Are you an entrepreneur or business owner and planning to mark your presence in Thailand? Then we can help you with a very cost-effective idea. Go for company registration and virtual office rental in Thailand. To enhance the ease of company registration, the use of virtual offices is now legal in Thailand. The Department of Business Development, the Revenue Department of Revenue, and the Department of Social Security (SSO) of Thailand acknowledge the Virtual Office.
However, it was not so a couple of years back and still associates certain ambiguities with it, to bust which, you must hire a reliable corporate law firm in Thailand. Although you can use a virtual office to register your business in Thailand, there are certain conditions that you should know beforehand. Let us help you with some of those points:
- A virtual office is suitable for registering the following business entities:
- Representative Office in Thailand
- Branch Office in Thailand
- LLP and LLC in Thailand (for Startup & Small Business)
- Because regulatory bodies have stricter standards for the Office, there can be limitations on obtaining certain licenses.
- A virtual office address does not meet the address requirement for obtaining a non-immigrant B Visa or Business Visa.
However, you can complete all types of tax registrations using a virtual office address. The process of company registration in Thailand is the same as in general, you must have proper guidance in doing the same. To facilitate a proper understanding of the same, we have outlined the necessary steps below:
Step 1: Think of a meaningful and unique company name
You have to follow the Name Reservation process of the Department of Business Development (DBD) in the Ministry of Commerce. We typically ask our clients for at least two or three company names that we can reserve in the event that the name is already taken or cannot be used.
If your company name is not already reserved, our company registration team will search the Ministry of Commerce database in Thailand on your behalf.
Step 2: Draft, Sign & File the Memorandum of Association (MOA)
A Memorandum of Association (MOA) is a document that indicates the reserved name of the company, the company address, its business objectives, the registered capital, and the names of the promoters or partners. You have to submit these documents to the Department of Business Development (DBD) in the Ministry of Commerce.
Our team of expert corporate law professionals will draft an MOA following the best-updated practices. Henceforth, we will send it your way for review. You can now ask for any necessary adjustments. The Ministry of Commerce will get a copy of this legal document. The list should include all shareholders’ names and contact information. Additionally, it must be able to prove the company’s address, registered and paid-up capital, and the main business activity.
Your company is now officially registered in Thailand after receiving the Ministry of Commerce’s clearance, and you will receive your Company Affidavit, Certificate, List of Shareholders, and Company Articles of Organization.
Step 3: Convene Statutory Meet
After finalizing the share structure of your company, and DBD’s authorization to the Articles of Association and MOA, you have to select a Board of Directors and appoint an Auditor. To conduct all these, you have to convene a Statutory Meet in Thailand.
The Company Directors must submit the application to form the business, along with company registration fees in Thailand. Note that, you must do so within three months from the date of the Statutory meeting.
Step 4: Complete the Tax Registration Process
Like all other nations, it is a mandate for all businesses to do tax registration to operate in Thailand. Within 60 days of formation or the beginning of business operations, companies that are liable to pay Corporate Income Tax (CIT) must receive a Tax ID card and registration number from Thailand Revenue Department.
You must consult with a professional Thai business tax consultant to check your tax eligibility. The tax consultant or firm will also help you obtain your Thai tax ID Card.
There is no requirement to register for VAT if your company’s anticipated annual revenue is less than 1,800,000 Baht. However, you have to submit copies of your company registration documents to the Central Filling Office of the Revenue Department. This is to obtain your Company Tax ID Card.
If your firm does not already own the land outright and you need to register for VAT or receive a VAT Certificate, you must get consent from the landowner where your business is registered.
Step 5: Open a Corporate Bank Account
Our Business Registration package includes entire documentation and all necessary support to open a corporate bank account in Thailand.
To open and approve your bank account, the bank manager requires the presence of all company directors and signatories. Some banks may demand that the foreign signatories have a valid work permit before approving the bank account.
For seamless and professional support on company registration and obtaining a virtual office in Thailand, contact us. Email us at [email protected] and our team will get connected with you within 1 Thai working day!
