The Truth about Company Registration Thailand

In many countries around the world, Thailand is the one that recognizes 3 forms of companies, such as sole proprietorships, limited companies and partnerships. Such entities are obliged to comply with the Ministry of Commerce as well as to their registration process. The most typical kind of foreign entity is the limited companies.

Companies

Sole proprietorship is similar to sole business owners of the US. For partnerships, there are 2 different types. One is the ordinary partners that share limitless liability while the limited partners are just liable for acts of their own. A limited company is defined as the company that was founded with capital that has been divided into fair share and the liability of shareholders will be within the amount owing on shares held respectively by them.

Process

There are numerous steps that you should take when it comes to company registration Thailand. The company should start selecting the promoters. Private companies need 3 promoters whilst the public companies require 15. Every promoter should be at least 26 years old and able to act and work for the company. A promoter would hold a fair share in the company in the beginning.  After the registration process, the promoter can now transfer the share.

The company can come and register at the MOC or the Ministry of Commerce, the same day they get their memorandum of association registered. At this point of time, the shares should be subscribed for, the promoters should sanction the transaction and at least twenty five percent of the overall shares should be paid for. At the same time, foreign businesses should obtain cabinet approval. VAT certificates and Tax ID cards will be filed following the completion of the registration process. The promoters should file all of the needed businesses files and documents with the registrar in the Department of Business Development with its office under the Ministry of Commerce.

The promoter also needs to file the tax documents with Central Filing Office of the Revenue Department located in Bangkok. The process of registration starts with filing the memorandum of association. It involves the name of the company, the names of promoters, the location of the office, its finance and its objectives. The registration charge is 5 baht for every 1,000 baht of capital. The least capital requisite for international companies is 2,000,000 baht.

The next thing would be the company will hold a statutory meeting. It is where the articles and bylaws of incorporation will be adopted, the board of directors will be appointed while the auditor shall be appointed. This time, 25 percent of the shares should be paid for. The directors should send the application in 3 months throughout the statutory meeting. Six days after incorporation or the beginning of the operations, the business should get their tax documents.

The policies associated with company registration Thailand encourage new business as well as foreign investors. Nevertheless, the process is somewhat difficult and legal advice must be considered. Take note of these things to ensure that your business will be a success.

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