Company registration in Thailand is increasing day by day. Thailand is known to have good economic growth. Also, there is a big demand for foreign company registration in Thailand.
If you are a foreigner and want to set up a business then this article is the best guide for you. Furthermore, we will go through steps and processes on how to register a company in Thailand.
Foreign investors are preferring this country because of the strong government support and incentives. Doing business in Thailand opens up lots of opportunities.
Moreover, this country has good policies, social and political stability, and the country is located in a suitable place in Asia.
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A private Limited Company is one of the best forms of business in Thailand. It is required that 3 shareholders are in place. A private limited company must hold at least 51% share to register their company in Thailand. The requirements to incorporate a Private Limited Company are:
Registered companies need to hire auditors who will audit their financial statements once a year. Moreover, the auditor must submit audit reports to the Revenue Department.
If you wish to register your company then the process is almost the same for all businesses.
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There are two types of Partnership in Thailand.
The requirement for a partnership company is two. In addition, both partners are joint partners who will share unlimited liability for all the partnership obligations. Additionally, the partner can register the company if they wish to.
In contrast, it is not mandatory for the registration of an ordinary partnership company. Without the consent of all partners, no one can become a member of the Thai partnership company.
A limited partnership company requires registration. Regardless, foreigners are restricted to operate a partnership according to the foreign business act. Likewise, in a limited partnership company, the liability of a partner is limited while the other partner is unlimited.
The Thai government permits the foreign company to establish a representative of their country. Although, the limitation is that you cannot perform earning-related activities. If you choose for a representative office then you are restricted to conduct the following tasks:
Once the company is registered, you have to apply for a Tax ID. As a matter of fact, the initial government fee is 2000 THB. After approval of the application, you have to pay five THB for each one thousand THB paid-up capital.
In addition, the minimum government fee is twenty thousand THB and the maximum is two hundred and fifty thousand THB.
It takes four weeks to complete the whole process. Identically, most time is taken for the preparation of the documents.
Choose a unique company name. The name cannot have any term relating to’ Investment.’ The name must end with ‘Limited.’ The name can be in English but it will be converted and registered in the Thai Language.
Registering the company
After registration of the Memorandum of Association, you are eligible to lodge an application to the Ministre of Commerce for company registration.
Not to mention, the company must be registered within three months from the date of MoA registration. Information to include in the application are:
After successful registration, the company has to register for tax and vat with 60 days of incorporation. Furthermore, you can get your corporate tax ID from the Thailand Revenue Board. Moreover, this process can be easily done online. The table below shows the government fees for the company registration:
|ITEM||THAI GOVERNMENT FEES||STAMP DUTY|
|COMPANY NAME REGISTRATION||FREE OF CHARGE||10 THB|
|STATUTORY MEETING||FREE OF CHARGE||NIL|
|COMPANY REGISTRATION||5000-250000 THB FOR PER MILLION BAHT OF CAPITAL||MAXIMUM 400 THB|
|REGISTRATION FOR TAX ID||FREE OF CHARGE||10 THB|
|FILLING MOA||50 BAHT FOR 100000 THB OF CAPITAL / 500 THB FOR 25000 THB||MAXIMUM 200 THB|
|VAT REGISTRATION||FREE OF CHARGE||10 THB|
A Limited Partnership requires at least 7 shareholders on a business. Identically, one of the seven shareholders must have the authority to sign all documents on the company’s behalf.
Equally important, a minimum registration of three hundred thousand is required for a Thai Company with no foreign employee. Of this at least 30k must be paid up at the time of registration.
One Thousand baht is the official registration fee for one million baht of registered capital for a Public Limited Company. Additionally, twenty-five thousand baht is the maximum fee. However, there is no limit on the amount of capital.
If you wish to know more in-depth information on Company Registration Fee in Thailand, then this article will help you.
|Prepare application for Company Registration||20000|
|Preferred Share Structure||4900|
|Director’s Personal Tax ID||1450|
|Prepare applications for Social Fund Registration||5000|
|Prepare application for VAT Registration||5000|
|Set of Shareholders’ Certificate and Registration Book||5000|
|Company Seals (x2)||1000|
|Minutes of the Meeting to Open Bank Account||4000|
|Translation of Company Documents (That-to-English)||5000|
|Transport fee - Company establishment||3400|
|Transport fee - Social Fund||900|
|Transport fee - Tax and VAT||1000|
|Sub-Total for Professional Services||65150|
|Plus VAT 7%||4560|
|Total for Professional Services||69710|
|Fee - Capitalization of 2 Million Baht Baht (5500 Baht per 1 Million)||11000|
|Fee - Certification of Documents / update company documents||2500|
|Fee - Social Fund||1500|
|Fee - Duty Stamp||2000|
|Total Government fees||17000|
|Total Fees in Thai Baht||86710|
Registering a company can be hard but we can make the process easy for you. If your goal is to start a business in Thailand or if you want to register a company in Thailand then we can provide you with the best service.
In this article, we have covered all the major information needed for company registration in Thailand. Moreover, we have covered all the fees required for set-up.
If you are a foreigner and want to do business in Thailand then there are easy steps which we have covered above.