Business in Thailand-The Most Lucrative Investment
Thailand's booming economy is attracting more investors to invest in this country. There are many factors why many foreign investors would want to put their investment in this country and these include the strong stability of government, skilled workers with affordable pay rate, strategic location, and enough infrastructures. Thailand has also clear and precise policies for liberalization as well as free trade. These factors are sufficient enough for investors to trust their investment and start a company in this country.
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There are three options which you can choose from in applying company registration in Thailand. The first one is the Thai Partnership. This is a partnership between to people where they will share all the liabilities as well as the obligations of the company that they are going to put up.
It is not compulsory for an ‘Ordinary Thai Partnership’ to register the company. But you can register it if you want it in accordance to the Section 1064 of the Thai CCC. It stated in this section that both partners are liable for all the debt that the company might incur that is why all the personal assets of business partner are subject for liquidation for payments of all the debts that are acquired by their company.
Both partners are also accountable for all the wrong doings that each of them may commit. Another way on how you seek for a Thailand company registration is through the Limited Partnership. This kind of business partnership has similarity to the Ordinary Thai Partnership but these require two types of partnership.
The first type is the liability of your business partner is limited and the second type is the other partner’s liability is joint and unrestricted. It is mandatory for a Limited Partnership to register the company.
To avoid any hassles in Thai company registration, you can seek the service of the Thailand lawyer who are expert in this field. These Thai lawyers are ready to give sound and effective legal advice and will assist you in applying for Thailand company registration.
The next option for applying for Thai company registration is the “Thai Representative Office”. This type of company registration in Thailand requires a business license for alien. It should clearly be stated the type of business that you are going to put up and this is subject to the Thai taxes.
The Thai Limited Company is another option which you can opt in seeking Thailand company registration. It is perhaps the most common type of company that is registered in Thailand.
This follows the Thai company registration rules under the section 1096 of Thai CCC where it is clearly stated that “A limited corporation is that type of which is created with a capital allocated into the same shares, and shareholders’ liability is only restricted to the total amount, if there is, due on their respective shares held,” In Private Limited type of company, there must be 3 promoters in this company and must comply all the requirements needed for them to fulfill.
They are also mandated to follow all the accounting procedures in accordance to the Thai’s “Civil and Commercial Code”. It is also mandated that the company must get a tax from their employees’ salaries. In choosing for the name of the company this must be according to the guidelines set by the Business development.
Here are the steps in applying for Thai company registration:
- Reservation or the name of the company-the company name should abide by the guidelines set by the Business Development.
- File the Memorandum of Association- this must be filed in the proper authority of Thailand.
- Organize Statutory Meetings for all the business appointments.
- Company Registration must be registered in Thailand government, and lastly
- The company must have tax registration.
