With the introduction of the Eastern Economic Corridor (EEC), Thailand is rapidly becoming an investor-friendly jurisdiction. Therefore, registering a company in Thailand may be a good idea for your business.
Choosing a name for your company
Having decided to establish a company in Thailand, you need to determine the name of your company. The name you have chosen should not coincide with the name of any previously registered partnerships or firms. Also, the company name should be easily readable and memorable for potential consumers of your products/services.
If you have trouble registering the name of a company in Thailand, call YB Case for legal advice on doing business in Thailand.
Establishment of a Memorandum of Association
We draw your attention to the fact, that to register a Thai firm, you need to draw up a memorandum of association. It should contain:
- A company name;
- An address of the registered office of the enterprise;
- Company goals;
- A statement of limited liability of shareholders;
- A statement, that the firm is an open joint stock company;
- The amount of authorized share capital.
To register a Thai Limited Liability Company
When you decide to set up an LLC in Thailand, it is worth remembering, that the company will be governed by the Civil and Commercial Code and requires a minimum of three shareholders and one director. The minimum share capital required for most companies in this type of activity in Thailand is $1.
Opening a branch in Thailand
A multinational corporation can open a Thai branch. To do this, follow these steps:
- you should obtain a Thai license with the possibility of renewal for five years;
- you should get a VAT registration number in Thailand;
- you should obtain a tax identification number;
- you should issue a certificate of registration;
Income derived from the activities of an open branch in Thailand is subject to the usual Thai income tax of 2% to 10%. But please note, that income received outside of Thailand and not related to the commercial activities of the Thai office will not be taxed.
* It is important: the head of the registered Thai branch must be a resident.
To open a corporate bank account in Thailand
When you decide to start a business in Thailand, pay attention to the fact, that there are 30 commercial banks, 15 of which are foreign. In order to open a Thai corporate account, Thai companies may need to provide:
- a corporate registration with the Ministry of Commerce;
- a tax registration in the Department of income;
* It is important:most multinational corporations must designate a resident as a signatory to the bank.
Note that YB Case staff will provide you with legal advice on opening a corporate account in Thailand. With the legal support of our specialists you will be able to quickly prepare all necessary documentation for registration of Thai business.
To open a corporate bank account in Thailand, you need:
- a valid passport;
- a valid address;
- a certificate of company registration with the Ministry of Commerce;
- a tax accounting from the Department of income;
If you need legal advice on registering a company in Thailand, then contact our specialists on the website.
Also, YB Case experts are ready to provide you with legal advice on how to open a corporate bank account in Thailand and to obtain a Thai license.