How to Set Up a Business in Thailand

Thailand is an Asian country in which it is newly industrialized. It is located in the Southeast Asia and also the second largest economy after Indonesia.

 

If you have intentions on planning and setting up a company in Thailand or even for any private or public businesses, this country is very simple and easy to deal with, compared to other different countries in the world. Aside from Thailand is a good place to live, there’s also a great opportunity for your business company waits you, because this country is a good place to do any businesses. It is reasonably flexible and was a fairly unrestrained market economy.

 

Before setting up a company in Thailand, you must consider first the basic business law of Thailand.

•    The law that governs in setting up a company in Thailand

All of the foreign business companies in Thailand are governed by the law “Foreign Business Act of 1999”. This law prescribes a range of industrial activities, commercial and businesses that can’t be transferred out by any foreigners, except an applicable license have an exemption applies or it has been already obtained.

 

So how can you set up your business is Thailand?

1.    Reservation of a corporate name

The corporate name to be reserved must not close to the other existing companies or it is the same with the others. The accepted corporate name is only valid for 30 days with no extension allowed. Those certain names are not allowed for reservation, but therefore the reserved corporate names should be well observed by the guidelines of the business development office.

 

2.    Memorandum of association filings

By the business development office, a memorandum of association must compose of the company’s name which reserves successfully, business objectives, the location of the business, seven promoter’s name, and the capital that must be registered.

 

3.    Call a statutory meeting

A statutory meeting is called through which the articles of bylaws and incorporation are finally approved, an auditor is appointed and through which the articles of bylaws and incorporation are finally approved, an auditor is appointed and the board of directors are already been elected if once the share of the structure has been determined.

 

4.    Registration

To establish or start the company, the board of directors should submit the application within 3 months from the statutory meeting prior date. 250,000 baht is the maximum company registration fee while 5,000 baht is the minimum.

 

5.    Tax Registration

Other businesses or any institution that is liable must acquire a number for the business company from the Department of Revenue and a tax ID within 60 days of the startup or the incorporation of the business.

 

What are the different types of company that you can start in Thailand?

•    Limited Partnership or the Registered Ordinary

•    Branch Office, Regional Office or a Representative Office

•    Limited Company

 

Thousands of people visit the beautiful country, Thailand, and for this well-developed economy place, it is a good way in setting up a company in Thailand. It is also the efficient business place to settle because of the low cost and for its kind of environment. Aside from focusing more on setting up a business, you can also learn the traditions, cultures and language of Thai. Is it exciting right? You would probably come back to this wonderful country of Asia.

 

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