Starting a business is always thrilling, and it does come with its flaxen share of reimbursement too. You know what to anticipate and what outcome can be there. It all comes down to having the right dedication and actively outline the right steps to generate a fresh business.
The Law that governs business creation in Thailand named as Foreign Business Act of 1999. The THAI\’s entrepreneurs are welcomed to build up their business in Thailand by following the local Laws of THAI.
Some of the Industries of THAILAND are emerging industries globally. Exclusively the industries of livestock, trading in Land, trading antiques from Thailand, extracting medical herbs, forestry, fishery, rice farming, orchards, and arable farming. The THAI is also rising TV broadcasting & newspaper publishing.
Starting a business in Thailand
To start a business in Thailand, you have to decide what business category you want to start in Thailand. You can begin registering for an ordinary or limited Partnership, branch office, regional office. Or a representative office and a company like a private limited company. The limited Partnership means the liabilities of a partner are limited, and the other partner has full liability. The representative office means to supply the goods and provide its services to the country. Including the inspection and control of the quality of goods used in the country, to launch the new products in-country, and reports about the business movements.
The regional office can do all of those and marketing control, financial management, producing products, services in development and research, communicating on behalf of the head office, and many other functions. There are various ways, which is an extremely important aspect to consider and keep in mind.
The Companies, either public companies or private company are under limited liabilities upon their members. The Public Company needs to have 15 promoters for the public company and its private limited company.
New Company in Thai
Starting a Business in Thailand may utilize your some time in case of private company 07 working days. Or in a public company, it may take 30 working days. First of all, you have to generate the name of the company in your mind and reserve it. Which will be on your reservation for 30 days. Then you have to prepare some documents, i.e., Articles of Association, Memorandum of Association, Application forms, and list of shareholders.
Directors for a company with their signatures on forms. The assertion of business operation form and the details of the offices of the company. And its branches and submit them to the competent authority. You will need a company Seal or stamp, which acts as the company\’s signature to the company\’s proficient documents. Before the company\’s registration, you have to open an account with 25% of your initial investment capital to any corporate bank in Thailand. The THAI Board of investment provides you all legal and registration support regarding the startup of investment. All the process of starting up a business is first dealt with by the THAI Board of investment.
As soon you have registered your business. You have to obtain a tax ID card for your business from the Revenue department within 60 days by notifying them about the company\’s registration. If the business\’s turnover is high, you may also need to register your business in VAT. \”Accounting and finance reporting responsibilities of the business owner \”is the website link to the Board of investment. Which provides you with further information and solves your queries regarding the registration or business setup. It provides you the full service.
Company Registration in Thailand
Depending on the category of business/venture, business registration in Thailand from scratch is swift and quick. Company registration in Thailand is increasing with time as the country shows extraordinary growth in the economy over the years. Which has been attracting investors towards THAILAND and addressing the country\’s increasing market demands while hoping to maximize the return on the investment in the process. Board of Investment Thailand makes available investment encouragement for both foreign and local entrepreneurs who desire to invest in THAILAND.
Steps for Company Registration in Thailand
There are round about five steps by following which you can register your company in Thailand.
Firstly, you must put your side on the company\’s name. And reserve it with DBD and wait for three working days for its approval.
You must follow the guidelines of the rules provided by the business department.
After confirming the name, you have to submit the Memorandum of association to the Ministry of Commerce. Which includes the company name location, organizational structure, company motives, and business-main streamline.
After submitting a memorandum of association, you have to set up the articles of associations. And by-laws under which the company run and announce the statutory meeting of the said directors. Also auditors of the company appointed under the Articles and Memorandum of association.
The application for registration should be submitted within 90 days of the statutory meeting. After registration, you have to get the Tax Certificate. And value-added tax certificate after submitting the necessary documents to the Department of Business Development registrar.