For foreigners who are interested in starting a business in Thailand, the government offers investment promotion with various tax and non-tax incentives. Foreign investors should follow the procedures of company registration in Thailand for foreigners, as described below:
- Reserve the name of the company. The name must not be the same name or resemble the name of any existing registered company in Thailand. The reservation of the company name can be done at the Department of Business Development in the area where the company is situated or can be done online at the Department of Business Development website;
- Once the company name is approved, the memorandum of association must be filed with the Commercial Registration Department within 30 days;
- After the memorandum of association is registered, the promoters (a minimum of three persons) must arrange for all the company’s shares to be reserved and purchased. The promoters must without delay call a statutory meeting and appoint the company’s board of directors. The promoters must assign the board of directors to apply to register the company with all incorporation documents (including the memorandum of association) within three months of the date of conclusion of the statutory meeting;
- After the registration is approved, the official fee for the registration has to be paid, and all incorporation documents will be returned on the same day. The company is then registered as a legal entity.
Thailand’s Foreign Business Act B.E. 2542 (1999) controls investments by foreigners. Under the Foreign Business Act, a company is deemed foreign or alien if 50% of the registered capital is held by foreigners. In this regard, the foreigners are prohibited from operating businesses specified in the Annex 1 list, but they may be permitted to operate businesses under List 2 or List 3 unless there is a reasonable cause not to.
Source : Wonderfulpackage
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