The unprecedented economic growth of Thailand in the recent years had drawn the interests of foreign investors from several countries, each wanting to strike a fortune by opening a company. The cost effective and skilled workforce, sufficient infrastructure and strong government makes foreign investors more convinced to start up a business here. In addition to this, well-defined business polices that promotes social and political stability, free trade and country’s favorable location in Asia all helps in the prosperity of any business. But, Thailand company registration in the country of Thailand is indeed a prolonged process as it involves the obtaining of permits from several sectors of the economy depending on the type of company to be set up. Here are the essential points you need to know about Thailand company registration. Check these out:
- Before opting for Thailand company registration, you must be sure about the type of company to be set up. Registration option is open for 3 types of companies.
- They are the Thai representative office, Thai limited company and Thai Partnership. The ordinary Thai partnership is a business setup owned by joint partners, sharing unlimited liability for all the company’s obligations.
- Each partner is personally and jointly liable for taxes and debts of partnerships.
- The limited partnership and Thai representative are almost same as ordinary Thai partnership except they demand two further kinds of partnerships where the first has limited liabilities while the second has unlimited and joint liabilities.
- All the required documents, forms and registration procedures are in Thai, so Thailand company registration requires a lawyer who can communicate in Thai on your behalf.
Thailand Company Registration Procedure
- The overall process of Thailand company registration is carried out in a few steps involving application for the permission for using the chosen name of the company either via website or by registering yourself at the Department’s Registrar.
- Paid in capital must be deposited in your bank with the shareholder’s paying at least twenty-five percent of the registered capital. Obtaining approval for memorandum of association of the company and applying for company registration to make it a legal entity at the registrar of the private limited companies.
- The application made to get the memorandum of association registered should contain information like signature of promoter, ages and address of the promoters, names, headquarters’ address, nature of business, number of shares and company names.
- Submission of company works to the Ministry of Labor and to the Office of Labor Protection and Welfare at the same district where the company’s head office is located.
- The company works are verified by the Office of the Labor Protection and Welfare before granting the final permission for a company to be set up.
- The time taken by the whole process can vary from 2-4 weeks to months depending on the nature of employees at different levels of the procedure.
Therefore, proceeding under the guidance of the prescribed guidelines and rules as laid down by the country would greatly help in a faster process of Thailand company registration.
For more information about company registration in Thailand please click here.