If you’re considering a business venture in Thailand, you may want to consider the merits of company registration. The country has a booming economy, low costs, and an attractive business environment. Despite cultural and language barriers, you can do business in Thailand with relative ease. In fact, the country ranks 21st on the list of 190 countries in terms of ease of doing business.
The first step in company registration in Thailand is to choose a name. Names are chosen on a priority basis. Section 1098 of the Civil and Commercial Code of Thailand states that a name must be descriptive and include limited endings. You should also opt for a name that is not too cryptic.
After choosing a name, you will need to choose a registered office address. There are a few different options, including a virtual office, which is optional. This is the most popular choice for companies that are located outside of the capital.
Next, you will need to prepare a shareholders’ registration book. As a rule of thumb, this document should contain the following information: the name of the company, the name of the director, the names of the members, and a brief description of each shareholder’s involvement. These documents must be signed by the director and all shareholders. A letter of certification from the bank should be included as well.
Next, you will need to come up with a memorandum of association (MOA). The MOA contains a number of other important details, such as the company’s goals and objectives, the amount of initial capital it is planning to invest, and its location. It is also required to be filed with the Department of Business Development (DBD).
Next, you will need to open a bank account. Depending on your needs, this may be a straightforward process or you may need to engage the services of a local legal consultant.
Finally, you will need to display the business registration certificate at your office. The requisite fee for this can range from THB 5,500 to THB 25,000.
Other than the obvious, you will also need to get a tax ID number from the Revenue Department. Taxes on a Thai company can vary depending on its operations and the type of tax. For example, a company that conducts R&D activities is eligible for tax exemption.
Although there is a lot to do in terms of business registration in Thailand, it is not a difficult process. Nonetheless, it is best to seek the advice of a professional. They can offer you more detailed information on the legal and regulatory aspects of the country. Moreover, they can help you navigate the pitfalls and pitfalls of doing business in the country.
The Department of Business Development (DBD) is the primary regulatory authority for company registration in Thailand. It is under the Ministry of Commerce and has a variety of responsibilities. To name just a few, the department is responsible for registering new businesses and companies.