Thailand is one of the most vibrant countries in the world where you can find loads of facilities for setting up a new business. Most of the industrialists and new-age entrepreneurs around the world these days are making efforts to open a new company over there. The growing trend of industrialization in the country led to a remarkable success story. Wide range of business professionals are eager to take benefits from the growing market.
If you are also planning for setting up a company in Thailand, it is first good to go through the details below. Here we have highlighted a few interesting concepts about types of corporate entities that you can establish in Thailand:
Sole Trader:
You might have heard that sole traders can actively work in most countries throughout the world. But when we talk about the business sector in Thailand, the laws and government regulations do not allow sole traders to work in every sector; especially in finance and banking. Only limited companies are allowed to do that type of work. At the same time, whether one can set up business as a sole trader in Thailand or not will also depend upon the nationality of the individual.
Partnership:
In case if you are planning to set up partnership-based business in Thailand, there are numbers of options to do so. In general terms, unregistered partnership means that partners are equally liable for the debts; all the business and personal tax affairs, in this case, are counted together. On the other hand, the registered partnerships keep the professional and personal tax matters on separate grounds. Experts often advise going ahead with the limited liability partnership option as in this case, the liability for debt and tax are limited to capital amount only. While setting up a partnership-based business, all partners must contribute some amount to the business.
Company:
It is also possible to set up a business in Thailand in the form of private or public companies. Both these structures fall under different rules and legislations. The registration fees for such type of companies are generally based on the invested capital amount. In order to complete the legal procedures, minimum numbers of shareholders and directors are required.
In order to start a business in Thailand, it is first important to check out all the rules and regulations. Prefer to complete all legal formalities carefully. In order to begin with the registration process, you need to submit a few essential documents. The list includes:
• Details of branches and head offices of your business.
• Reservation of company name.
• Declaration of operation form for your business.
• New director form that must be signed by all the directors.
• List of shareholders and their application forms.
• Memorandum of association.
• Articles of association.
While registering your business online, you may need to pay around 25% of the capital investment. It takes a few days to complete the registration process, and then you can spread your business in the area.
