This is Why Company Registration in Thailand is Important for Foreigners
By now, you must know that a foreign business in Thailand is strictly regulated by the government. And to come and set up a business in the Kingdom can be a little difficult. Why only Thailand, you go anywhere, it is quite obvious for a foreigner to face challenges if he wants to start a competitive business. But then, Thailand is quite lenient about the government tries to promote more foreign investors. The Board of Investment (BOI) in Thailand has created some special rules and regulations to encourage companies in some of the key sectors to compete with the neighbors in the Southeast Asia. Coming to a company registration in Thailand, the BOI grants you and your company with so many benefits. They are listed below;
- Get up to 100% foreign ownership
- Get work permits to recruit skilled foreign workers
- Additional three years of tax exemption
- Pay 0% tax for first eight years (based on the location and category)
- VAT exemption for importing machinery
- Claim a 200% rebate on R&D costs as well as a 200% deduction for expenses on job training
However, your resident company in Thailand can be fully foreign owned when;
- It is promoted by the BOI
- Obtain a foreign business license
- Majority of the shareholders are American citizens
The company registration process is quite lengthy. The paperwork is, in fact, eight pages long. All you need to do is provide some basic information, approximated number of employees and financial projections. You must take care of these as they need to be filled out in a specific manner. However, if it is your first time, then it can be a pretty daunting task. Our legal experts can take you through to the legal process and help you settle in no time.
