Hello, my name is Robert. I am a Legal Manager at Siam Legal International.
In this video, I will discuss how a foreign national can form a company in Thailand.
There are many reasons why a foreign national would like to open a Thai company. A Thai Company provides avenues for a non-Thai:
- to legally live in Thailand.
- to legally work in Thailand
- to legally purchase property in Thailand.
The ability to live, work, and purchase property varies depending on the type of company and percentage of ownership by the non-Thai.
There are three types of companies where a foreign national can have:
- A Thai Company that is majority controlled by a Thai national with the foreign national as a partner.
- A Foreign Owned Company within the guidelines and priorities of the Thai Board of Investment.
- A Foreign Owned Company in an industry that is not prohibited under the Foreign Business Act.
There are special regulations, limitations, and benefits for each of these types of companies. However, there is a general process on how to form a company.
There are many types of business structures in Thailand, but the most popular for foreign nationals is a Private Limited Company.
A Private Limited Company limits the liability of the shareholders to the amount of money that has been invested into the registered capital.
After deciding on the type of company, it is time to begin the process of forming the company.
- First, submit 3 possible company names to the Department of Business Development for selection.
- After the name is selected, the promoters must file a Memorandum of Association listing the company directors and shareholders with the Commercial Registration Department.
- Then the shareholders and directors will have to hold a statutory meeting to formalize the list of shareholders and the appointment of directors.
- Following the meeting, the directors have to submit an application to register the company with the Ministry of Commerce and the shareholders have to submit payment for their shares then sign all the registration documents within 30 days of approval for the name registration.
- Within 60 days of registration, the newly formed Company has to obtain a tax ID from the Revenue Department.
The company formation process is simplified in this video.
It is important to seek the assistance of a knowledgeable Thai lawyer to help you make the best decision for your specific needs. Siam Legal International has English speaking Thai business attorneys to help you.
Call us today.