no minimum capital requirements, the amount of the capital should be sufficient for the intended business operation.
Step 3: Convene a Statutory Meeting
After the share structure has been defined, a statutory meeting will be summoned where the articles of incorporation and bylaws are approved, the Board of Directors is elected and an auditor is appointed. A minimum of 25 percent of the par value of each subscribed share must be paid.
Step 4: Registration
Within three months of the date of the Statutory Meeting, the directors should submit the application for company establishment. Company registration fees are 500 baht per 100,000 baht of registered capital. The minimum fee is 5,000 baht; the maximum is 250,000 baht.
Step 5: Tax Registration
Businesses liable for income tax must obtain a tax I.D. card and number for the company from the Revenue Department within 60 days of incorporation or the start of operations. Business operators earning more than 600,000 baht per annum must register for VAT within 30 days of the date they reach 600,000 baht in sales.
You can go through all of these steps yourself, but you will pay a heavy cost in terms of time spent running between various government departments and sorting out papers written in the Thai language (the only official language in the Kingdom!).
Let us handle the whole process for you, including providing your business address in compliance with the legal requirements. We’ll make sure that you’re in full ownership and control of your business, and we can complete the process in a few days so that you’re ready to start making money fast.
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