How To Start Accounting Outsourcing Business In Thailand?

According to a data released in 2016 by the International Institute for Management Development (IMD), in terms of world competitiveness, Thailand rose to 28th position. It further notes that the country has witnessed growth in terms of Gross Domestic Product (GDP), stability in the exchange rate and governmental policies. Moreover, the Macroeconomic Office of the Bank of Thailand mentions that the country’s economic growth has been sturdy in the first quarter of 2016. The economy of the country is projected to grow in the future. This makes Thailand an attractive place for doing business.

Thailand has also emerged as a major outsourcing destination for businesses. According to a study by Gartner Research in 2010, Thailand is one of the top 30 outsourcing countries in the world. The stable economy, quality labor and developed infrastructure have made it an ideal location for outsourcing business.

If you are interested in starting accounting outsourcing business in Thailand, then there are certain legal procedures that are to be followed. Want to learn more? If yes, then read on:

Business Structure in Thailand

There are a number of business structures in Thailand. These are:

1. Partnership: You can choose from limited partnerships, unregistered ordinary partnerships and registered ordinary partnerships.
2. Limited Companies: You can go for a private limited company or a public limited company.
3. Joint Venture: You can enter into an agreement with a group of persons to carry on business together.
4. Representative Office: These are for non-profit activities.

Process to Form a Company

1. Reserve Company Name:

Reserve a name for your company. For this, follow the guidelines for reserving names by the Business Development Office, under the Ministry of Commerce.

2. File a Memorandum of Association:

This document must include the name of the company, the location, business objectives and the capital that is to be registered.

3. Arrange a Statutory Meeting:

After the share structure of the company is decided, call a meeting for the approval of articles of incorporation and bylaws. Elect a Board of Directors and Auditor for your company.

4. Get the Company Registered:

Once the statutory meeting is over, within three months, submit an application for establishing a company. The application is to be submitted by the directors. A fee is to be paid in accordance to your total

5. Get the Tax ID Card:

Your business is liable to income tax. For that, get a Tax ID card for your company. Get the company number from the Revenue Department. Do this within 60 days of incorporation of your business. Also, if your business has earnings of more than 600,000 baht per annum, then register for VAT. Do this within 30 days of the date when your company has earned 600,000 baht in term of sales.

However, make sure that you take proper legal advice before starting your business venture. We hope that these steps will help you in understanding the nature and processes for starting your accounting firm in Thailand. In case you need any legal assistance, get in touch with us. Our experts will help you in settling all the legal hassles in the best possible way. Write to us at [email protected] or call +66 26260277 to get in touch with us.