The process of starting a business in Thailand begins with registration of a company name. It may also include filing the Memorandum of Association and holding a Statutory Meeting. After these steps are complete, you can move forward to incorporating the company. Here are some of the steps you need to take. Read on for more information. The next step in the registration process is to draft and file the Memorandum of Association.
Registering the Thai company name
The first step in registering the Thai company name is to choose a name that reflects the nature of the business. Choose something catchy and creative, but remember to choose something that isn’t too long. It should be easy for non-English speakers to pronounce. After all, it’s your business, so why not go for something easy? The legal advisors at Sunbelt Asia recommend a Thai company name that is not too long or too difficult to pronounce.
If you want to operate your business in Thailand, you’ll need to reserve the company name through the Ministry of Commerce. This name must not already exist in Thailand, but it must be unique. The company director must confirm this reservation within 30 days, but it is possible to extend the time limit if necessary. After choosing a name, you’ll need to fill out the company registration documents, including a list of shareholders, meeting notes, and proof of payment of share capital. You can find the entire registration process on the DBD website. To fill out the documents, make sure you know the Thai language well. Make sure to fill out the forms with the correct wording.
Filing the Memorandum of Association
To create a company in Thailand, the first step is to file a Memorandum of Association (MOA). The MOA describes the company’s business objectives and name and province where it will be registered. The document must also list the capital, which must be the total authorized capital of the company, along with the number of shares and their par value. The authorized capital must be sufficient for the company’s intended operations. To file the Memorandum of Association, there are a few steps to follow.
Before filing the MOA, the promoters must submit an application to the Department of Business Development (DBD). If the name is approved, the promoter has 30 days to file the MOA. Once the MOA is filed, the directors must sign the document confirming that the subscription money has been paid. The MOA must also state the number of preferential shares and the amount of shared ownership.
The Statutory Meeting
If you are considering registering a company in Thailand, you must ensure that you have two directors and pay the required fees. The statutory meeting is a mandatory step in the registration process, as it determines the company’s mission, goals, and future development plans. The company’s incorporation process must be completed within 60 days of the statutory meeting. If it is not completed in time, the process will be nullified and you will have to pay the registration fee again.
The statutes state that a company must hold a meeting to draft articles of association, fix capital, and ratify contracts. The statutory meeting is usually held before the company is officially registered. However, if you fail to hold one, the company’s registration process will be delayed. For that reason, it’s important that you have all the information necessary to make an informed decision regarding the establishment of your company.
Registering the Company
Before you register the company in Thailand, you should consider the type of business you want to establish. In most cases, foreign investors choose one of several business structures. Themis Partner can guide you through the process of Thailand company registration and provide you with the necessary documentation. You can even apply for a 100% foreign-owned company. For more information, contact us. We can also help you create the business structure for your needs. We will explain each step to help you choose the most suitable structure for your business.
After incorporating a Thai company, you should register it for corporate tax and VAT. You must apply for a corporate tax ID card at the revenue department within 60 days after incorporating and starting operations. If you are planning to employ employees, you must also register the company with the Social Security Office in Thailand. The process is quite straightforward. Contact our office today to learn more about how to register your company in Thailand! We can help you make the entire process as easy as possible.
Registering Corporate Income Tax and VAT
There are two main types of taxes that must be registered when registering a company in Thailand. The first type of tax is VAT, which is applicable to all businesses. The second type of tax is corporate income tax, which applies to all businesses that have a turnover of THB 1.8 million or more. Both of these taxes must be registered within the first two months of operation. Generally, foreign companies must register for both of these taxes, regardless of whether or not they hire Thai employees.
To register for both of these taxes, applicants must submit documents to the Thai Revenue Department. Those businesses with a revenue of over Baht 1.8 million must register for VAT, which consists of 7% of the total value of goods and services. VAT also applies to certain services, such as legal services, auditing services, health services, and qualified professional services. Additionally, if you have employees, you must register for Social Security.