If you want to start a business, you need to know what documents you need to take care of, what licenses and permit you must get and what rules you need to follow. Of course, you also need to take care of the company registration. If you are planning to start a business in Thailand, you have to know what issues you need to take into consideration. Thailand is known for its historical treasures, hospitable people and wonderful attractions.
The comfortable lifestyle, world-class cuisine, natural beauty, tropical climate, skilled workforce and government incentives and support are some of the reasons that attract investors to start a business in the country. Thailand is also rich in precious stones, timber and other resources. Some of the biggest industries in the country that add to its GDP are electronic appliances, jewelry, textile and tourism. While starting a business in Thailand is not exactly piece of cake, it doesn’t mean that it’s impossible. There are some things that you should consider if you want to register and run a business successfully in Thailand.
What You Need to Know About Registering a Company
Business categories are restricted for foreigners in Thailand. Foreigners cannot engage in some business categories unless an authorization is obtained. Establishing a partnership with a Thai citizen is the most common way of starting a new business in Thailand. Foreign investment, labor and immigration laws are quite complex in the country, so foreigners cannot participate in daily activities of business and need a Thai national to run the company’s front part.
You can also consider establishing a limited company. Just keep in mind that foreign investments are restricted in industries such as communications, banking and transportation. You also need to file the necessary documents in Thai language. Getting a professional can certainly help you. Another thing to keep in mind is that you can only have 49% of the company’s shares. The Thai shareholder will get the remaining 51%.
Why Register Your Company in Thailand?
What are the benefits of registering a company in Thailand? The country is considered as one of the most lucrative foreign investment destinations in the world. Foreign investors can get a lot of incentives from the Thai government such as tax exemptions, import duty exemptions, approval to own land and other substantial concessions. Keep in mind, however, that you will not own the land completely.
The main governing body that summarizes the categories and types of businesses open to foreigners is the Foreign Business Act. It also sets the restrictions as well as rules and laws for certain sectors like finance, insurance and real estate. If you want to run your business successfully in Thailand, it is important that you learn more about the country’s tax laws, Foreign Business Act and legal system.
One of the best things about company registration in Thailand is the fact that it only takes 33 days to start your business. In other countries, it would take 38 days. Manual labor is affordable in Thailand. The potential for growth and success is also increased by a highly capable workforce.
