Thailand’s unparalleled economic growth has attracted many foreign investors from various countries, each wanting a fortune by opening their own company. Foreign investors are interested to start a business here due to the skills and cost of manpower, adequate infrastructure and strong government support. Furthermore, they offer well-defined business policies that promote social and political stability, free trade, and its favourable location in Asia, which may possibly make the business prosper. However, one may experience difficulty in the company registration in Thailand as it will require business permits from various sectors of the economy depending on what type of business will be set up.
Before choosing the company registration in Thailand, one must identify what type of company he or she will be setting up. Registration option is open for three types of businesses, which are the Thai representative company, Thai limited office and the Thai partnership. The latter is a business setup owned by joint partners sharing the same unlimited liabilities for all the company’s obligations. Every partners are personally and jointly liable for taxes and debts of the partnerships. The other two are similar to the Thai partnership; however, they demand further types of partnership where the first has limited liabilities and the second has joint and unlimited liabilities. With the registration procedures, one may need a lawyer to do all the communications in their behalf.
The registration process is performed through the following steps:
- You need to apply for a chosen name of the company either through a website or registering with the Department’s registrar.
- The shareholder needs to pay 25% of the registered capital which is deposited through a bank.
- They need to obtain a corporate seal which is necessary for company’s share certificates
- They need to get approval for the company’s memorandum of association and apply for company registration in Thailand, which is legally necessary.
- The application of the memorandum of association must contain all relevant personal and business information.
- The documentation must be submitted to the Ministry of Labour and the Office of Labour Protection and Welfare on the same district where the company’s head office will be situated.
- The Office of the Labour Protection and Welfare will verify and approve the final permission to operate the business.