Do you need capital verification to register a company in Thailand?

Author:Thailand MDR Accounting Law Firm Date:2020-03-09

Foreign invested companies in Thailand need to be registered in accordance with the relevant laws and regulations of the Ministry of Commerce of Thailand. There are two types of companies that are popular for investment: boi wholly foreign-owned company and Thailand limited company (Thai joint venture). The registration procedures and documents of the two types of companies are basically the same, and the examination and approval procedures of BOI foreign-funded companies are relatively stricter. Many foreign investors are more concerned about the actual subscription of the company's registered capital, because for the enterprises just starting in the overseas market, they need to have enough capital chain operation, and if the registered capital is not required, they can spend more energy on business expansion.

Then, does the registered Thai company need capital verification? According to the regulations of the Department of foreign business and Commerce of Thailand, there is no need to submit a capital verification report if the registered capital is less than 5 million baht. A limited company with a total registered or increased capital of more than 5 million baht shall inject at least 25% of the capital amount at the time of registration or within 15 days after the completion of registration, and submit the certificate of payment of registered capital issued by the bank, that is, the certificate of bank funds in place. And issue asset investment property right certificate, asset investment list and value list, or asset use contract within 90 days after registration or completion of registration.

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If the enterprise fails to complete the declaration of appeal on time, it will lead to many adverse consequences. The certificate of registration of the company will be clearly marked that the payment certificate of registered capital has not been submitted as required. The company is listed as lack of trust, and the subsequent declaration of government documents will be very difficult. For example, the tax bureau will not approve its VAT registration, and enterprises without VAT certificate will not be able to make customs declaration and work permit.

If the Department of Commerce fails to implement the notice of submitting the company's financial report on time after sending it, it will be subject to imprisonment or fine. If it is too late, it will be dealt with by legal means.

Companies registered in Thailand need to inject capital in proportion on time, especially for the capital verification steps of BOI wholly foreign-owned companies. The application process is at least three months. Therefore, how to provide capital verification certificate within 15 days after the completion of registration requires professional Thai registration team to operate reasonably. MDR accounting law firm has rich experience and strong executive ability in registered companies. We have experienced registered lawyers to provide you with professional registration scheme.

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