How can Singaporeans Register Business in Thailand?

 

There are various factors that make Thailand and Singapore comfortable for investors of either region to do business in. The bilateral trade treaties make the process of Company Registration in Thailand easy for Singaporean business owners. Furthermore, both these companies complement each other in various sectors, hence, boosting these bilateral ties.

Are you an Investor from Singapore? Then now is the time to register your business in Thailand. Singapore is the leading financial hub in Southeast Asia and a well-liked location for foreign investors to set up regional offices. The second-largest economy in ASEAN and a major producer of exports is Thailand.

Relationship between Thailand and Singapore

Thailand and Singapore share healthy and mutually beneficial economic ties. With an investment of US$11.85 billion, Singapore was the second largest foreign investor in Thailand in 2022 just after China. Singapore holds a total stock of US$24.9 billion in direct investments in Thailand. It is mostly in the real estate, manufacturing, wholesale and retail trade, banking and insurance services, and manufacturing sectors.

Bilateral trade increased by 31.9% over the same period last year. Its value is S$21.6 billion (US$15.7 billion) through the first half of 2023. Gems and jewelry, unwrought gold, refined oil, circuit boards, computer equipment and components, and other industrial goods are among the main Thai exports to Singapore. Computer hardware and components, chemicals, refined oil, circuit boards, jewelry, diamonds, and bullion and gold are the main exports from Singapore to Thailand.

The nature of agreements between the nations clearly reflects that the Thai government is readily embracing Singapore’s top strategies. Most importantly, this is to encourage investment and effective regulation. As the two nations’ relations deepen, Thailand will be better able to transform its economy towards innovation and services. Furthermore, business owners and investors from Singapore with headquarters here will have access to a significant regional economy.

So isn’t this appealing enough? Therefore, both nations are well set to collaborate with each other in mutual development. So, why should you fall back on availing of the benefits? 

Here is the process to do business by Company Registration in Thailand as a Singaporean! 

Company Registration in Thailand for Singaporeans involves a specific process with the following general steps:

• Foreign Business License (FBL) Application: As a Singaporean, you will need to obtain a Foreign Business License in Thailand. This is mandatory to engage in certain business activities. Furthermore, the FBL is mandatory for most types of businesses unless they fall under specific exemptions.
• Business Activities Check: Make sure the business you want to set up is not on Thailand’s restricted or prohibited list. Note that, some businesses are limited to Thai nationals or require special permits.
• Company Name Reservation: Choose a unique company name and reserve it with the Department of Business Development.
• Memorandum of Association (MOA) and Articles of Association (AOA): Prepare the MOA and AOA in Thailand. This must outline the company’s structure, objectives, and rules.
• Shareholders and Directors: Identify the shareholders and appoint directors. As a Singaporean citizen, you can be a shareholder and director of the company.
• Registered Office Address: You’ll need to have a registered office address in Thailand for official communications.
• Submission of Documents: Submit all required documents, including the FBL application, MOA, and AOA, to the Department of Business Development.
• Registration and Tax ID: After approval of your application and documents, you’ll receive a company registration certificate and a tax identification number.
• VAT Registration: Depending on your business activities, you may also need to register for Value Added Tax (VAT) with the Revenue Department.

You should note that there are various bilateral trade treaties between Thailand and Singapore. Availing them will help you ease the process of company registration in Thailand. For any and all types of professional legal help for company registration in Thailand, email us at officer@konradlegal.com. Our team will get back to you within 1 business day.