You might be interested in setting up a company at a foreign land. But probably the decision about the location is not yet finalized. Well, we advise you to check out possibilities in Thailand. This is one of the most profitable locations for registering a new venture to target a wide range of audience.
The Thai government has developed favourable rules and regulations for foreigner investors. You may find it easier to do company registration in Thailand. The first most step is to choose a unique name for your company that is not taken by any other company in Thailand. After finalizing the name, you may have to look for the partners, prepare registration documents and get proof of capital etc. It is important to get your company registered with DBD. As all the paperwork in Thailand is expected to be in Thai language only, you have to be very careful while preparing documents. In case if you are not able to execute this task yourself, it is better to hire a lawyer to complete the process.
There are so many legal aspects that you may need to handle while setting up your company in Thailand. Below we have listed a few such details to help you execute the procedure more carefully.
Getting Licenses:
First of all, you may have to get a license to start a business in Thailand. Note that the license depends upon the type of company you are planning to start and its estimated size. It is important to do proper planning about what kind of business you will be running so that you can share those details with your lawyer. It may help you to apply for licenses with ease.
Apply for VAT:
The second important thing is to apply for VAT license, but it is required only when your company starts making profits more than 1.8 million baht on an annual basis. As soon as you observe your company revenue exceeding this limit, you may have to apply for VAT just within 30 days. The procedure can be completed at the Revenue Department in the locality.
Getting Visa and Permit:
Well, it may be a little bit challenging to get a visa and permits for yourself and your employees. Many people even plan to register a company in Thailand for business visa purpose. It helps them to get all supporting documents with ease. There are so many documents that you may have to prepare while applying for visa and permit.
You can apply for a visa at the Thai embassy in your country. They may ask you to submit a few essential documents such as a letter from your Thai partner, a letter from the local labour ministry and copies of company registration. In order to get work permits, it is important to have at least eight Thai employees at your venture.
Opening bank accounts:
As soon as your company is registered, you can apply for the company bank account. Usually, banks in Thailand are hesitant to open accounts for foreigners. You may have to present adequate documents and proof of your company registration to ease the process.
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