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Understand the Jurisdictions Setup Requirement Before Proceed Your Register Company in Thailand
Within the Association of Southeast Asian Nations, better known as ASEAN, Thailand is known as the second-largest economy. Thailand’s market has its strengths and draws for potential investors, but like every other market in the world, it is not without its challenges too.
Thailand’s economy is growing every year, and most of its GDP comes from manufacturing, communication and transportation, finance, hotels and restaurants as well as agriculture.
Benefits of Registering a Company in Thailand
For potential investors who are thinking of taking a leap into the Thailand market, some of the benefits that lie in store for you when running a business in this country include:
- Potential with the growing middle class who have buying power
- The well-developed infrastructure in the country makes it easy to run a business
- Thailand is in the top 20% of countries voted for the ease of doing business with
- Thailand has a comprehensive infrastructure investment plan
- The Thailand Board of Investment is providing incentives and modern industrial estates for businesses
The Challenges of Registering a Business in Thailand
Among some of the more common challenges faced by businesses in Thailand include the poor Intellectual Property Rights enforcement laws that make it easy for your products and ideas to be ripped off or stolen completely.
Thailand also has some foreign ownership restriction laws in some sectors, and if your intended business happens to be in one of these restricted sectors, it could pose a problem for you. Not to mention the complex customs requirements that come with registering a business in Thailand.
Steps to Registering a Company in Thailand
To begin the registration process for your company in Thailand, you would first need to begin by reserving a company name for use. The intended name of the business must not be in conflict with any other existing business, nor already be in use. This stage of the process can usually be completed within 2-3 working days.
The next stage would require you to file a Memorandum of Association. Once the name has been registered and approved, you would need to file a submission with the Department of Business Development for the required Memorandum of Association.
Once the share structure of your intended business has been clearly defined and outline, a statutory meeting needs to be help to determine the appointment of the first directors and auditors for the company and what their respective responsibilities will be. The meeting would also determine what regulations will be adopted by the company, if any.
The next phase involves the registration process, which needs to be done within three months of the statutory meeting. This is then followed by the registration for tax documents and a tax ID card and number, which needs to be done with the Revenue Department within 60 days of the company’s incorporation.
The next phase would be for the employer to register an account under the Social Security Act which can be done with the Social Security Office within 30 days from the start of employment.
For more information and guidance on how to get started registering a company in Thailand, contact us at 3E Accounting for further assistance.
For request of quotation and more information about Register Company in Thailand, please email us at email@example.com and we will promptly reply within 24 hours.