Thailand has the most dynamic economic environment in the Southeast Asia. Participating in economic activities in Thailand can be the most rewarding experience for any foreigner. If you are running your own business in Thailand, always consult legal experts so that your business doesn’t run into trouble. If you are running a private limited company in Thailand, consider the following points:
1. Get Shareholders
Ensure that your company has at least three promoters or shareholders. These promoters register your company with the Thai Ministry of Commerce. Your company promoters may or may not be Thai nationals. However, if you want to enjoy the exemptions offered under the Foreign Business Act, then more than 50% of your company shares must be in the hands of a Thai shareholder.
2. Employing Staffs
Before you employ any foreign staff in your company, you need a capital of 2,000,000 Baht for each foreign work permit you’ll be applying for. You have to pay a registration fee of 5000 Baht for every million of the primary capital.
3. BOI Registration
The Thailand Board of Investment (BOI) promotes business in Thailand and offers a wide range of incentives to those who register their business with the BOI. For instance, if your business is been promoted by the BOI, then you will receive an exemption from import duties and other kind of taxes. BOI promoted businesses get incentives on their cost for electricity, transportation, and infrastructure development. Know the BOI registration requirements thoroughly before you register your business with it. You can consult legal experts (like us) who can guide you through the processes.
4. Register for Tax
Once you have formed your company, you must apply for obtaining a tax number. You have to do this within 30 days. Register your Employer Account with the Revenue department and the Social Security Office.
5. Accounting and Handling Balance Sheet
It is mandatory to submit the annual balance sheet to the Thai tax office and that is why, it is important to follow the Thai law (including fiscal law, code of commerce etc.) to do proper accounting. You can take help from experts to ensure that you follow proper guidelines for accounting.
If you are running your own business in Thailand or planning to start one, then consult legal experts for getting proper inputs and legal support. You can get a consultation from the tax advisors as they have proper knowledge in legal and tax related complications. If you need any kind of information on BOI registration process or for legal support, contact us. Our team of experts can help you promote and run your business successfully and without any hassles. For more details, call us at +66 26260277.
