How to incorporate a company in Thailand as a foreigner?
Tetra Consultants advises you to read through our Thailand company incorporation comprehensive guide to fully understand the steps required to successfully set up a business in Thailand. Requirements and regulations are stated clearly to help you fully understand how to incorporate in Thailand.
If you are thinking of how to start a business in Thailand, it is essential to understand what to expect throughout the whole incorporation process. This is to ensure your resources are well allocated and your company is compliant.
Tetra Consultants expects to complete the registration of your Thailand company within 4 months after receiving the required KYC documents. Thereafter, you can expect your Thailand business account to be opened within a month. In total, Thailand company incorporation takes around 5 months.
Contact us to find out more about how to start a business in Thailand. Our team of experts will revert within the next 24 hours with information in regards to Thailand company formation.
Simply put, we can break down each engagement into four different phases:
- Planning and Strategy
- Incorporation
- Corporate Bank account opening
- Staying compliant
1. Planning and Strategy
- The most essential step is for you to understand the requirements of how to register a business in Thailand. After understanding your business goals and activities, our team of dedicated consultants will recommend the most suitable corporate entity for you to carry out your business. Generally, the most preferred entity type in Thailand is the private limited company.
- Prior to Thailand company incorporation, you will be advised on the optimum paid-up share capital, corporate structure, legislations, and whether there is a need to apply for any licenses to operate your business.
- Before Tetra Consultants proceed with Thailand company incorporation you are required to provide a list of necessary KYC documents. Some of these documents include the names of directors, the company’s resolution, and identification proof.
- Tetra Consultants will search for the availability of your company name through the Department of Business Development of the Ministry of Commerce. Tetra Consultants will also ensure that your company name does not coincide with any other name already registered.
- Accordingly, your business name of Thailand company will be formally registered in the Thai language where Tetra Consultants will make sure that your name confirms to the guideline as provided by the respective registered authority.
2. Incorporation
- Based on the documents provided, Tetra Consultants will draft the Memorandum and Articles of Association, business plan, and other incorporation documents.
- Once the documents are prepared you will need to get the approval for the same by paying the requisite fee which ranges from THB 500 to THB 25,000.
- Once we have received the approval we will proceed to complete another statutory requirement of registering a company in Thailand which is the commencement of the entity wherein all the mandatory matters like the implementation of Articles, and the election of directors will need to take on.
- Once you are clear on how to register company in Thailand, we will then proceed to file for Thailand company incorporation with the Ministry of Commerce.
- After receiving approval, Tetra Consultants will courier the Certificate of Incorporation, Memorandum and Articles of Association, and other corporate documents to your preferred address. These documents contain the business registration number and other Thailand company details required for running the business.
- Consequent to the registration of the Thailand company, Tetra Consultants will make sure to enroll the staff of the entity within a month of employment in the Social Security System.
3. Corporate Bank account opening
- After the incorporation of your company in Thailand, Tetra Consultants will assist you in opening a corporate bank account. Our team has established partnerships with multiple reputable banks in Thailand.
- Typically, a Thailand corporate bank account cannot be opened from abroad, In that case, Tetra Consultants will send a representative on your behalf to carry on the process of corporate bank opening.
- Once your account has been successfully opened, Tetra Consultants will courier the internet banking token and access codes to your preferred address.
4. Staying compliant
- After incorporating the Cyprus company and opening a current account in the bank, Tetra Consultants will continue to provide you with the necessary accounting and tax services to ensure that you can continue to legally conduct business while staying compliant with regulatory obligations.
- Accordingly, every Thai or foreign company doing business in the jurisdiction is required to submit a tax return twice a year. Our team of dedicated consultants will timely prepare your firm’s financial statements, and corporate tax returns and manage bookkeeping on your behalf.
- All the companies in Thailand are currently levied a corporate tax at the rate of 20%. Additionally, the companies are levied other types of taxes including Value added tax at the rate of 7% for the goods and services so sold.
- Our team of dedicated consultants will continue to clarify any doubts you may have concerning your company’s tax obligations.
Contact us to find out more about how to register a business in Thailand. Our team of experts will revert within the next 24 hours.