Thailand has become one of Asia’s most progressive countries. It is now considered a newly industrialised nation having experienced rapid economic growth which began in the mid 80’s and continued on till the mid 90’s. One of the major reasons behind this tremendous economic boost are the lovely beaches that have attracted thousands of tourists many of whom have even decided to make Thailand their home.
Aside from this, the Thai government is friendly to foreign investors. The Treaty of Amity in particular has opened wide the door for American companies to set up shop in the country by extending generous privileges such as not having to secure a Foreign Business License in order to operate.
The government has also streamlined the business registration process by creating One Stop Service Centres where people can obtain the information they need in incorporating a new business in Thailand. It only takes one business day after receiving a confirmation of the name reservation of a Thai limited company, to process a business registration.
Setting up a Thai Company is easy. With a minimum capital of 2 million THB, one can establish and register a Thai limited company. The Thai Board of Investment on the other hand, has a program that offers several benefits to big businesses belonging to certain sectors that have chosen to establish operations in Thailand. Among the incentives being offered are fast processing of work permits and visas for foreign staff, tax holidays, and reduced tax duties on imported machines among others.
In Thailand there are three different types of businesses that can be registered and these include: a Thai partnership, a Thai representative office, or a Thai limited company. Among foreign investors, the Thai limited company is the most commonly chosen type of business organisation.
Thailand company registration involves the following steps:
1. Reserve your proposed company name.
When coming up with a name for your business, make sure it is in accordance with the guidance of the Business Development Office in the Ministry of Commerce as well as other guidelines.
2. File a Memorandum of Association
A Thai limited company must file its Memorandum of Association with the proper Thai authorities.
3. Convene a statutory meeting
A Thai limited company must have a shareholders’ meeting to make all the appointments and decide on all the company policies to be implemented
4. Company registration
The Thai company has to be registered with the government of Thailand.
5. Tax registration
The most secure and expedient way to go about registering your limited company in Thailand is by working with legal professionals who are experts in handling such matters. It would be best to choose a highly reputable law firm that offers both legal and accounting services.
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