What are the procedures, conditions and fees for registering a company in Thailand?

Author:Thailand MDR Accounting Law Firm Date:2020-04-02

There are mainly two types of companies registered in Thailand, both of which need to carry out the application procedures and establish the company's organizational structure according to the laws of Thailand. Therefore, enterprises planning to invest in Thailand must understand the regulations on foreign investment in the civil and commercial code and the law on foreigners doing business.

1、 Thai joint venture company: it is a small-scale enterprise with an equity structure composed of Thais and foreigners, and its business scope is not limited.

Conditions for registration of joint venture company:

1. At least 3 promoters of the company must submit the application to the Ministry of Commerce, and the promoters must be natural persons.

2. At the time of company registration, each sponsor should hold at least one share of the company. According to the law, there should be at least one Thai shareholder, and foreign shareholders can only hold 49% of the shares at most. This may cause foreign shareholders to worry. However, under normal circumstances, these shares can be freely transferred to other shareholders or a third party, which shows that there are ways to solve the risks.

The process of setting up a company in Thailand:

a. The name of the scheduled company;

b. After the name of the company is approved, the articles of association and the memorandum of association of the company shall be drawn up, including the name of the company, the registered address of the company in Thailand (MDR accounting law firm can assist to provide), the scope of business, the name of the sponsor and the registered capital, and the distribution of shares and the shares held shall be listed in detail.

f. Determining the powers of directors and selecting the legal signers;

g. Design company seal, Wenhua can give away, without your own engraving.

h. Submit the registered company.

i. Bank account opening

j. Tax registration.

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2、 All foreign companies: boi preferential company, foreigners can hold 100% of the shares, large-scale factory type enterprises can enjoy the corresponding tax and non tax preferences according to the business category, and can hold land to build factories.

Conditions for registration of BOI wholly foreign funded company:

1. The boi application should be submitted to the Investment Promotion Committee in accordance with the regulations. It can be applied in the name of an individual or a company. Due to a large number of documents and cumbersome procedures, this process takes at least three months. After the approval of BOI, the boi certificate can be obtained.

2. At least 3 promoters;

3. At least one director and one auditor;

4. The shareholders of the company must contribute 25% of the total shares of the company.

Boi needs to submit the application of BOI in the early stage, and the other steps are roughly the same as the registration of joint venture company, so it will not be repeated.

➤ company registration fee:

Registered capital: the minimum registered capital of Thailand shall not be less than 1 million baht. If the company employs non Thai employees and applies for work permits for them, the total registered capital of the company shall be injected at least 2 million baht at one time. According to the labor law of Thailand, every 2 million baht registered capital plus four Thai employees can apply for one foreign worker's work permit.

To invest in any type of company in Thailand, you need to provide and fill in the registered capital when you apply. 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 capital of more than 5 million baht shall submit the certificate of payment of registered capital issued by the bank (minimum 25% of the registered capital) at the time of registration or within 15 days after the completion of registration. The capital can be used to pay the company's expenses, such as paying employees' wages, purchasing office supplies, etc. In general, the remaining 75% of the registered capital does not need to be recorded, unless specifically required by the relevant administrative department of Thailand.

Government tips: some businesses need to apply for a license to operate legally. Thailand is a tipping country. Government officials need to be tipped during the application process. The specific amount depends on the situation.

The above is the content arrangement of registered companies. Considering the cost and convenience of the process, MDR accounting law firm recommends the registration of Thai joint ventures for companies registered in Thailand. We have a professional registration team to provide one-stop services such as registered companies, business survey and investment analysis. In the early stage, the registration related documents and procedures can be completed by lawyers, and in the later stage, the registration can be completed by re entering Thailand and signing relevant documents.

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