Setting up a company in Thailand can be really easy these days. With an open economy and some amazing socio-legal infrastructure, Thailand has again ranked high in the sit of countries with ease of doing business with. Here are the 4 steps with which company formation in Thailand occurs:
1. To begin with, a Memorandum of Association is filed first. This should be prepared and submitted to the Company Registrar attached with the Ministry of Commerce. This memorandum should have the name and address of the company and the business objectives stated. It is also important to state the company objectives and the total capitalization. You should be able to adjudge the capitalization according to the number of shares outstanding and the vale per share. The memorandum registration fee is about 50 Baht per 100,000 Baht of registered capital. You can go for the minimum fee of 500 Baht and maximum fee of 25,000 Baht.
2. Once you have filed a memorandum, try and convene the statutory meeting where the share structure is defined and a meeting is convened. A total minimum of about 25 per cent of the par share value of the subscribed share must be paid.
3. Within the 3 months of convening a meeting, you should be able to register with the Thai establishment. Each director of the company must submit applications that establish the company. The fees for registration vary from 500 Baht per 100, 000 Baht of registered capital and a minimum fee of about 500 Baht. The maximum limit can go up to 250,000 Baht.
4. Finally, you need to pay income tax to the Thai exchequer. For this, an income tax identity card and a number is requested from the revenue authorities. This should be done within 60 days of incorporation and start of work in the organization.
