Thai Limited Company Registration. Setting up a company in Thailand is an intricate process that requires you to complete several steps and requirements. First, you need to reserve a name for your company. This takes a few days. You must also conduct a statutory meeting.
The memorandum of association should include the company’s business objectives, capital, and names of the promoters. At least three persons must sign the document.
Taxes
As a business owner, it is important to understand the taxes associated with Thai Limited Company Registration. This will help you to make informed decisions when choosing a location for your new business. Depending on the type of business you plan to operate, there are different tax rates for different types of income.
When forming a private limited company in Thailand, you must register the company name with the Department of Business Development (DBD). The DBD will review your application and issue a certificate of incorporation. The DBD also requires that you file an annual return and pay a tax on your business income.
Foreigners may own a company in Thailand, but they must ensure that the majority of shares are held by Thai citizens. If a foreigner owns the majority of the company, it must be registered under the Foreign Business Act. This will require a special permit from the DBD. In addition, the foreigner must have a residence in Thailand and must register their company for taxes with the Revenue Department.
Share capital
The amount of share capital associated with a Thai Limited Company is fixed by the memorandum of association and divided into shares of a fixed number. Each shareholder is liable only to the extent of unpaid shares held. The memorandum must contain the name, address, occupation and signature of the promoters. It must also contain the total amount of the share capital and the share allocations made to each promoter.
In order to register a Thai Limited Company, the memorandum of association must be filed and a statutory meeting convened. A letter from the bank certifying the share capital must also be submitted with the application.
There is no minimum capital requirement to register a foreign-owned business in Thailand but it’s recommended that you have two million baht to allow you to hire a foreign worker and support a work permit. The company must prepare financial statements and submit them to the Department of Business Development (DBD) every month. In case of failure to comply, a financial penalty in the amount of Baht 50K will be imposed on the company.
Corporate tax ID
A company in Thailand can be established with a corporate tax ID. This is necessary for opening a bank account and conducting business in the country. It can also be used to register for VAT and work permits.
Before submitting an application for registration, the company name should be reserved. This step is essential as the company name must follow guidelines set out by the Department of Business Development (DBD). It should end with the word “limited”. A statutory meeting is held to create the Articles of Incorporation and a Board of Directors. The company should have a minimum capital of 1 million baht.
A limited company in Thailand is the preferred structure for foreign investors. This is because it allows them to control their business activities and limit their liability. In addition, it provides easy access to the country’s skilled workforce. This is a great advantage over other countries in the region. Moreover, the infrastructure in Thailand is modern and well-developed.
Corporate bank account
The corporate bank account associated with the company registration is a crucial part of establishing a legal entity in Thailand. When opening a bank account, the financial institution will ask to see proof of company registration. In this case, it is recommended that you present your documents in person at a local branch in Thailand. Alternatively, you can hire Pim accounting to submit the necessary paperwork on your behalf.
Pim accounting is a leading expert in the field of Thai company registration. We offer full transparency and liaise with government officials on your behalf to ensure that the process is completed as quickly as possible.
Aside from preparing the Memorandum of Association and holding a statutory meeting, foreigners also need to register for a corporate tax ID number. They will be required to estimate their annual tax liability and pay half of that amount as a prepayment. This prepaid tax will be creditable against their annual tax obligation.