How to Reserve Company Name in Thailand?

 

Starting a business in Thailand is an exciting endeavor, but it comes with certain administrative procedures that need to be followed meticulously. One of the first steps in registering a company in Thailand is reserving a unique and suitable company name. This article will guide you through the process of company name reservation in Thailand, outlining the steps and important considerations.

Importance of a Good Company Name

Choosing the right company name is crucial for your business in Thailand. A well-thought-out name can help your company stand out in the market, establish a brand identity, and gain recognition. It also plays a significant role in building trust and credibility with your customers, partners, and stakeholders.

Steps to Reserve a Company Name in Thailand

Preliminary Name Check

Before formally reserving a company name, conduct a preliminary name check. This can be done through the Department of Business Development’s (DBD) website or by visiting their office. However, take our suggestion on this – either you should know or understand the Thai language, or have someone by your side with the capability to do so. The goal is to ensure that the name you desire is unique and not already registered by another company.

Reserve the Name

Once you’ve confirmed the availability of your chosen name, you can officially reserve it. This can be done online through the DBD’s website or in person at the DBD office. Keep someone who knows and understands the Thai language by your side for smooth communication with the DBD officials. A reservation fee is typically required.

Submission of Required Documents

You will need to provide certain documents when submitting your name reservation request. These documents may include a copy of your passport, proof of address, and a completed application form. Make sure to check the specific requirements with the DBD.

Name Approval

The DBD will review your name reservation application. If the name is unique and complies with their guidelines, it will be approved. This process can take a few days, and you will receive a confirmation once your name is officially reserved.

Name Reservation Period

In Thailand, a company name reservation is typically valid for 30 days. You must register your company within this period using the reserved name, or you may need to repeat the name reservation process.

Company Registration

With your reserved name, you can proceed with the registration of your company. This involves preparing the necessary documents, determining the business structure (limited company, partnership, etc.), and fulfilling other legal requirements.

Important Considerations

Language

Your company name can be in Thai, English, or a combination of both. Ensure that the name is easy to pronounce and memorable for your target audience.

Uniqueness

The name you choose must be distinctive and not too similar to existing company names. The DBD has strict guidelines regarding name uniqueness.

Trademark Research

Conduct thorough research to ensure your chosen name is not trademarked by another business, which could lead to legal disputes.

Relevance

Consider how the name relates to your business activities. A relevant name can help potential customers understand what your company does.

Future Growth

Think about the scalability of the name. Will it still suit your company if it expands or diversifies its offerings?

Now maintaining all these steps and adhering to the regulations meticulously, 

Conclusion

Reserving a company name in Thailand is a crucial initial step when starting a business. It’s important to choose a name that reflects your business identity, is easy to remember, and complies with legal requirements. By following the steps outlined in this guide and considering the key factors mentioned, you can successfully reserve a company name and set your business on the right path in the vibrant Thai market.

However, keeping the constraints in mind, you may face various hurdles in the process. Therefore, we recommend that you consult a corporate law firm in Thailand to easily swim through the process successfully and get your preferred name for your business in Thailand. Email us at officer@konradlegal.com to get in touch with our Thai corporate law experts instantly!

Business in Thailand for Indians

 

As an Indian citizen, if you are planning to start your business in Thailand, there are plentiful options. For instance, the digital economy of Thailand is growing rapidly. This single section holds a multitude of business options for Indian business owners, entrepreneurs, or startups. Apart from this, the manufacturing and tourism industry also extends loads of opportunities for business aspirants from the Indian subcontinent. In this article, we will discuss primarily the best business options in Thailand for Indians who are interested in penetrating the digital and/or production or manufacturing industry of Thailand.

Business for Indians in the Thai Digital Economy

E-commerce Business

Digital Marketing Agencies

Digital Platforms

Business for Indians in the Thai Industrial Sector

Automobile Industry

Food Industry

Other Production or Manufacturing Businesses

The Bottomline

Best Business in the Thai Digital Economy for Indians

According to the Bangkok Post, Thailand’s gross domestic product (GDP) benefited 2.1 billion baht from the digital economy in 2022, a rise of 1.9% from 2.04 billion baht the year before. The true expansion rate of the Thai digital economy in the last two years is around 12.1%. The Royal Thai Government expects that the digital economy is going to contribute 30% to the GDP by 2027.

Therefore, to boost this growth, the Board of Investment of Thailand in association with the government and other pinnacle agencies is bringing forth various policies. These policies are the schemes and privileges that foreign investors in Thailand receive as support for their business in the kingdom. Normally, these schemes involve tax and non-tax benefits.

Go through our article to know all about the BOI benefits for Diigital Agency Startups in Thailand.

With a growing digital economy backed up by a robust digital infrastructure and facilities, Thailand has the following business options for Indians:

E-commerce Business (preferably Grocery, Food and Jewelry)

Starting an e-commerce business in Thailand is a great option to penetrate the digital economy of Thailand. Ever since the announcement of the COVID-19 lockdowns, Thai citizens have started to rely on digital platforms for shopping for their daily essentials. Many times, they also order luxury goods like gems and jewelry via online shopping platforms.

As this is the beginning of the expansion period of the Thai digital economy, there is a lot of space for the co-existence of multiple similar businesses in the kingdom. The kingdom has a population of approx. 72 million till January 2023, out of which 53% of the population are familiar with online shopping. Isn’t that a huge market to tap into?

Digital Marketing Agencies

Digital marketing agencies in Thailand are one of the most sought-after businesses. It is because of the rapid adaptation of Thai citizens to digital platforms. To meet this requirement, Thai companies are in need of digitalization of their marketing and communication processes. 

Although digitalization in Thailand started in 2016, yet, it became a practice in India much earlier than that. Therefore, the understanding of the concept is much clearer to Indian citizens which can facilitate their process of identifying the proper digital requirements and providing the necessary solutions.

Digital Platforms

This business section comprises various types of fintech, online teaching and learning, and travel booking services. Although the avenue and scope are not restricted to this much. Investors can come up with new ideas to develop digital platforms in Thailand that can add value to the Thai digital economy.

Any type of project holding innovation, uniqueness, and inclusiveness in their idea can be eligible for tax and non-tax incentives from BOI Thailand. Such benefits often comprise tax holidays, ease in obtaining work permits, no restrictions on recruitment of foreign employers, and chances to hold 100% foreign ownership of the Thai business.

Best Business in the Thai Industrial Sector for Indians

Growing at the rate of 4% CAGR, the industrial or manufacturing sector of Thailand holds a lot of potential for Indian investors. Spread across different verticals of the automotive industry, food processing, textile industry, chemicals, and petroleum, Thailand has a vast expanse for Indian investors to explore. Following are the brief insights of some of the preferred or best business verticals in Thailand for Indians:

Automobile Industry

The vehicle production rate in Thailand is projected to grow by 2.1% YoY. This is a good volume to explore and this growth is evident for the following reasons:

1. Thailand is one of the top 10 nations in the world in terms of automobile manufacturing.
2. The kingdom is the 4th largest auto assembly and export hub in Asia.
3. The volume of vehicle exports in July 2023 went up by 30% YoY.

Competing with global giants like Japan, China, and Germany, Thailand has a great impact on the global automobile industry. Additionally, many automobile production giants like Toyota, Nissan, Honda, and Mitsubishi have shifted their production units to Thailand from other SE Asian nations.

Food Industry

For your information, the agriculture industry of Thailand contributes greatly to the Thai GDP. Being rich in agricultural resources, the kingdom can give you a wide range of opportunities in the food industry. This industry is especially beneficial for Indians because of the following reasons:

1. Being an agro-centric economy, Indians have a better understanding related to agricultural products and their processing.
2. The Thai food industry has not reached stagnation and is growing year after year due to the increase in the influx of foreigners in the kingdom with different food tastes and preferences.

Apart from food processing, this industry also offers foreign investors the option of starting eateries and restaurants in Thailand. If this interests you, read our article to start a restaurant in Thailand.

Other Production or Manufacturing Businesses

Thailand is rapidly developing itself as the manufacturing hub of Southeast Asia. This is due to its growth in terms of industrial infrastructure and the various government schemes that are promoting manufacturing as one of the target activities for the development of the Thai economy. This is one of the reasons that production or manufacturing is the best business option in Thailand for Indians.

In one of the recent announcements, BOI Thailand declared biotechnology, nanotechnology, and clinical technology as activities of interest for the growth of the Thai economy. Therefore, if your production or manufacturing business focuses on any of these activities, in addition to the government benefits, you will receive great business exposure as well. Let us help you with the ideas of some similar businesses.

• Production of eco-friendly chemicals or polymers
• Manufacture products from eco-friendly chemicals or polymers
• Manufacture of raw materials and/or essential materials for molecular biological research
• Production of fuels from agricultural products, scraps, wastes, or garbage
• Manufacturing of modern agricultural products like fertilizers, irrigation systems, or tracking devices

Any of the above-mentioned business activities will readily attract benefits of up to 13 years of tax holiday along with various other benefits from BOI Thailand.

The Bottomline

Have you read till here? Then, by now you must have got the idea of the type of business that is going to be suitable for you. After deciding the type of business you will do in Thailand, it is essential to have local Thai support by your side. It is because of the mandate of having a Thai partner for foreign investors and decoding the complex Thai regulations.

As an Indian investor, it is very likely that you will have your legal and accounting professionals on board. But, contrarily, it is very unlikely that they will have a competent understanding of Thai legal norms and regulations. For that, you will need a competent and reliable Thai corporate law and accounting firm.

However, in addition to educating you on the Thai business landscape, we can help you incorporate your business in Thailand with our elegant corporate law and accounting services. Email us your business idea at officer@konradlegal.com and our team of professionals will get back to you within one business day.

How Can Chinese Business Owners Register Business in Thailand?

 

Thailand, with its strategic location, vibrant economy, and investor-friendly policies, has become an attractive destination for foreign investors, including those from China. Setting up a company in Thailand offers numerous advantages, such as access to a large consumer market, a skilled workforce, and various business incentives. This article serves as a comprehensive guide to Company Registration in Thailand for Chinese investors.

Understanding the Business Structure Options

Thailand allows foreign investors to choose from different business structures, including:

a) Limited Company (Private Limited or PLC):

This is the most common form of business structure, offering limited liability protection for shareholders and a minimum requirement of three promoters.

b) Public Limited Company (PLC):

This structure is suitable for larger enterprises planning to raise capital from the public through the stock exchange. It requires a minimum of 15 promoters.

c) Representative Office:

Ideal for companies looking to conduct market research, feasibility studies, or liaise with clients but not engage in revenue-generating activities.

d) Branch Office:

A branch of a foreign company that allows it to operate in Thailand under the same name and business activities as the parent company.

• Reserved Business Activities

Thailand has a list of business activities reserved for Thai nationals. Chinese investors must ensure that their desired business activities are not on this list or obtain necessary permits through the Foreign Business Act.

• Minimum Capital Requirements

For a limited company, the minimum registered capital requirement is 2 million Thai Baht (THB), out of which 25% must be paid up. There are no minimum capital requirements for representative offices or branch offices, but sufficient funds should be available to cover initial operating costs.

Company Registration Process

The company registration process involves several steps:

a) Reserve a Company Name:

The first step is to reserve a unique company name at the Department of Business Development.

b) Obtain a Thai Foreign Business License (if applicable):

If the business activity falls under the restricted list, you must obtain a Foreign Business License from the Ministry of Commerce.

c) Deposit Initial Capital:

Transfer the initial capital to a local Thai bank account.

d) Prepare Necessary Documents:

Prepare the company’s memorandum of association, articles of association, and other required documents.

e) Submit Application:

Submit the application for company registration to the Department of Business Development.

f) Tax Identification Number (TIN) and VAT Registration:

Once the company is registered, obtain a TIN and register for Value Added Tax (VAT) if applicable.

Engage with Professional Services for Company Registration in Thailand for Chinese Investors

Navigating the company registration process in Thailand can be complex. You must engage with local corporate lawyers or company registration firms. You must check whether these lawyers or firms have experience in assisting Company Registration in Thailand for Chinese investors. This will ensure a smooth and efficient registration process.

After company registration, it is crucial to comply with all relevant Thai laws and regulations. This includes obtaining work permits and visas for foreign employees, complying with tax requirements, and adhering to labor laws. For assistance of all types, feel free to let us know at officer@konradlegal.com. 

Registering a company in Thailand presents an exciting opportunity for Chinese investors. Undoubtedly, it helps them to tap into Southeast Asia’s dynamic markets and business landscape. However, understanding the available business structures, meeting minimum capital requirements, and adhering to Thai regulations is crucial. Through this, Chinese investors can establish a successful business venture in Thailand.

Therefore, seeking assistance from professional services ensures a seamless and compliant registration process, setting the stage for a prosperous business journey in the Land of Smiles. Contact us and our team will thoroughly guide you through the process of Company Registration in Thailand.

Register a Company in Thailand in 2023

 

Thailand’s extensive regulations and language requirements make starting a business a challenging task. You must know that there are some changes in the process of company registration in Thailand in 2023. The amendments may make the process easier or maybe, difficult for you. However, you can successfully complete the process with the help of reliable experts who can speak Thai on your behalf. 

Our qualified Thai lawyers at Konrad Legal Company Limited are committed to assisting you with a successful business start-up. Additionally, we offer a thorough one-stop solution that includes advice for foreigners looking to invest in or obtain licenses in Thailand as well as aid with tax benefits under the Board of Investment in Thailand (BOI). This article will outline the most current changes to Thai legislation regarding company registration regulations, which take effect on February 7, 2023.

Click the link to know the general rules of company registration in Thailand in 2023

Here are the Updates on Company Registration in Thailand in 2023!

Promoters and Shareholders

A minimum of two natural individuals must act as promoters in order to register a company in Thailand. To represent the company, these promoters must be at least 21 years old and legally able to do so. Promoters often own an equal portion of the business, with the ability to sell shares to third parties when the company is registered. Also, there must always be a minimum of two shareholders for the duration of the business.

Director(s)

To oversee the company’s activities and represent it, the shareholders must appoint at least one director.

Registered Office

The head office of your business must be in Thailand. A copy of the house registration (Tabien Baan) number must be provided. A letter of consent from the landlord is necessary if you’re renting office space.

Minimum Capital Registration

Foreign companies must have a minimum registered capitalization of 2 million THB in order to operate in non-restricted areas. The minimum capitalization requirement for companies operating in restricted industries as defined by the Foreign Business Act is 3 million THB. Thai-owned businesses are immune from these rules, but they still need to be financially stable in order to maintain work visas for international employees.

Statutory Meeting

As part of the procedure to register a company, a statutory meeting must be called.

Bank Certification

Thai shareholders with foreign shareholders are required to have a letter from the bank validating the amount of money in their personal bank account.

Signing of Application Documents

In Thailand, all shareholders, initial promoters, and directors must sign the necessary application paperwork. Click the link for the final checklist of documents required for company registration in Thailand.

Foreign Business License

Before starting operations, you must get a Foreign Business License (FBL) in Thailand. However, this is mandatory only if your company is classified as limited under the Foreign Business Act of Thailand. The FBL approval procedure may take three to six months.

Conclusion

A successful business creation requires an understanding of Thailand’s procedures for company registration. You can speed up the registration process by making sure that the required minimum of promoters and shareholders is met, appointing a director, establishing a registered office, achieving the capitalization criteria, and completing the required documents and certification procedures. 

Konrad Legal Company Limited offers thorough help and direction during the entire process. Please see our dedicated page for company registration in Thailand or contact our team for more information. We will surely help set up a company limited with 100% or a majority of shares held by a foreign business. You can also email us at officer@konradlegal.com and our team will get back to you within 1 business day!

Originally Published on 24 June 2023 by Konrad Legal Company Limited

5 Simple Ways to Manage Time For Entrepreneurs

“Time is really the only capital that any human being has, and the only thing he can’t afford  to lose.”- Thomas A. Edison

Time is the most valuable asset for entrepreneurs. It is like a resource and thus, cannot be wasted. It is important for entrepreneurs to not waste their time and manage it efficiently as this helps them to accomplish their goals and focus on their future. 

Here are 5 ways for entrepreneurs to effectively manage their time:

1. Maintain a Schedule

Always carry a schedule. Make a plan for your entire day. Note down all your activities, appointments throughout the day. This will help you get a clear picture of how much work you can accomplish during an entire day. Also, it will ensure that your time is not wasted. By noting down things, you can measure the productivity for your entire day.

2. Prioritize your work

Make a to-do list and mark out the most important tasks for your day. Point out the items that need immediate attention or which has an immediate deadline. Prioritizing your tasks will help you in effectively dividing the time you spend in each task.

3. Use Technology

Technology can help you manage time effectively. Use mobile apps such as Evernote, Google Doc and Keynote to manage your tasks. Using these apps ensure that you do not have to waste your times sending e-mails or scan documents. You can simply share it with your team members. This will help boost your productivity and save time.

4. Delegate Tasks

You cannot do everything alone. That is why it is important to delegate necessary tasks to your team members. Distributing the tasks ensure that everything is accomplished within the stipulated time without feeling over burdened.

5. Take out time for Brainstorming

Take out time for planning. This is the time when you brainstorm ideas, plan your day and create a blueprint for the future of your company. The more time you spend in planning your activities, the more you will be able to minimize the wastage of time.

If you are an entrepreneur, then these time-management tips will help you in boosting your productivity throughout the day. In case you are interested in doing business in Thailand, and looking for Thailand business registration agents, then get in touch with us. Our legal experts can guide you through each and every step involved in registering your company and ensure a hassle free transition. Call us today at +66 26260277