How Foreigners can Have a Company in Thailand Legally

To set up a company in Thailand a foreigner will at first to incorporate a juristic entity, which is usually a Limited Company. For that the company’s name must be reserved, based on the owner’s preference. But you need to keep in mind that the name should be industry specific and should elaborate the business scope. Similarly, the name will not be approved if it is repeated with the existing business’ Company set-up in Thailand by expats involves other legal procedures too. Read on further;

1. Once the company’s name has been approved, Memorandum of Association needs to be filed with the Commercial Registration Department.
2. The next and final step of the incorporation will involve convening a statutory meeting, wherein a minimum of 25%of the value of each subscribed share must be paid. Also, the director must then submit their application for the establishment of the company.
3. A company’s seal may also be required, but that’s optional.

This being the company incorporation process in Thailand below mentioned are a few requisites that must be fulfilled for the same;

• 3 individuals required to be the Promoter of the company.These promoters will be converted into Shareholders once the company is incorporated. 
• 51% of the shares must be owned by Thai national and 49% by the foreigner.  And according to the regulations, a company must have at least 3 shareholders as well as having 1 Director in a company.
• Another important criterion for company set-up in Thailand is to have an address in Thailand, which could be used as your company’s registered address.For this you can even rent an office space in Thailand. There are ample; all well-furnished. In fact, some are ready to move. Their service (rent) rate starts at 4,000 Baht per month with a minimum lease period of 6 months. At least such will enable the incorporation of your company could progress where later you could relocate when you have found a suitable location.
• You must also have a corporate bank account and you will require submitting the minutes of the meeting of the board of directors/shareholder for its establishment.

Documents Required for the Establishment of the Company in Thailand;

1. Name of the designated company (please provide 3 names);
2. Registered address (in Thailand)for your company (please provide a copy of the house registration);
3. Company’s objective (please provide full detail of your business functions);
4. Shareholders Information:
5. Copy of passport of your 3 promoters/shareholder;
6. Share allocation of each shareholder;
7. Directorship Information:
8. Name of the Authorized Director(s);
9. Copy of passport for each Director;
10. Signatory condition of the director(s)
11. The number of foreigners (non-Thai)that you expected to have working for this juristic entity.

However, your business may also require you to get some additional licenses such as food and/or license for a restaurant and pub business; or import/export license for a trading business. As for 100% ownership of the business is concerned, the easiest way of doing so is through BOI registration in Thailand, provided it falls under their list of activities. However, there could be other avenues too.