Business entrepreneurs making plans to operate a business in Thailand should take time to get acquainted with Thai laws on registration of companies.
Businesses in Thailand are labeled underneath Thai laws as:
- Sole proprietorship – this ismuch likesole business ownership structure within the America.
- Partnership – this is similar to a partnership corporation in other countries. There are two kinds of partnership: limited and ordinary.
- Limited company – this is similar to the limited liability company (LLC) structure in the United States. Which is formed through dividing the capital into equal share. The shareholder’s legal responsibility is limited to the amount of stocks held by means of the shareholder. The most common business structure used in Thailand is the limited company. The following registration techniques are in accordance with what the Ministry of commerce has stipulated.
Step 1. Select Promoters (Shareholders). A private limited company requires a minimum of three promoters while a public limited company needs 15 promoters. Through a n assembly (required by law), the promoters will determine upon a listing of company names (at least 3 names) to test for availability.
Step 2. Publish the chosen company names for reservation. This process will take a look at if there are different companies that have used your proposed company name. If a name is accepted you may continue with the following step. otherwise, you may publish possible company names again till a call is cleared in your business.
Step 3. A statutory meeting with promoters as required by Thai law must be convened to:
• approve a company name
• decide official address
• set up goals of the organization
• set quantity of share capital to be registered and how it is divided
• make a list of promoters’ names, addresses, occupations, and number of stocks each
Step 4. A “Memorandum of association” (MOA) containing the information in
Step 3, must be filed with the district office protecting the official company address, within 30 days of approval of the company name. fees need to be paid: 50 baht per 100,000 baht of registered capital, minimum 500 baht and maximum 25,000 baht.
Step 5. put together your company logo, create a company stamp with your logo.
Step 6. The agency registration application need to be submitted by way of the directors withinthree months after the MOA has been filed. the following should be part of the submission:
• cash payment for the registration fee (500 baht in line with 100,000 baht of registered capital, minimum 5,000 baht, maximum 250,000 baht)
• completely filled out company documentation
• the company stamp
Step 7. you will get your company papers again after a day or two or after the MOC has completed the registration of your corporation.
Step 8. After your company registration certificates is issued, you need to go to the revenue department to get a company tax identity card. A laminated card can be issued collectively with your company tax identification number.
Step 9. go to the bank together with your identification card, company tax id card and company documentation and set up a bank account.
Step 10. you’re ready to operate your business.