A Thai limited company is a legal entity that can operate, enter into contracts, and own property. Its shareholders enjoy limited liability, which is capped at the par value of their shares.
Once the share structure has been agreed upon and defined a statutory meeting must be convened. At this meeting, the directors and auditors are elected.
Establish a Company in Thailand
If you want to establish a company in Thailand, you should consult with a professional lawyer who is licensed to practice in the country. They can help you with a variety of legal matters, including work permit applications, BOI application, litigation, and immigration. They will also provide you with a virtual office address for your company, which will cost around 2,000 Thai baht per month.
The most common form of business for foreigners in Thailand is a private limited company. This type of business structure has limited liability for shareholders, but you should still consult with a lawyer before proceeding. Also, if you plan to employ foreign workers, you will need to obtain a work permit. We can assist with this process, and they can also help you obtain a non-immigrant business visa (also known as the Non-B). We have an international team of lawyers who specialize in Thai corporate services.
Reliance Consulting
We assist companies with the company registration process, including drawing up their constitutive documents. We also help with opening a bank account and obtaining any needed sector-specific licenses.
The first step in establishing a limited company in Thailand is choosing the name and reserving it. We can help you choose a name that is both distinctive and legally compliant. Next, we will prepare a Memorandum of Association (MoA) describing the company’s mission and purpose. This document must be signed by at least two shareholders and one director. It must state the company’s registered address, contact details of the company, and the amount of the company’s share capital. Bearer shares are not allowed in Thailand.
Once the MoA has been approved, the company must register with the Department of Business Development. After the registration has been completed, the company must display its business certificate in a visible place in its office. Additionally, the company must file an annual return with the Revenue Department and pay taxes. The company must also prepare and submit financial statements every month. If the company fails to comply, a financial penalty will be applied. The penalty will be equivalent to the amount of the unpaid tax. The company must maintain an updated book of shareholders at its registered office.
Tax & Accounting Services
Company registration in Thailand includes the completion of the business permit application and registering the company for taxation. It is also important to keep accurate records of the company’s transactions and to follow accounting procedures specified in the Civil and Commercial Code and the Revenue Code. The company should be able to close its accounts within 12 months from its date of registration.
In order to establish a Thai limited company, it is essential that the founder has a clear understanding of what the objectives of the company are and what their responsibilities are. The MoA should clearly state these facts to ensure that the company will operate smoothly in the future.
The company should also have at least 1 million baht of registered capital and be fully paid up. This is the minimum amount required for a company to employ foreigners and sponsor work permits. It is also necessary to register for VAT if the company expects to exceed 1.8 million baht in revenue.
The next step is to file all of the documents with the Ministry of Commerce. This can be done online or through a representative. After the Ministry of Commerce approves your business, you can apply for a VAT number and open a bank account.
