The continuous economic growth of Thailand makes it a hotspot for business activities. Strong infrastructure and favorable government policies are attracting foreign investors from all over the world. However, the process of starting a business in Thailand includes complex legal processes and involves the translation of legal documents into the target language.
Over the past few years, the translation industry, especially legal translation services has gained immense importance in Thailand and other parts of the world. According to market analytics, the translation industry across the globe generated $55 billion in revenue in 2021. It is expected to exceed the mark of $76 billion by 2024. That is why, a business venture in this industry can be highly profitable.
How to Start a Legal Translation Business in Thailand
For establishing a business in Thailand, one has to follow these procedures:
1. Get a Name for Your Business
According to the Thai law, the company must have a Thai name. Choose a name and two substitutes. There are certain names that you cannot choose for your company. In that case, follow the guidelines for name reservation by the Business Development Office under the Ministry of Commerce. Make sure that the name doesn’t match with any other company name.
2. File Memorandum of Association
Submit it to the Business Development Office. Include information such as the name of the company, address, business objectives, and capital. Also, name the seven promoters for your new business venture. Apart from that, the document must include information about the number of shares.
3. Arrange a Statutory Meeting
Once the share structure of your new business venture is been fixed, arrange a statutory meeting. In this meeting, a Board of Directors is elected and an auditor is appointed for the company.
4. Register your company
Within three months from the date of the meeting, submit an application for establishing the company. The registration fee for the company is 500 Baht for every 100,000 Baht of the registered capital. The minimum registration fee is 5,000 Baht and the maximum is 250,000 Baht.
5. Obtain a Tax ID card
Get a tax ID card for your company. Also, obtain a company number from the Revenue Department of Thailand. Do this within 60 days of starting operations. If your business is earning more than 600,000 baht per annum, then register for VAT. Do this within 30 days of the date when your company sales reach the 600,000 Baht mark.
6. Get Good Legal translators
Hire certified linguists. Check whether they have a good knowledge of the Thai legal system. Ensure that they are accustomed to the legal terminologies and are knowledgeable of the complexities of the legal processes. For a Thai-to-English translation service, ensure that the translator has a good hold over both languages.
Follow the six pointers to start a legal translation business in Thailand. In case you need any legal advice or help with any of the processes, get in touch with us. Our legal practitioners ensure a speedy and efficient solution for your legal problems. Get in touch with us at +66 26260277.
