Are you all set to do your business in Thailand? If yes, you must recheck the mandatory expenses that will help you plan your budget. This article aims to provide you with updated information on the actual cost of starting or doing business in Thailand. We believe that as an investor, you must have done your part of the research, but there are many fees and charges that keep on changing on an annual basis. So, are you updated with the latest prices? Check out this article before you go for Company Registration in Thailand.
Expense for your Immigration to Thailand
The first and most vital step to start your business in Thailand is to enter Thailand. Along with a Visa, you will need a Work Permit for doing business in Thailand. The Visa cost depends upon the country you belong to. Apart from that, other fixed expenses in this segment are as follows:
Cost of Company Registration in Thailand
After reaching Thailand, you will have to go for Company Registration. Even if your business is eligible for Board of Investment Promotion or comes under the umbrella of any bilateral treaty, to take their advantage, you have to register your company beforehand. This section will hold the greatest share of your total cost of doing business in Thailand.
*These are the list of some specific business types that foreigners in Thailand cannot move into without proper approval and Business License from the Department of Business Development, Thailand.
Setting up your Accounting and Taxation System
After getting the proper licenses and company registration documents, the next most important activity will be to set up your accounting and taxation systems. All businesses in Thailand, both Thai and Non-thai, follow Thai Accounting Standards. These standards although follow the International Accounting and Auditing structure, but there are few alterations. You will always need help from local Thai Accounting and Taxation service providers to settle this task on your behalf smoothly. Following are the costs you have to pay in the process –
After this, the vital step is to acquire a business space to set up your business physically. For the company registration process, you can use the office address of your Thai lawyer or a virtual office address. But henceforth, for the starting the operation of your business, you have to acquire a business space in the name of your company. For this purpose, you can either rent a place or buy some property. Now let us guide you on the cost of both these processes for doing business in Thailand.
Cost of Renting a Space for Doing Business in Thailand
Although the price of rent of business spaces may vary all across Thailand, yet, we are providing you with the Government rates so that you can get a guide to sit in a negotiation with the realtors. Following are the same:
Now, if you purchase an office space, there is a great asymmetry in the pricing indices all across Thailand. Many parameters act as the influencing factor in finalizing the price of a sale of a property. Many times, there are personal factors that add on to the process.
Therefore, in this section, we will share the actual cost of construction and other ancillary expenses in this regard for doing business in Thailand.
These were the major spending you are going to have in doing business in Thailand. There will be some other costs that will depend on your nationality and type of business you wish to start in Thailand. But in addition to the above costs, there is another mandatory expense and that is “Cost of Translation”.
Cost of Translation for Doing Business in Thailand
Please note that none of the Thai officials and authorities accept documents in foreign languages. Thai is the only official language for legal correspondence for businesses in Thailand. Following are the price of Translation Services in Thailand:
Now we have covered you with all the major expenses that will ascertain your cost of doing business in Thailand. After knowing all these, now you will need a professional Thai Law firm to help you in the process. Contact us for all types of support in Immigration, Company Registration in Thailand, Accounting and Auditing Services, Taxation Services and Notarization of documents in Thailand.
As one of the leading full-service law firms in Thailand, we have more than thousands of happy clients till date. Want to get included in our clientele? Write to us at [email protected] today with your legal or accounting needs in Thailand.
