Thailand is part of the Association of Southeast Asian Nations (ASEAN), an economy that is one of the world’s strongest with a combined GDP of almost $2 trillion between the 10 nations involved. It is a steadily growing region that promises a lucrative return on investment for any company that successfully goes through the necessary company registration Thailand steps. On paper at least, the following steps appears to be extremely difficult but they can easily be circumnavigated by an experienced Thai law firm. The most successful firms combine the experience of English speaking lawyers from Western nations with the local knowledge of Thai nationals. Here are some of the steps you must take in order to perform successful company registration in Thailand.
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- Company Name: You need to file for permission to use your company name. Your best bet is to research and reserve a name on the Department of Business Development’s website. Alternatively, you can apply for a name reservation in person by going to the Department’s Registrar. This company registration Thailand step generally takes 2 business days and is either free or costs a token sum.
- Memorandum Of Association (MOA): After your company name has been reserved, all shareholders are required to sign an MOA. This document requests the personal information of all shareholders, the company’s address and its intended line of business. You must then send the completed form to the Thai Ministry of Commerce along with all documents that relate to company registration in Thailand. After the details are processed, you will receive certification, a company affidavit and various other important documents.
- Tax & VAT Registration: The Revenue Department’s Central Filing Office must receive details of your tax ID and VAT certificate. In the event that your company does not own the land where your business is located, you must get the landowner’s permission. The best Thai legal firms offer virtual office addresses for the purpose of registration, an action that is completely legal and can save you a world of trouble.
- Open Corporate Bank Account: After company registration in Thailand has been completed, it’s a good idea to open a corporate bank account. You can send the requisite documents to a legal firm but company directors must be present. If you are a non-Thai signatory, you will need to show a valid work permit. All of the above steps should take no more than 2 weeks.
- Work Permit: You need a non-immigrant visa before applying for a work permit. Your company must have 2 million baht worth of working capital for every non-Thai working within your company. Bear in mind that this is limited liability NOT the amount of money you need.
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