The limited liability company is a special type of business entity where investors are responsible only for the invested amount in the total company capital. This type of businesses offers more flexible choices to investors, and they find it easier to earn profits. Probably this is the main reason why limited liability companies are more suitable for entrepreneurs in Thailand.
In order to setting up a company in Thailand, it is first important to find at least three shareholders, and the company can be ruled by only one director. The most important aspect of this type of business is that the majority of members of the board of directors must be Thai residents. You need to find people that own Thai citizenship; they can also help you in easy processing of documents in administrative offices as well. People who have shares in these companies are given the right to vote for the election of directors in the company. At least one of the two main directors must be selected by the company shareholders. Note that, shareholders can vote only for their specific shares, whereas the directors are responsible for taking a decision for the entire company.
There are so many important things that one need to do before bringing a Thai company into operation. Below we have highlighted a few details about the essential procedures that are required to be executed for setting up a company in Thailand:
• Reserve a name for the company
The very first step for setting up a business in Thailand is to choose the most reliable and relevant name for the company. In order to choose the right keyword, it is first important to make decisions about the niche that you will be serving to the audience. You may need to present at least three choices for the company name to the Business Development Office. These professionals choose one of these and assign it to your company. Make sure the name is unique and is not taken by any other company in advance.
• Submit company documents:
The next important task at this stage is to prepare your documents for the registration. Make sure you have gone through all the rules and regulations in advance. It will help you to prepare all the documents accurately, and it further leads to fast approval. You may need to provide a few essential details about company directors, the proposed location of the company, and niche as well.
• Company registration:
As soon as all documents are ready, it is time to submit them to the Department of Business Development at the Ministry of Commerce. In this case, the registration may take around 30 days for final approval, and right after the approval, you can start business activities.
• Complete other formalities:
Once the company is registered, it is time to complete other essential formalities. You may need to open a company account in the bank and complete formalities for Tax and VAT as well. After this, you can start hiring employees on set terms and conditions of your organization.
