How to Find the Top Corporate Law Firm in Thailand?

 

Have you recently moved to Thailand and planning to register a company or your existing business in Thailand? Then you must have the best corporate law firm in Thailand by your side!

To start with, let us suggest you something – “It’s never true, that law firms giving high quotes for their services are the best ones in Thailand”. Don’t get carried away by the sophistication of talks and the process of starting a conversation or deal. You may suffer delay or transactional setbacks in later stages. Do your research properly!

We, as a leading corporate law firm in Thailand, feel that even if you hesitate to reach out to us, you should make a well-informed and wise decision in making your selection. To support our feeling, we have shared some points that will help you take the best decision.

Ask the Internet – “Best Corporate Law Firm in Thailand”

Now we all have “the internet” in our pockets. Simply ask Google or Safari for the “best corporate law firms in Thailand”, by typing the same on the search bar or doing a voice search. Within a fraction of a second, you will be able to see a non-exhaustive list of law firms and corporate lawyers in Thailand. 

But the results that are ranking on top in the search engines may not be the ones you are looking for!

Have you gone through the reviews? That should be your first target to check upon. Check the reviews and try to identify how many of them sound natural to you. Remember that to rank up in search engines many businesses and organizations use resources to get paid reviews. So comments in the reviews that sound highly professional and perfect in English needs to have your consideration of their genuineness.

Check the reviews and try to match the statements of the reviewers with your case or the service that you require from that law firm. If you can find a resonance, you can proceed and contact them.

Seek References and Recommendations

In this case, two types of your acquaintances can help you out. First, any of your family members or friends who is/are living here in Thailand. Second, any of your business connections who have their branches, affiliations, units, or associates operating here in Thailand. This will be the most trustworthy source of information to help you find the “Best Corporate Law Firm in Thailand.

If you have this option active, then there is no need to rely on any other source of information or do any further research. However, there can be times when the referred or recommended lawyer, law firm, or agency may not be appropriate for your requirement.

In that case, you can take reference from the law firm that your acquaintances have referred you for. Being a unit in the circle of trust, they will surely help you with the correct information and connect you with the right professional.

Cross-check with the Authorities

Every law firm or agency holds a registration number in Thailand. The same goes for lawyers as well. This is a global practice. Therefore, after getting convinced about the ability of any law firm or agency, or lawyer in Thailand, do check their authenticity. There are certain websites of relevant authorities that can help you find the difference. Let us help you with the links –

To check Corporate Law Firms in Thailand: Department of Business Development Data Warehouse

To check Lawyer Profiles in Thailand: Lawyer Council of Thailand under Royal Patronage

These two are the most trustworthy sources to check the authenticity of any corporate lawyer or law firm in Thailand. If you can’t see the name of the Thai law firm or lawyer listed in these databases, be assured that they are not registered entities and are carrying on their business illegally.

Be True to Share your Plans and Bold to Ask Questions

After completing all of the above stages, you can be apparently confident that you have found the best corporate law firm in Thailand. But, never be assured that this is going to be the best. It is because once you start believing this, you will fail to gain the confidence to ask questions.

Your corporate lawyer can help you only if you are able to disclose your business plan clearly. For example, merely stating that “I want to do manufacturing business in Thailand” will never work. You should state your objectives very clearly – “I want to start a production unit in Bangkok to manufacture automobile parts”. 

The more clear you can be in sharing your plans, the better suggestions and advice can you expect from your lawyer. Additionally, you may receive suggestions for benefits like:

• Promotions from the Board of Investment Thailand
• Industrial Estate Authority of Thailand Privileges
• Bilateral Trade Treaty Benefits like the US-Thai Amity Treaty

After you share your requirements in detail, the corporate lawyer will now be able to guide you with the best options. Now after patiently listening to all the advice, suggestions, and guidance of the lawyer you approach, feel free to ask him/her/them the following few questions:

– Have you registered such a type of company before?

If Yes, ask for references. They may talk about non-disclosure agreements, but still, they can share the name of the company with you.

If No, ask, have you registered any similar business structure earlier?

– Do you have strong relations with Thai authorities?

If Yes, then there’s an assurance that your process is going to be complete very fast. However, no need to dive into demotivation if the answer is No.

– How many similar types of company registration requests do you receive in a month?

– Will you be able to appoint a dedicated officer or legal professional for my task?

– What is the minimum and maximum time that you need to complete my registration process?

– Can you help me with a simple outline of the cost involved in the process?

While receiving the answers, keep the following things under observation:

• Was the reception warm enough and you were feeling comfortable in the premises and company?
• Were the lawyers confident enough in disclosing their capabilities and answering your questions?
• Were they able to answer all your queries in a single sitting or did they take any break during the session?
• Were they listening to your explanations about the task patiently or interfering in your speech?
• Did they postpone some of the answers that they will deliver at the next meeting or over email or call?

Overall, you have to trust your instincts in this case. If you feel comfortable and gain confidence in the capabilities of the firm you approach after researching or gaining references, you may proceed.
However, if all these seem difficult, you may email us at officer@konradlegal.com.

We are a Department of Business Development of Thailand registered corporate law firm in Thailand since 2013. We patiently listen to our client’s requirements and then share our capabilities by which they can easily achieve success in their business objectives. To date, more than 1000 companies got benefitted from our services. Want to be the next one? Write to us!

What I Learnt during Submission of Annual Financial Statement to Thai Government

Submission of annual financial statement to Thai government is crucial for any limited and public limited companies. I was aware of this already. But the problem I faced was getting the details documented in Thai language. Me being a Russian, I had no clue of the language. However, it is then I found Konrad Legal. They assisted me in submitting my annual financial statements to the Ministry of Commerce. 

However, it needed to be submitted within one month of the Annual General Meeting approving the financial statement. Note, the AGM needs to be held with 4 months of the end of the fiscal year. Joint ventures, registered partnerships and foreign companies doing business in Thailand should submit the annual financial statements within 5 months of the closing of the accounting period. 

The annual financial statement was prepared based on the accepted accounting principles. Failing to submit your audited financial statement within the tenure is liable to fine of around 50,000 baht. There is exception too. Option such as case-by-case allows you some more time to submit the statement. 

Alongside your company’s annual financial statement, the annual income tax return must be filed with the Department of Revenue within 150 days after the fiscal year ends. But, you have a dormant company, how to file the annual financial statement in that case? While choosing Konrad Legal I spoke to one of their clients to confirm their services and he told me that he opted for accounting, auditing and corporate income tax services for his dormant company in Thailand and he seemed to be very satisfied. In that case, the legal firm offered them services like; 

• Prepared the annual audit financial statement in both Thai and English version 

• Prepared accounting records like general ledger, financial statement, journal and trail balance in both languages. 

• Prepared secretarial documents, consisting of Sor.Bor.Chor. 3 and Bor.Oor.Jor.5

• Prepared yearly corporate income tax return and much more

In my case, they even gave me a copy of the legal documents in Russian language on request. 

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