If you ever visit in Thailand, you will see the whole
country bustling with busy people. Everyone is working here and there or trying
to setup their piece of business. Such professional mindset made the nation a
fascinating destination for various business entrepreneurs.
Entrepreneurship however is little tricky, as it calls for
sufficient patience, time and persuasiveness. Moreover, a good business strategy
always needs transparent ideas on recent market demands, and you need to be a
good opportunist. With that you also need proper acknowledgements on business
setup requisitions and local government demands as well.
You must have a proper idea on limited liability company if
you want to start your company in Thailand. Sometime understanding the business
formation process is very tricky here in Thailand. In such cases entrepreneur
hires business consulting firm.
S & F consulting ltd. is one of such business consulting
firm which comes into action when issue arises during company registration in
Thailand. This business consulting firm has a stronghold on consulting
entrepreneurs in new businesses. Such renown business consulting firm can
assist you with up to date information that is trendy and occurring in current
business market
Limited liable company or LLC seems to be the most popular choice of business type among entrepreneurs in Thailand. Specially among foreign expats, this type of company is widely accepted and appreciated. Thus, a major highlight of this article will fall on limited company.
Pre requisition acknowledgements for initiating an LLC in Thailand
For forming a limited company, at least three promoters are
compulsory. Among these three promoters, two of them can be expats and the
third person must be a resident of Thailand. You have to count a balance setup
of at least 3,000,000 baht. For foreigners, the investment must be at least
2,000,000 baht. Once you have arranged this amount, you are ready for the
registration process.
1. Memorandum of Association (MoA).
This particular agreement includes proposed name and, address
of the company. The agreement papers also keep a record of company types, objectives,
and number of shareholders the company possess. MOA also include personal and
professional credential of each shareholders, and number of shares each
director will get while in the company. MOA registration procedure ends with directors’
signatures along with at least two relevant witnesses sign.
2.Registering company name.
You need to propose a unique company name for your business.
A company name must include "Limited" as suffix. A temporary
validation period of the company's name remains for 1 month. Mean this time MoA
papers along with other registration documents need to be registered
accordingly.
3. Conducting statutory meeting.
A statutory meeting is mandatory during a company setup
process. Statutory meeting will build up an article of association of the
company and it will also establish a statement about asset shares each promoter
will get. This particular meeting led to the appointment of first director and
auditor for the company.
4. Get your company Incorporated
A company incorporation certificate is compulsory to carry
out the company registration process. Drafting the incorporation registration
form supplied by MOC must be carried out carefully and submit that per recommendation.
The form needs all data about shares and investments on each share and also asks
for directors’ credentials and company address.
5. Apply for VAT, income tax, and business license.
Apply for legal income tax, VAT and business licenses. It is
needed for both local as well as foreign investors planning to raise a business
here in Thailand. In summary, these mentioned certificate and licenses are
compulsory for running any company legally in Thailand.
6. Other licenses and certifications if required
Some other licenses to carry out certain business
activities. For example, you are up for a restaurant business, you need license
for serving alcohol. You will need extra license if planning for export import
businesses or services like pharmaceuticals and health care related services.
7. Get physical address for your business
Arrange physical address for the company. It is compulsory
for complimenting the business setup before clients and market place. Physical
premises come in two form. Either it can be traditional company premises or
virtual or shared office.
8. Open a corporate bank account
If you've finished the company registration process, open a
business bank account. You can choose any bank of your preference for this
account. A native partner of your company should be present as reference for
opening the account.
9. Apply for business visa and work permit
If you are foreign investor, get your business visa and workpermit. You can process your own visa and permit by collecting visa application
forms. But it is convenient to hire a lawyer expert in business visa
processing. At typical condition Thai embassy process the required visa.
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