Important Things to Remember on How to Register Company in Thailand
Thailand is one of the countries in Asia now that is swarmed by many foreign investors because it has a stable economic growth. It is safe for investors to invest in this country because of the positive attributes that Thailand government has now been good for businesses. Thailand also has a clear policy on the liberalization and on the free trading which is favorable to businesses and investors. To register company in Thailand it will take you more or less 60 days to finish your application.
If you are planning to invest in this country you have to know how to register a company in Thailand. To register company in Thailand you have to follow the rules set by the Thai government. Among the guidelines that you must follow are as follows:
First you must seek permit for your company’s name. After you have already obtained the approved Memorandum of Association which you can do it in one day. Although it is not mandatory for a company to have a company seal it is still advisable for you to have it because you are going to need it in affixation of important documents of the company. This is made of rubber stamp which you can easily order. After this, you must seek approval for the Memorandum of Association then register your company as a legal entity to the authorized office which is the Private Limited Companies Registrar.
Thailand Company Register Procedure;
The Single Point Service Center which was opened by Department of Business Development in October of 2010 is in-charge for registering new companies in the DBD office, seeking identification number for the taxpayer; register the company to the social security and register the Workmen’s Compensation Fund to the Ministry of Labor. After finishing the registration you will now be issued of your tax identification number as well as the social security number of your company.
The requirements for the memorandum of association registration are the company name both in Thai and foreign language, type of business, registered capital, number of shares, address of the business, personal information of the promoters, shares of each of the promoters, and the signature specimens of the promoters. Submission of complicated articles of the association might need extra days to review it before you will be able to get the approved registration of the company. Companies must register their employees to the Social Security Office for their insurance compensation.
You must conduct meetings with the legal authorities who will approve all the articles and by laws for your company. You must elect the company’s board of directors and an auditor must be appointed to do all the necessary auditing of the company’s expenditures and profits.
Then submit the work regulations of your company and this is subject for review Office of Labor Protection and Welfare’s head office in the location of your company. Labor Protection and Welfare office in Thailand is the authorized office who will tell you if revisions have to be made for the workers regulation that the company has submitted. Other requirements that are needed on how to register company in Thailand are a copy of valid identification card or passport of the board of directors, promoters and two other witnesses. All of these must be duly certified by the authorize authenticator in Thailand.
To register company in Thailand there are new rules to follow. For a private company the foreigner must hold a share of 49 percent and the 51 percent of the share must go to the promoter which must be a Thai citizen. But there are also ways on how a foreigner can hold more than 50 percent share and this can be explained to you further by any lawyer that is well abreast in the Thailand company register. If the foreigner holds more that 30 percent share of the company, all the Thai shareholders are required to declare the amount of their bank statement to the government.
If you want to register company in Thailand without so much complication you can get the services of the lawyers in Thailand who are expert and knowledgeable in this field. These legal officers (TILA LEGAL) will certainly help you in processing the necessary papers needed for Thailand company register. There are lawyers in Thailand who are always ready to assist you on how to register company in Thailand.
