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
