Which Location is the Best for Starting IT Company? How Should You Go about It?

Bangkok is undoubtedly the best as the majorities of the biggies are located there. Today, IT is one the fastest growing industries in Thailand and deciding to start an IT company is quite a commendable decision in itself. And if you hold US nationality you may be eligible to enjoy 100% ownership of the business. However, if you aren’t an American, you can still hold 100% ownership by registering your company under Thailand Board of Investment. Regardless of the business, you invest in, you must obtain a non-immigrant B visa that can be applied in Thailand or even in your country.

Listed below are four forms of IT companies that you can consider;

1. Sole Proprietorship
Typically, it is owned by a single person, where the owner is obliged to the proprietorship. In such case, the owner should either be a Thai person or a foreigner, working under the Amity Treaty and/or Economic Co-operation.

2. Partnership

• Unregistered Ordinary Partnerships
  In here, there are two or more people who start a business to share profits and losses. Note this is completely a contractual relationship.
• Registered Ordinary Partnerships
  In a registered ordinary partnership arrangement, each partner is entitled to exercise their rights. To become a juristic person, one has to get registered with the Ministry of Commerce.
• Limited Partnerships
  It includes two groups of partners and the liabilities are restricted to only those partners who make the maximum contribution in the business’ capital.

3. Public Limited
It intends to offer shares to the public and the purpose of giving the shares is clearly stated in the memorandum of the association.

4. Private Limited
It is one of the most common forms of an IT company structures for foreigners, where the liabilities of the shareholders are limited to the amount that is unpaid on their shares. Legally, 51% of the Private Limited Company’s share should remain with Thai citizen, whereas the rest can be held by anyone.
Once you have decided the business entity, you will have to go through more or less same process for opening a company, which includes;

• Reservation of your company’s name
• Filing the Memorandum of Association with the Business Development Office
• Convening a statutory meeting
• Registering your IT company in Thailand
• Tax registration

To further fast-track the process make sure you have these documents with you.

• Owners’ list of assets
• Name, address as well as profession of the members of the BOD
• Company’s regulations
• Copy of ID cards issued by the government
• Map of both the main office and the branches
• Minutes of the meeting convened for the Foundation