Are you willing to start a private limited company in Thailand? Well, there are so many important things that you need to understand before beginning with company registration Thailand.
One of the most common types of business entities that you can set up in the country is a private limited company. As the name indicates, such companies are limited by shares and they work as a separate entity from existing shareholders. These businesses are recognized as independent taxable entities. Therefore, the shareholders associated with a Thailand private limited company are not bound to debts or losses beyond the shared capital amount.
No matter what kind of business you want to open in Thailand, it is important to register your company with Accounting and Corporate Regulatory Authority under the Companies Act. The local service providers and government agencies can guide you better about how to register a business in Thailand. However, the most important role of a business owner starts after completing the registration process.
Things you need to do after successful registration of a company in Thailand:
There are so many responsibilities that you need to handle after starting a business in Thailand. Below we have listed a few of them to help you proceed ahead confidently:
• Get licenses and permits
Most of the business activities in the country are bound to the regulations developed by government authorities. Although you have completed the registration process for your business, it is not possible to start the operations until your company receives all necessary licenses, permits, and approvals from dedicated government authorities. Travel agencies, video companies, private schools, moneylenders, liquor distributors, childcare centers, financial advisors, retailers, wholesalers, and importers, everyone need to receive permits from the government before starting company operations.
• Registration number and office hours
The company registration number in Thailand is issued by ACRA and it must be printed accurately on all invoices, letterheads, bills, and other relevant company documents to ensure legal official communications on the behalf of the company. At the same time, the entrepreneurs need to register office hours and office addresses to lead normal business operations. It is required to have at least three hours a day active work routines on weekdays.
• Custom registration
In case your business activities include some export, import, or trans-shipment kind of activities, it is important to get your company registered with the Thailand Customs department. You may have to obtain a CR number which is originally named as Custom Registration number for a business. This number is mandatory for all Thailand companies to lead any kind of trading activity.
• Registration of goods and service tax
Goods and Service Tax (GST) in Thailand is the tax applied on the supply of services and goods, including import activities. Note that goods that are exported outside of the country are exempted from GST. Moreover, there is some relaxation to the businesses that provide international services. However, the current GST rate is 7%. All the businesses in Thailand need to follow GST guidelines for their taxable annual revenues.
Once you complete all these formalities, you will be able to grow your business in the country with ease.