Tips To Set Up A Private Limited Company In Thailand

Fri, 05/29/2020 - 10:59 -- tilalegaladmin
The most commonly recommended business structure in Thailand is a Private Limited Company. It is the best idea for the foreigner investors, and the legal formalities for the same can be completed with ease. It is good to know that the form and nature of the limited liability companies in the area are almost the same as that of Western countries. The shareholders, in this case, have limited liability towards the company’s unpaid parts of the shares, and it is preferably managed by the board of directors only.

Foreigners often get worried about legal formalities and procedures to set up business in a different country. But the great news is that the Thai government has welcoming opportunities for entrepreneurs around the world. If you have a solid business idea that can contribute to the Thai economy, you can definitely set up a business over there. However, it is always important to complete some legal formalities and proceed ahead with set rules.

What do you need to set up a business in Thailand?
In order to set up a new private limited company in Thailand, the very first requirement is to get at least three promoters. Note that they must be individuals that can hold the company’s minimum share for registration. They can be from Thailand or from any other country as well but are required to be present in the office while signing the documents. The available documents related to Private Limited Company must be filed in the Department of Business Development.
Below we have highlighted the essential steps that you need to follow for setting up a company in Thailand:

• Registration process:
The very first task is to reserve a name for the company. You need to select three names for the preference list; the professionals will choose any one of them. Make sure the selected names are unique and not taken by any other company in advance. If you select the most relevant and unique names, the registration task can be completed soon.

• Filling memorandum of association:
The next important task you need to follow is signing an MOA agreement with other founder members of the company. It is important to sign two copies of the MOA in the presence of at least two witnesses. A small fee may be required to complete this task.

• Minimum capital requirement:
You will be happy to hear that there is no minimum capital requirement for registering a business in Thailand. As per CCC, the only criterion is that the minimum value of the share is not less than 5 baht while the company is required to have at least three shareholders. As per a few laws, a business owner needs to meet the minimum capital requirement for a few specific activities such as insurance, telecommunication, and banking as well.

• Convening statutory meeting:
Promoters are advised to hold a statutory meeting where they can make important decisions about the company. It is focused around investments, shares, and many other essential directives.

Once all these procedures are completed, the entrepreneur can go for company registration. Soon you can start operations for your company.

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