Most foreign investors know that the Private Limited Company (PLC) is the most common type of business when it comes to Thailand company registration. Below, we are going to briefly discuss the five step process that makes company registration in Thailand a simple matter. You are advised to seek the assistance of a Thai legal team as skilled firms can speed up the process.
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Step 1: Thailand Company Registration Name
You must not choose a company name that closely resembles a registered partnership or company. Remember, your company name will be registered in the Thai language. You are not allowed use the term ‘investment’ in your company name incidentally. The corporate name is valid for 30 days once approved with no extensions. This means you need to complete the next step in quick time.
Step 2: Memorandum Of Association (MOA)
The next step on the road to Thailand company registration is to file the MOA. This is the agreement made between the founders of the company (at least three people). It must contain names, addresses and signatures of all promoters, company objectives, company name, declaration that shareholders have limited liability and much more.
Step 3: Statutory Meeting
You need to have a statutory meeting of the company founders. This meeting can happen on the same day as the MOA. The meeting has many purposes including adopting the company’s Articles of Association, fixing the number of preference shares and so on.
Step 4: Thailand Company Registration
Once the company’s application registration has been completed, your company will be fully incorporated in order to establish it at the Thai Ministry of Commerce. This must be completed within 3 months of step 3 being completed. Again, this application has a long list of items that need to be check listed. As always, you should consider the assistance of a legal firm to deal with the difficult aspects of Thailand company registration.
Step 5: After Incorporation
After registration, you will need to apply for and receive a company corporate tax ID number as well as a Revenue Department number. Speed is of the essence here as you only have 60 days from incorporation to get this done. It is possible to do this online and it’s important for you to know that you can’t open a corporate bank account unless you have registered your company’s tax ID. If your company has a turnover of more than 1.8 million baht per year, you must also register for VAT which is just 7% in Thailand at present.
When completing Thailand company registration, there are a host of associated fees, most of which are minor. For example, the MOA costs 50 baht for every 100,000 baht of minimum capital with a maximum fee of 25,000 baht. Company registration costs 5,000 baht per 1 million baht of minimum capital with the maximum fee set at 250,000 baht. Overall, registering a company in Thailand can be fairly inexpensive so long as you hire legal experts who will get everything done on time.
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