Registering a New Company in Thailand is the first step to opening a business in this rapidly developing economy. However, the process isn’t as simple as it sounds and it takes a lot of work to ensure your company is fully legal, in compliance with Thai Revenue Department accounting requirements, and that you have all the proper business licenses in place before launching your business.
There are different types of business entities in Thailand, including private limited companies, public companies and partnerships. The most common type of business entity is a private limited company which is regulated by the Civil and Commercial Code. It is similar to a Limited Liability Company (LLC) in the US or a Private Limited Company (PLC) in Singapore.
A limited company is formed by at least three shareholders and managed by a director with fiduciary duties to the shareholders. This structure provides the flexibility to invest in and grow the company and is considered one of the most attractive forms of business in Thailand.
The Thai government is encouraging foreign businesses to set up in the country and is offering incentives such as free land, tax benefits, and reduced license fees. Nevertheless, it is important to understand that the majority of the ownership of a Thai business must be owned by Thai citizens.
In addition, the business must be registered with the Department of Business Development and receive a certificate of registration. Having the correct documents in place will also allow you to open a corporate bank account with any of the local banks.
Choosing Your Company Name
You will need to choose a name that is unique and does not duplicate another business’s name. This can be a challenge but you should not hesitate to consult with our team of business lawyers and tax experts at Sunbelt Asia before making a final decision.
We will be able to help you find the right name for your business and assist you with the filing of any necessary paperwork at the DBD. Once your company is registered we will be able to provide you with the necessary licenses and permits so that your company can operate in Thailand legally and successfully.
Whether you are looking to start a small family business, an international corporation or an emerging tech startup – we can help you navigate the complex and often time-consuming registration process. Our experienced team has been helping foreigners with their legal needs in this country for years and will guide you every step of the way to ensure your company is legally and operationally sound.
Our fee for registering a company in Thailand is between THB 40,000 and THB 60,000, excluding VAT and Government fees. This is a fair price considering that it covers the full package of company formation, tax filings, and accounting services.
The next step is to obtain the non-B visa and work permit for your company. This is a long and complicated process and it can be difficult for a non-Thai to obtain. If you are a non-Thai and you are planning on working in Thailand as a company manager or director it is advisable to have your spouse or other Thai national hold the work permit and a non-B visa so that both of you can be employed in your business.