How to Start a Business in Thailand
Starting a new business in Thailand can be a challenging experience, with many danger and pitfalls. However if done properly it can be a very rewarding and lucrative experience if done correctly. Below is a list of steps to take when setting up a business in Thailand.
Apply for company name
A company name can be applied for online with the Department of Business Development, or can be done in person by going to the Departments Registrar. This will only take a few days, and a small charge of THB 20 (approximately £4).
Deposit paid in capital to a bank
As soon as the company is approved a meeting must be held in which shareholders are obligated to pay a minimum of 25% of the value of registered capital. This can be done in a day and entails no charges except those you may have topay with the bank depending on the account service you have. Joining a Thai-based bank will ultimately help reduce future costs from the transferring of money from a U.K. bank and the withdrawal of cash.
Obtain a corporate seal
Although not required by law, a corporate seal is needed to affix on share certificates and other important documents, therefore will be needed at some stage. This may take up to a week and will cost between THB 200 and 400, roughly £40 to £50.
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Legally register the company
This process has become much more streamlined over the last few years with the opening of the Single Point Service Centre, which process applications at one point, not 3 different agencies as before. It is necessary to do this for tax payer identification and social security registration. There are several things needed in a memorandum of association to complete the process including the company name in both Thai and the foreign language if required, the address of the business headquarters, a report outlining the nature of the business, how much capital is registered, the amount of shares and their value, names, ages and addresses of all agents and their signatures.
After this is completed the company must apply for a tax identification card within 60 days, this will give you the VAT certificate. The business must file their VAT returns by the 15th of each month. The company must also register any employees if necessary for social security payments and compensation insurance, this is done at the Ministry of labour, in the Social Security Office.
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