Three Basic Steps for Business Development in Bangkok, Thailand
Setting up a business in Bangkok involves a complex process. Similar to most of the countries, Thailand has three type of business organizations: Partnerships, Proprietorship, and limited companies. Most of the foreign investors like you go for a private limited company. If you are interested in setting up a business in Thailand, then make sure you follow these steps:
1. Get your Business Registered
The first step to developing business in Thailand is reserving the name of your company. You can submit a form to the Department of Business Development (DBD) under the Ministry of Commerce. You’ve to provide a company name along with two alternative names. The registrar will then review your application and compare the names provided by you. When it’s approved , the validity of the corporate name reservation is for 30 days. The promoters of the company will register it in the Ministry of Commerce. If it’s is a private limited company, then you’ll need minimum three promoters; however, for a public limited company, it requires at least 15 promoters. You can also obtain the tax ID card of the company and get the Employer account registered under Social Security Act with the Ministry of Commerce on the day of the registration.
2. File a Memorandum of Association
Once your company name is approved, submit a Memorandum of Association (MoA) in the DBD. If your company is a private limited company,then it must include the following information:
i. Company’s name
ii. Location of the Head office
iii. Company objective
iv. Authorized capital
v. The liabilities of the directors
vi. Name , age, occupation, nationality, address of minimum seven promoters
vii. The promoters have to sign the MoA.
3. Submit Articles of Association
Submit the Articles of Association. Mention the following things in your document:
i. Structure of shares and its distribution.
ii. Types of shares
iii. The voting rights
iv. Quorum
v. Dividends
vi. Directors
vii. Auditors
viii. Any other specific characteristic or regulation of the company
Once you have submitted the documents, you’ll be given the Certificate of Registration and other associated documents.
These points will help you to get a clear picture of the process involving business development in Thailand. If you are interested in starting a business here, then let us help you with that. We will guide you through the process of business registration Thailand and take care of every legal hassle, ensuring a smooth process for you. In case you are interested in Thai citizenship, then you can always give us a call at +66 26260277.
