Business Support– One-Stop Corporate Service
Starting a business in Thailand is relatively easy. In fact the Kingdom ranks high in terms of ease in doing business in the country compared to its neighboring countries. However, for new investors in the country who would like a hassle free business registration, it’s most prudent to seek the assistance of a legal office expert in Thai corporate law to guide you with the process. Also, the business registration is conducted in the Thai language and you need a lawyer to liaise with the different government agencies towards the successful incorporation of your business in Thailand.
Foreign Owned vs. Thai owned Companies
Most foreign investors would prefer a 100% ownership of the company. However, this is difficult to do in Thailand especially if your planned business will engage in activities which are deemed to be reserved for Thai companies. Special business set ups and business privileges however are available for foreign companies to be able to hold 100% of the shares or if not the majority of the shares in the company and engage in activities which are reserved for Thai companies. Among the popular organizational set ups include Thai Representative Office, Regional Headquarters Office, Treaty of Amity for American investors, Board on Investment.
Meanwhile, the most popular company set up among foreign investors is that of a Thai Limited Company. As the name implies, this is a Thai company which means the majority of the shares will be Thai owned with the foreigner holding a maximum amount of shares allowed for a foreign shareholder. A Thai company limited is easy to incorporate and can engage in any type of business activities allowed by the law of the Kingdom of Thailand. At least 32 business objectives as outlined by the Department of Business Development (DBD) office can be carried out by a Thai company.
There are certain businesses which require special licenses before it can legally operate. Among the commonly obtained licenses are as follows: Education License for schools, Import-Export License for those engaged in the import-export business, TAT License for those conducting travel-related business, Food License for restaurants, Entertainment License for those entities offering entertainment services and so on. Your lawyer shall be able to advise on the necessary licenses once you have laid down your business objectives.
Work Visa and Work Permit
If you would like to work for your company say as the company Managing Director, you would need to have a valid work visa known as Non Immigrant Business Visa and a Work Permit to be able to work legally for the company. This is the same case for any foreign worker which the
company will be employing in the company.
Accounting & Tax Issues
The other related issue to consider when starting a business in Thailand is taxation and accounting. Bookkeeping and taxation are critical, not only because your company is expected to conform to current Thai accounting practices; Thailand’s interlocking rules & regulations also link your company’s financial performance and tax payments to the annual renewal of your work permit & visa. If your accounts are not carefully maintained, you could find your application for renewal of work permit and business visa denied!
With our vast experience of assisting small to medium companies and private investors with starting their businesses in Thailand, we came up with an approach to assisting our clients. This is through our one-stop corporate service which includes the following services: Company Set Up, Business License Application, Visa and Work Permit and Accounting Service. Through this service, we aim at providing a smooth and comprehensive service to our clients for all their needs in starting and running their business in the Kingdom.