Starting a company in Thailand is easy with the help of experts, especially in processing the company registration in Thailand. This does not mean that you cannot do these things on your own, though. There are just some things that you need to know and get yourself ready with before visiting the Business Development Office in the Ministry of Commerce. Things like the type of your business can save you a lot of time and effort during the registration. To help you with that, below is the list of business types that require company registration in Thailand.
Type of business in need of company registration in Thailand
The type of company determines the process of company registration in Thailand. Identify your business type and make the process so much easier for you.
- Partnership. A business that is born out of the effort of two people or businessmen is called partnership. In Thailand, this type will still be broken down into three categories being Limited partnerships, Registered ordinary partnerships, and Unregistered ordinary partnerships. As soon as the type is identified, you can now secure the forms and requirements for the Business Development Office in the Ministry of Commerce’s approval.
- Limited companies. In a limited company, there should be 7 to 15 people involved, depending on the category it falls. In a private limited or closely held category, there will be at least seven alien or Thai shareholders while the public limited company should be joined by 15 promoters who can hold their shares for 2 years – 5 of which will be Board of Directors where half should be Thai nationals. During registration, Articles of Incorporation or Memorandum of Association and By-laws or Articles of Association should be submitted as governed by the Public Company Act – for public limited – and the Civil and Commercial Code – for the private limited company.
- Joint venture. This type of business is actually not yet a recognized legal entity as per the Civil and Commercial Code. It is a company formed by group of people to do business together. These people may be aliens or nationals and while not formally recognized to be legal is subject to taxation. Under the Corporate taxation rules of the country’s Revenue Code, joint venture companies are classified under single entity businesses.
- Representative Office. This type of business does not engage in profitable activities. Companies that fall under this type are those that represent overseas headquarters who are looking for products and/or services sources, check the quantity and quality of ordered products, advice orders to make, and report the movement of Thailand economy.
With the actual type of business identified, you can now immediately get the needed forms and requirements to make available for the Business Development Office in the Ministry of Commerce. The entire process of company registration in Thailand may take weeks, depending on the documents you have submitted as well as the number of registrants there are at the same time with you.
