8 simple steps to start your business in Thailand – Guidelines & Procedures

Today, almost everybody is into doing business – from college students to those over the age of 40, who are forming more organizations consistently; to immigrants, willing to grow their business abroad. But starting a business is not easy; it involves comprehensive planning, making financial decisions and completing a series of legal activities. Start a business in Thailand is not as hard as one supposes since the country is very capitalistic and to a great degree open to foreign businesses. However, before proceeding to set up your business, it is essential to be aware of the fact that, except for US citizens, foreigners are not permitted to completely claim a Thailand Business. So if you are a non-US and non-Thai citizen, you’ll have to look out for an accomplice keeping in mind the end goal to continue with your arrangement on beginning a business in Thailand.

There are several ways for expats to set up a business/company in Thailand – a Thai branch office, representative office or Thai regional office to take advantage of local business opportunities and possible tax advantages.

The following 8 essential steps will help expats begin their business procedure in Thailand without any difficulty:

• Make a business plan: Planning is an integral part of your business set up the process. And, Thailand has a lot of potential for a successful business proposal, if you have a prepared and solid thought and marketable strategy.

• Arrange adequate capital: Good financing is expected to begin any business and ramp it up to profitability. In Thailand, one should have at least 2million THB to put into their business.

• Register a name for your business: Once your background planning is complete, it’s time to give your business some recognition by means of reserving a fitting business name and getting it enlisted.

• File a Memorandum of Association: A Memorandum of Association must be documented with the Business Development Office which contains all the insights about you and your company.

• Statutory meeting: Now that your company is enrolled, a statutory meeting ought to be summoned within a time of at least one month and not over three months after the date at which it is entitled to commence business.
• Company Registration: Within three months of the date of the Statutory Meeting, the directors ought to present the application and fees (500 baht per 100,000 baht of registered capital) for company foundation.

• Register for state and local taxes: Acquire your business tax ID card and number from the Revenue Department within 60 days of consolidation or the begin of operations. VAT is applicable if your business earns more than 600,000 baht per annum.

• Find local assistance: All official documents are accessible in Thai dialect; therefore assistance will be required to comprehend and document your application. Contact the best of legal firms to deal with the rest.

Whatever business you ultimately last choose to begin in Thailand, it is imperative to genuinely consider what you will be doing, and above all have an exit arrangement if all fails.