This is How You Can Start a Business in Thailand!
As they say, to keep yourself motivated you must keep taking challenges; and doing business in a foreign land is probably the biggest challenge ever. So, if that’s your plan there is no turning back. And Thailand being one of the most business-friendly countries you won’t feel like an alien there. To start a business in Thailand you will need to follow the below-mentioned steps;
5 Simple Processes for Company Formation in Thailand
Step#1
Reservation
The company’s name should not be similar to any other Thai companies. The Business Development Office’s guidelines assist in deciding a name for your company. However, the approved name will be valid for thirty days without any extension.
Step #2
Memorandum
The document should include the reserved name of the company, its business objectives, the name of the promoter, the province where the company will be situated and the capital for registration. The Memorandum of Association is typically filed with the Business Development Office. The capital should include the par value alongside the number of shares. Nevertheless, the authorized capital is partly paid, but it must be issued fully. Even though there isn’t any minimum capital requirement, it should be at least sufficient for the business operation.
Step #3
Statutory Meet
Upon elaborating the share structure, a statutory meeting is convened, wherein the articles of incorporation are approved. Also, the Board of Directors is decided. Further, it is confirmed that 25% of the par value of the subscribed share is paid.
Step#4
Registration
The directors should submit their company’s establishment application within the three months of the Statutory Meeting. As for the fees, the amount for company registration is 500 baht each 100,000 baht of the registered capital. However, the minimum fee is 5,000 baht, where the maximum is up to 250,000 baht.
Step #5
Tax Registration
Businesses should obtain their tax I.D. card as well as the number for the company within sixty days of the incorporation from the Thai Revenue Department. Companies earning 600,000 baht or more per annum should register for VAT.
