A Limited Company is the most popular registration choice for foreigners who want to do business in Thailand. The Thai government sees the forming a company … You may need other licenses to do business in Thailand. The registration process begins with filing a memorandum of association. The DBD has offices in Bangkok and other provinces, making it convenient to register a company outside of the city. suggest type of company I should register. Using traditional offices does make sense in some cases, like if your office is attached to your business or your team is getting big. It’s hard to keep up with them as they seem to change every year. Thais can handle the local authorities and staff much better than you can and likely know people, and that helps lower costs. The laws in Thailand are pretty nationalistic. Limited Companies A Limited Company is the most popular registration choice for foreigners who want to do business in Thailand. The natural disaster coverage includes floods and fires, which are the two most common disasters in Thailand. It gives you access to over a hundred pieces of exclusive content that help you save time and money. With Registered Ordinary Partnerships, the company has legal rights, duties, and liabilities separate from its partners. Then you prepare your company’s registration documents, including a list of share holders, meeting notes, and proof of payment of share capital. The rate you get from them can even be cheaper than renting directly from a rental company. See what is lacking in Thailand and find out how to fill that need. Contact our partners who are experts in offshore company formation matters! Another challenge is the never-ending changes that seem to arise when it comes to visas, work permits, and regulations. Here is the full list of our exclusive content. Someone who knows the landscape, speaks the language and can handle administrative and staffing procedures is a huge asset. Depending on your company type, you may need to get other licenses. Special benefits: When setting up a legal entity … Again, your accountant can handle these filings on your behalf. Since 2003, Healy Consultants Group PLC has assisted our Clients with business registration in Thailand. Having a Non-immigrant B Visa doesn’t entitle you to work. You can give all your staff a 2,000 baht bonus every Songkran, or Thai New Year. Doing business or company registration in Thailand could be problematic for foreigners because most of the foreign investors don’t know the complete process of company registration. Need help with something else for your business? Thai have a much more laid back social and working culture than Western countries. Regards. Having a Thai national as a partner makes things much easier. Any help u can do with that? To give you an idea, here’s how much it could cost to set up a restaurant. Having a license stops the music police from harassing or extorting you. In Thailand, a foreigner can only own 49% of a company. Legal: Finding an ethical, professional, and affordable lawyer is super hard. At Silk Legal, our team of lawyers and business consultants are guides who help their clients explore the options for officially starting a business in Thailand. Thai company formation firm that can offer professional company incorporation services to both local and international businessmen. Because of the complexity and time it takes to set up a company in Thailand, use a lawyer who has experience registering companies here. What You Need to Know About Setting up a Business in Thailand. It’s common courtesy to respect your elders in Thailand and use the word khun, like sir or madam, when addressing them. You also can’t open corporate bank accounts under the company’s name. Obtaining information about Thai companies is also crucial when you intend to establish joint ventures or partnerships in the country, or to know if it is worth it to pursue legal action after an issue has come up with a company in Thailand.The Department of Business Development (DBD) in Thailand from within the Ministry of Commerce is a reliable source of information where you can obtain data on the history of a Thai company. You can also check out our premium subscription for a complete solution to help you get set up as an expat in Thailand. some spelling errors unfortunately You may only find out about a problem when you talk to them privately. or any guidance u can provide related to exports from Thailand? Once you have your work visa, you have to fly back to Thailand and apply for your a permit. If you import food and drugs to sell in Thailand, you need a license from the FDA. Do your research before starting a company. Feel free to get in touch. They know the Thai market and can suggest marketing ideas to help you execute strategies to increase your profits. Just ask immigration police. There are many commercial risks a company could face. We receive a lot of e-mails asking for recommendations for products, services, and companies. Learn Thai as well. When it comes to hiring staff, you have a few choices. To begin with, Thailand is a land of paperwork. If your marketing plan involves an online business, talk to a local digital marketing agency like Enabler Space. Some people choose to have a paper partner, someone who owns 51% but has no say or genuine ownership of the company. Learn how your comment data is processed. You need to hire an accounting firm to handle everything related to accounting, including: You need send all receipts and invoices to them every month. The exceptions -- majo… So the government fee you have to pay to set up a Thai company is about … This site uses Akismet to reduce spam. Three reputable companies in the market are ATa Services, Regus and Spaces. For this kind of partnership, you have to register with the authorities. Registering companies in Thailand is a challenging process. And you can use the expenses you pay for insuring your employees as a tax write off. But they’re unsecured credit cards, meaning you must deposit the entire amount of credit in the bank as collateral. Also check out Makro, a wholesale cash and carry where you can stock up on supplies. Here’s a breakdown of those classes based on Nationality. others: some other costs can include those related to specimen signatures, statements made by directors and others; the fees here will vary according to the tariffs of the law firm or the services requested. Another major operating responsibility is filling taxes and renewing licenses. When it comes to buying office furniture or equipment, plan and budget everything. the minimum share capital: this will differ according to the type of legal entity that is being incorporated. in 2017 the flow of foreign investment increased to approximately 219 million dollars compared to approximately 191 million in 2016. the main investing country in 2017 was Japan, with approximately 37.9% of the total value of investments. Thaipod101 is a great way to learn Thai online, no matter where you are in the world. According to the Thai law, you register a Limited Company by dividing capital funds into shares. A final note regarding so-called 49 / 51% companies, “yes, pursuant to the laws as it currently sits it is possible to have a Thai company with 51% of the equity in said company being owned by Thai Nationals, that company would then be considered a Thai company for purposes of the Foreign Business Act and so the Foreign … If you use a serviced office you only need a few office supplies costing a few thousand baht. There are many reasons why foreigners want to form a company in Thailand. A lot goes into starting a company in Thailand. Establishing a Thai company could assist a foreigner to buy property, board Kingdom of Thailand, or add Kingdom of Thailand… There isn’t a major difference between banks. Foreigners who get work permits needs to have four Thai workers per foreigner working in the company, plus two million baht in capital, unless you’re promoted by the BOI. The plan also covers earthquake and storm disasters, which rarely happen in Thailand. THB (between 1997-2019). Do you have the next great business plan and want to register your company in Thailand? Make sure you have enough to cover these costs for the first six to twelve months. You need to invest in furniture, set up phone and internet accounts, and you might even need to hire an administrator to keep up with the inner workings of the office. i will be grateful for your email reply. If you are a foreign investor interested in doing business with a company in the Land of Smiles, it is important that you research and obtain the appropriate information about the Thai company you will be dealing with. the company name: businesses must have a unique name, one that does not include certain terms. Firstly, foreign companies can establish their presence in Thailand via a branch, regional or representative office although this solution will only work for established foreign companies. the actual registration: the application is submitted to the Ministry of Commerce once the Memorandum is complete and the documents are prepared. If you’re not familiar with company laws in Thailand, it can be tough to decide the best way to incorporate your company. Working with a reputable law firm definitely can help in putting minds at ease. This includes the company name, promoter names, company location, company finance, and business objectives. Overall Economic Activity Remained Positive in Q1, Indian Investments in Thailand: a Success Story, A Record Number of Chinese Tourists in Thailand, Thailand Included in Top Ten Countries in the World for Investment, Contact our team of Thai incorporation agents. During meetings, they may sit there silently. It also includes legal issues such as fraud, theft, and even sexual harassment lawsuits. Therefore, it is recommended to contact with business consulting firm who may assist you in doing all sort of business registration paper … Car Rental: Renting a car is a great way to explore Thailand, especially when your destination is outside of Bangkok. If you need help incorporating your company in Thailand, reach out to us and we’ll put you in touch with someone who can help. If the candidate doesn’t pass probation, you can ask them to find a new candidate again without having to pay anything. If you need help, reach out to us and we’ll put you in touch with someone who can help you set up and market your company in Thailand. With a coverage limit of $500,000, their Silver Plan is one of the few plans in Asia with sufficient coverage. Thailand’s towns have extensive Facebook pages for expats. Xendpay is among the cheapest ways to send money to Thailand. This is by far the most serious issue for the largest number of foreigners. Especially when starting out, language is definitely an issues – as you said, all official documents in Thai. Digital and Content Marketing: My current and prior companies did exceptionally well thanks to an excellent digital marketing team that I had build up. See this page with some additional information on that: https://expatden.com/thailand/thailand-lawyers/. For other positions, you can hang a sign saying “Staff Wanted,” post the job in a local Facebook group, or get referrals from locals. A foreign investor must carefully consider the following before choosing the right business model: 1. You can everything you need for your office from OfficeMate. As it would take 12 months for your business to get known. But not all companies can get a BOI promotion. This type of insurance comes with different packages depending on your business needs. WHT rates depend on income types as seen from the Revenue Department website on Subject 6. My former marketing manager now went ahead and started an agency to provide that service to other companies. Many people have thought about setting up a company in Thailand for visa purposes. A Foreign Business License - FBL in Thailand can be awarded to a Foreign company (majority of the company's shares are owned by Non-Thais) or Foreign investors that wish to operate a business which is normally restricted to Foreign nationals under Thai Law.. Make friends with a Thai professional in your field. It’s better to look into other alternatives such as the Elite Visa. But these extras are up to the employer and are not necessary by Thai law. This kind of partnership has two types of partners: Unlimited Liability Partners are liable no matter how much capital the partners contributed to the partnership. As far as I know it IS possible to change the visa type when being in Thailand. So instead of doing all the tedious work on the back-end, you can do what you do best, which is serve your customers. Also, the directors of the company can apply for work permits. Setting up a company is the most challenging part. The accounting firm that registers your company can refer you to a bank. You also have to let the Social Security office know within 30 days after you hire a new employee, and before the 15th of the next month when an employee leaves your company. It’s only calculated on the difference between the price you buy the goods for and the price you sell the goods for. If your employees or customers slip and hurt themselves in your office, this insurance will pay for the cost of treatment. For those who want to own 100% of their company, the Board of Investment is your only choice in 2019. I think the step from PR to Thai national isn’t that big, especially if he is married to a Thai national. You can also advertise on job generic websites such as Jobdb, Jobthai, and Jobtopgun. tax registration: companies are required to register with the tax authorities and, depending on revenue, for VAT purposes. There are several reasons why an overseas national would love to open a Thai company. Accounting fees depends on your company type and the amount of monthly transactions. VAT is calculated on sales of goods and services. For furniture, take a look at IKEA. You need to get a VAT license once your company makes over 1.8 million baht in annual revenue. Office Space: It’s quick, easy, and affordable to use a serviced office for your business. Commercial insurance protects both tangible and intangible products, include the loss of digital files and data of your business. i am planning to start a EXPORT Business from Thailand..as i would b buying items locally for export there are export companies who can do that on my behalf but in that case my customers will see the Consignee details on Bill of Lading and they will directly contact them for future business thinking to reduce my cut….for this reason i need to make a company in Thailand and than process all exports from my own company to my foreign customers in African & Asian continent. :-((( ). ExpatDen creates free guides for anyone looking to work, live, retire, study, or start businesses abroad. Thailand has four different classes of minimum wages when it comes to foreign employees. (case of capital exceeding … If you need help setting up and marketing your company, reach out to us and we’ll put you in touch with someone who can help. And planning should be the first step. A Thailand lawyer can provide more detailed information on what this legislation consists of. Fill out this form and we will put you in touch with someone that meets all three criteria. The BOI has their own categories to specify which types of companies they promote. The amount for minimum wage changes overtime. For two work permits, you need eight Thai employees and four million baht in capital. Double check with your lawyer to avoid fines or other problems down the line. If you run a shipping company, you need an import and export license. stamp duty: this can vary and it will apply on several documents needed for incorporation; it can be around 400 THB. What we serve you for setting up company (company registration, company formatting) in Thailand Fee: Baht 17,000 (plus Baht 8,000 for VAT registration). You can find out how to register a 100% foreign-owned BOI company in our in-depth guide. the Memorandum: this includes the name of the company, its objectives, and the region in which it will activate as well as statements from the shareholders and other details. Feel free to get in touch with us for more help. The current VAT rate is 7%. You need to renew some licenses, like liquor and music licenses, every year. While it’s possible, the expense and paperwork you need to deal with isn’t worth it. A foreign company is not liable for the functions performed by its subsidiary in Thailand but is liable for the functions per… The only way you can legally work is to get a work permit. In Thailand, the laws change all the time, and only someone who follows those changes can tell you what’s best. You can let staff drink with patrons and within reason, for free. You can get a fine by the so-called music police if you don’t have one. Thais quote locals a cheaper price for cleaning services, taxi services, or general contracting services. Know exactly what you need and how you’re planning to decorate your office. Companies promoted by the BOI get help with visas and work permits and don’t have to pay corporate taxes. Even if the Limited Company seems best for foreigners to register a company in Thailand, Thai law limits foreign ownership to 49% of all shares. When you have staff you like, pay them fairly so they don’t leave or get picked up by better-paying companies. 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