Thailand is rapidly growing to be a leading healthcare and wellness tourism nation in southeast Asia. With almost a 7% assured CAGR, this industry is constantly attracting foreign entrepreneurs to roll their dollars in Thailand. Do you want to start a healthcare business in Thailand? Your healthcare business set-up process is explained below in 5 simple steps:
Step 1: Reservation of the Name
The company’s name should not be similar to any other Thai company. 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 of Association
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: The 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: Company Registration
The directors should submit their company’s establishment application within three months of the Statutory Meeting. As for the fees, the amount for company registration is 500 baht for each 100,000 baht of the registered capital. However, the minimum fee is 5,000 baht, whereas 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.
Now that you know the process, get legal assistance. Let us shoulder all the legal responsibilities while you decide on your business marketing to start your healthcare business in Thailand. To book a one-on-one consultation, email us at [email protected].
