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Thailand

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Registering a company in Thailand in 2020

Key benefits of doing business in this jurisdiction:

  • A stable economy;
  • A developed banking system;
  • The positive attitude of the authorities towards foreign investment;
  • Foreign entrepreneurs have the opportunity to register a company in Thailand remotely;
  • A multinational corporation may open a branch in Thailand;
  • The income, earned outside of Thailand, is not taxed.

A cost of registering a business is from €5900

A company registration period is from 5 days

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With the introduction of the Eastern Economic Corridor (EEC), Thailand is rapidly becoming an investor-friendly jurisdiction. Therefore, registering a company in Thailand may be a good idea for your business.

Choosing a name for your company

Having decided to establish a company in Thailand, you need to determine the name of your company. The name you have chosen should not coincide with the name of any previously registered partnerships or firms. Also, the company name should be easily readable and memorable for potential consumers of your products/services.

If you have difficulty registering a company name in Thailand, contact IQ Decision lawyers. Our experts will provide you with legal advice for doing business in Thailand.

Establishment of a Memorandum of Association

We draw your attention to the fact, that to register a Thai firm, you need to draw up a memorandum of association. It should contain:

  • A company name;
  • An address of the registered office of the enterprise;
  • Company goals;
  • A statement of limited liability of shareholders;
  • A statement, that the firm is an open joint stock company;
  • The amount of authorized share capital.

To register a Thai Limited Liability Company

When you decide to set up an LLC in Thailand, it is worth remembering, that the company will be governed by the Civil and Commercial Code and requires a minimum of three shareholders and one director. The minimum share capital required for most companies in this type of activity in Thailand is $1.

Opening a branch in Thailand

A multinational corporation can open a Thai branch. To do this, follow these steps:

  • you should register a Thai license with the possibility of renewal for five years;
  • you should get a VAT registration number in Thailand;
  • you should obtain a tax identification number;
  • you should issue a certificate of registration;

Income derived from the activities of an open branch in Thailand is subject to the usual Thai income tax of 2% to 10%. But please note, that income received outside of Thailand and not related to the commercial activities of the Thai office will not be taxed.

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* It is important: the head of the registered Thai branch must be a resident.

To open a corporate bank account in Thailand

When you decide to start a business in Thailand, pay attention to the fact, that there are 30 commercial banks, 15 of which are foreign. In order to open a Thai corporate account, Thai companies may need to provide:

  • a corporate registration with the Ministry of Commerce;
  • a tax registration in the Department of income;

* It is important: most multinational corporations must designate a resident as a signatory to the bank.

We want to note, that IQ Decision employees are ready to help you to open a corporate account in Thailand. The necessary documentation will be drawn up and provided by our specialists.

To open a corporate bank account in Thailand, you need:
  • a valid passport;
  • a valid address;
  • a certificate of company registration with the Ministry of Commerce;
  • a tax accounting from the Department of income;
A legal aid

If you need legal advice on registering a company in Thailand, then contact our specialists on the website for advice.

Also, IQ Decision lawyers are ready to help you to open a corporate bank account in Thailand, to obtain a Thai license or to buy a ready-made Thai company.

A registration package

€5900

  • A company registration
  • Filing documents for opening a bank account with Bangkok Bank*
  • A virtual office
  • A virtual local phone number
  • A monthly accounting

The information outlined in the article is actual at the time of its publication. Please refer to our specialists for checking possible solutions for your business.

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