Choosing to create your own company is not something you can think of overnight. It is going to be an excruciating journey, starting from the planning and them making it legit by registration. There is a lot to think of, from the name reservation to tax registration. In Thailand, all these processes can be made so much easier and smoother with the help of a professional for these kinds of errands. Generally though, this can be done on your own, just make sure that you have the step by step procedure for easier and faster processing. Below is the step by step guide on how companies are formed for company registration in Thailand:
1.Reservation of the company name. The Business Development Office in the Ministry of Commerce is the government agency that takes care of the corporate name reservations in Thailand. To ensure your business name is immediately approved, stay away from the names of other companies or even close to these names. Being original will save you time and effort on this one.
2.File the Memorandum of Association of your business. This memo will include the business name that was approved and reserved in the Business Development Office, its address, the names of the promoters – usually seven are required, the objectives, and the capital of the company. The latter should be well detailed, including the accurate shares of the promoters and their values. The governing agency of Thailand does not require any capital minimum or maximum but to be approved to do business and company registration in Thailand, this amount should be at a respectable value.
3.Convene for a statutory meeting. There has to be a hierarchy with the promoters. This will be defined in a statutory meeting where the election of the Board of Directors as well as the appointment of an auditor will be done. With the shares already defined, at least 25 percent of the total value of each share has to be paid. In this meeting, the approval of the articles of incorporation as well as the bylaws of the new business is also done.
4.Company registration in Thailand. This should be done within the next three months from the actual date the statutory meeting was held. There is a corresponding registration fee that amounts to 500 baht for every 100,000 baht of the company’s registered capital. The minimum fee is 5,000 baht and the ceiling can reach 250,000 baht.
5.Registration of tax. Lastly in the company registration in Thailand is the tax registration. The Revenue Department requires the company to secure tax ID within the next 60 days from the incorporation and/or start of operation. All business operators who are earning as much as 600,000 baht annually are also required to register for Valued Added Tax or VAT in the next 30 days from the date that they have reached such earnings in sales.
Indeed, company registration in Thailand can take some time but with this guide, you are in the right path.
