Company Registration in Thailand for Foreigners
Whether you're thinking of establishing a business in Thailand, or have already started one, you'll need to register your company. There are several rules and regulations that you'll need to know. You'll need to register your company with the Thai Board of Investment. The US Treaty of Amity and Foreign Business Act in Thailand also applies.
Company Registration in Thailand
Whether you're planning to set up a Thai company or a foreign business in Thailand, you will need to be aware of the government requirements and the steps involved. You will also need to hire a lawyer to help you along the way.
The Department of Business Development (DBD) is the agency in charge of company registration in Thailand. It has offices throughout the country. It also has an online website. You can use the DBD's website to see what the government requires and the process for registering your business.
In order to register a company in Thailand, you'll need to fill out a form with the correct wording. You'll also need to select the right name. The name you choose will be used as the company name and incorporated in the incorporation documents.
The Department of Business Development recommends choosing at least three names for consideration. The one that is most appropriate for your business will be chosen based on a few factors.
Board of Investment in Thailand
Getting your business registered with the Board of Investment in Thailand is a good idea. You may qualify for a number of incentives that can make your business more profitable. Among the benefits are an exemption from corporate income tax for five years, the right to hire foreign experts to work on your project, and the ability to import machinery without paying import duties.
The Board of Investment is a government agency that helps promote foreign investment in Thailand. This agency has created a number of investment policies that encourage innovation, value creation, and sustainable growth. The Board of Investment also helps foreign investors get permits and licenses.
The Board of Investment in Thailand has an office that provides information and services to foreign investors. The agency helps promote foreign investment in Thailand and encourages local investment. The Board of Investment also helps foreign investors obtain private property in Thailand. It also promotes investment in special economic zones and border provinces in Southern Thailand to develop the local economy.
US Thailand Treaty of Amity
Founded in 1833, the US-Thailand Treaty of Amity is a treaty that promotes US-Thailand trade relations. It provides special benefits to American citizens and promotes mutual trade between the two nations.
It also promotes cultural understanding between the United States and Thailand. The treaty provides privileges to United States enterprises engaged in the service industry. A business can register under the treaty as long as it has majority US ownership. The company can engage in the same activities as a Thai limited company, but is subject to higher scrutiny.
The process of registering a Treaty of Amity company is more complex. The company must prove it has majority US ownership, and that it is managed by an American. It also must demonstrate that it meets the minimum capital requirements under the Foreign Business Act. In addition, it must show that it has a certificate from the US Commercial Service.
To obtain a foreign business license, the company must provide THB 3 million in capital. It must also provide information about its owners, including nationality, age, and number of shares held by each director.
Foreign Business Act in Thailand
Basically, Foreign Business Act in Thailand is a law that regulates some business activities in Thailand. The act was passed in 1999 and placed restrictions on foreigners engaging in certain businesses in the country. Depending on the activities being done, a business license must be obtained. The Foreign Business Committee reviews the application and determines whether the business will provide significant benefits for the Thai people.
Foreign businesses are defined as juristic entities incorporated overseas. They include partnerships, limited partnerships and registered ordinary partnerships. In addition to business activities, foreigners are prohibited from engaging in land trading, newspaper business and animal farming.
Foreigners are required to obtain a Foreign Business License if they plan to operate a business in Thailand. The application must be filed with the Business Department and then reviewed by the Foreign Business Committee. Upon approval, the business can be operated by the foreigner.
There are three lists under the Foreign Business Act: List One, List Two and List Three. List One prohibits foreigners from participating in land trading, animal farming, newspaper business and business related to national security. However, List Two and List Three are open for foreign businesses to operate if they are approved.