Who Are the 10 Top Accounting Firms in Thailand?

Difficult to answer as the largest not always mean the best. Moreover, experiences vary from city to city and client to client. However, I have tried to jot down top 10 accounting firms in Thailand based on my study and experience.

Here goes;

1.  Konrad Legal: Extremely professional, timely delivery and a group of expertise; these are the USPs. Importantly, they have over 15+ experience and have served a wide number of clients. Aside, they offer services at quite a competitive price. Though, my personal favorite is Konrad Legal for a lot of reasons apart from the mentioned above, since the article is about top 10 accounting firms here are some other options. However, you need to meet Konrad Legal and team to know why they are liked by so many, including me of course.

2.  Mazars:  One of the biggest advantages is that they offer a multinational composition of the advisors. Like Konrad Legal, they too offer solutions globally. They provide a full-range service including payroll, audit, company secretarial, business advisory service and legal.

3.  HLB (Thailand) Ltd: It’s been more than 10 years; this company has been in business. They are one of the many accounting firms operating under HLB International that is again a member of Forum of Firms.

4.  B-Accounting: They are familiar enough with the International rules and regulations so that their clients can put their trust in them. As the company has multi-lingual experts they can communicate with the clients in almost all the languages.

5.  M&E (Thailand) Co., Ltd: This German-Thai organization has their close association with the accounting software supplier companies like MAC5 and Quickbooks.

6.  Interactive Associates: The best part about them is that though they have a handful of employees with them they are rendering services to clients globally.

7.  Panwa Group: Apart from accounting, they offer a number of other services too as their experience has led them to a better understanding of the Thai market and culture.

8.  MSNA Group: They have made quite a place for themselves, serving the reputed business organizations in Thailand as well as internationally.

9.  Administration Outsourcing Co., Ltd:  They believe in directing the limited resources of the clients to a productive market area. They are constantly pushing their limits to become one of the top Thai accounting companies.

10. PKF Thailand: One of the oldest accounting companies in Thailand who works with a vision; “Right People. Right Size. Right Solution".

Did You Just Realize Your Tax Consultant has Made a Mathematical Goof? Question Your Hiring Process First!

Glad that you are not one of those who would first take up the taxation work all by themselves and then suffer. But not being careful when choosing the one isn’t good too. So if you see your tax consultant in Thailand making mistakes, do not be amazed. Ask yourself these questions and try to find the answer. If you have done these already, ensure not repeating the same;

1. Did you choose your tax consultant because he is an ex-Thailand Auditor? Just because someone is an ex-Thai auditor that only doesn’t guarantee his expertise always. Even though you have all the faith in him, it is suggested to always check his testimonials and client base. 
2. Did you not consider the bigger picture?  Your company is more than just taxes. Hence, the tax strategy you choose should be a part of the larger business strategy. You must understand that the best solution for a tax problem may not be the ultimate solution for the business as a whole. Your tax consultant or preparer should have enough business knowledge as well.
3. Was your decision based on price alone? Definitely, the price is, important, but that cannot be the only deciding factor, for obvious reasons. Not all service providers that charge high delivers high-quality service and vice versa. Hence, the price should come into consideration when everything else is equal. 
4. Did you choose your tax consultant depending on a single phone call? Well, there are good speakers and there are good service providers. Not all good speakers can be good service providers or vice versa. So deciding one simply based on the phone call might not be a wise thing to do. 
5. Did you choose someone who didn’t guarantee satisfaction? Each tax consulting firm should be completely accountable for their job. In case you aren’t pleased with the service in all the way, you shouldn’t pay for it. So, always ask if they guarantee satisfaction and ensure that guarantee is in writing. 
6. Did you not check the clients’ review? Most service providers, be it a tax consultancy agency or any other will say anything about their former works. Sadly, some of those may not be true. So, your Thai tax consultant must be willing to share references or at least you must be able to read the shared reviews. 

Before the tax time looms, it is vital to keep the tax records updated and ready to avoid submission of a sloppy form. Who would even want to scramble for documentation last minute? While doing your business taxes yourself is not advisable, especially when you do not have any hands-on experience, you must and should seek a professional, provided you do not make these mistakes. 

8 Tips to Choose the Right Thailand Lawyer

Are you finding it difficult to choose a Thai lawyer? I can understand the amount of confusion you have to go through to select the one. Since there are so many, searching for the one is always a daunting task. Whether you want to raise a visa or extend it, willing to get married to a Thai or file a divorce and buy a property or sell, you will be in need of legal expert. While choosing the first, the first and foremost thing that you must do is identify what kind of legal service you want and then proceed;

1. Ask your friends or business associates about a Thai lawyer. A word of mouth can be quite helpful when you have no idea where should you go. They can tell you about their experience.

2. You must filter your search to English speaking professionals. There will be many who though offer legal services, are not adept in English. If you are a foreigner, hiring such a professional wouldn’t do any good to you as then you may have to pay extra for a translator.

3. Join public forums and other online and offline communities. By doing this you will get to speak to strangers who can guide you well as whom to choose. You can even befriend some Thais who can take you through to the legal process and suggest you the best service provider. You might find a lot of them discussing different law firms and legal experts, making the search a little easier for you.

4. Instead of checking on the law firms haphazardly, it is better to choose any five at first and gather information about them.

5. Deciding between a law firm and an independent working professional. While choosing a law firm will ensure that you are never without a Thai lawyer, an independently working professional may deny you providing services.

6. When you are looking for a law firm you must consider its expertise. Know how long they have been working in this field plus the different types of legal experts they are working with. I mean you cannot work with a divorce lawyer if you need someone to assist you in property related matters.

7. You must see how professional the experts are. One should maintain a proper communication with the clients. There shouldn’t be anything hidden from the clients, which means there should be much clarity and transparency. You must know what your law firm is willing to do.

8. Next is their fee. It must be within your budget, right? You can seek a free quotation from them considering the services you need. Once you have ensured these, you can now go ahead with the hiring process.

What should You Expect from a Law Firm in Thailand?

I understand the level of difficulty a foreigner has to face to realize the complexities of Thai laws. Deciding to open a business in Thailand is not enough as there are so much more beyond. The first and foremost thing that you need to do is know your eligibility. And then prepare a business plan and find a financier. In order to start a business in an alien country, it is suggested to look for a law firm in Thailand.

A law firm usually works with experienced practitioners who provide legal solutions to clients. Not only do they work as advisors but also they get all your legal works done to make things little easier for you. Having a legal advisor by your side will help you to have a better understanding of the law and at the same time concentrate more on your business’ works.

Your lawyer can help you with everything from company registration, BOI promotion to corporate tax. So, if you are in need of a legal assistance you can always come to us. Our representatives are dedicated to serving our clients with professionalism. Not only do we assist in setting up a business in Thailand, but also can help in other legal matters too, like immigration, adoption, marriage, and divorce.

The lawyers not only have in-depth knowledge about how the laws work but also know how it is implemented. They will patiently try to listen to everything you have to say. Legal experts believe in maintaining a level of transparency and make sure everything is stated crystal clear and nothing is kept hidden: so, you will always be notified of what they are doing and how.

However, one of the biggest challenges is going to be how you find a good law firm in Thailand. In that case, you can always turn to the online and offline business communities in Thailand. They can suggest you with a good law firm for sure. You can simply look into the search engines to find a few. Once you have shortlisted you must check their company’s profile along with the reviews they have got. This will give you a clear picture about the service providers. In fact, you can even ask for testimonials.

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. 

Two Businesses in Bangkok That Can Bring You Success

If you are already in love in Bangkok, then there is no way escaping. And you know better what I am trying to mean. Each year tourists flock here in hundreds and thousands and what they eventually end up with is either extending their tourist visa or applying for something more concrete. Low cost of living, profitable business opportunities and lifestyle are enough to admire Thailand. By doing something concrete I meant business in Bangkok. In fact, if you are considering staying for longer period in the country you can always buy a business in Bangkok and make some money. 

However, the only issue is that people often get into the market without proper planning and research. To begin with, you can approach your reliable relatives or friends and discuss the idea of investing in a bi-national business. Initially, you should be concentrating on preparing the ground and then think something large. Though manufacturing business is in huge demand in Thailand, you might not have that much capital to invest. Here are some business ideas to go with; 

Bar Business 

Bars earn a huge amount every night in Thailand and when you are here you will surely want to own one. Although, a lot of money is yielded by this business, running this is not that easy. If you are one of the US citizens, then you must have a Thai business to begin. Additionally, you should get regulatory licenses, as well as clearances, done. Similarly, there are many legal formalities too that can be handled by a law firm in Thailand. 

Restaurant Business

It is yet another promising business if tapped properly. Since Bangkok is a booming tourist destination, restaurants earn a huge turnover. For this, you will need to get a food license, alcohol license, and permission for playing music. 

Apart from these two, you can also think of starting a driving school or a guesthouse. But make sure you have sufficient capital.

5 Viable Import & Export Businesses To Start In 2017

As the world is becoming technologically advanced, global trade has become rewarding in terms of revenue and satisfaction. In case you too are thinking about starting a business of import and export, then here are a few business options to consider in 2017:

1. Garments

The scope of expansion in this business is tremendous, especially in Thailand. This is one of the oldest and the largest export industries. Regardless of the economy, the demands of clothing and fashion apparels are high. This is one of the most profitable business in Thailand and is growing continuously. As people have become more style conscious, the demands for garments is high. You can import clothes of latest design and trends from other countries and sell it in Thailand. You can source your materials from countries such as China, India, Hong Kong, Dubai etc. 

2. Smart Phones and Electronic Goods

Smart phones and electronic goods have a great market in Thailand. This country is tech savvy and the market of electronic goods is profitable in Thailand. The smartphone markets are too evolving fast in Thailand. You can export high-ends smartphones from China at a rate much cheaper than other countries. Apart from that, electronic goods such as laptops, LED TVs sell like hot cakes in Thailand. You can purchase many of these items in wholesale and then resell these products in Thailand.

3. Shipping Business

As international trade is expanding, the demand for shipping services is also rising. These are convenient, speedy and are reliable. Thanks to the expansion of online shopping, shipping services are growing by leaps and bounds. However, before you jump into this business, it is essential to do a thorough market study. The shipping service is highly competitive. Apart from that, you also must have a thorough knowledge of the import and export norms. In case you are in Thailand, it is essential to note the items that you can export and import. You must have a thorough knowledge of the legislation involved in operating the vessels in the ports of your country and foreign countries. Once you get an idea of these things, shipping business can be lucrative for you.

4. Importing Used Cars

This is yet another highly profitable business. With the improvement of the transportation system and the improving economic conditions, cars have now turned into a utility. People always need to buy new vehicles replacing the old ones. You can leverage this opportunity by turning this scope into a business. Irrespective of the country you reside in, you can always import and sell used cars. You can target developed countries such as the USA and the UK to import used cars and then selling them in your home country. In case you reside in the first world countries, you can even export these cars to developing nations.

5. Exporting Timber

The construction and furniture industry has a huge demand for raw materials and timber is one of them. Timber is a widely used raw material worldwide. However, you need to find the right market and then connect with the nations that produce timber.

We hope this list will give you ample ideas to start your export and import business. In case you are starting your business in Thailand, you will need an import license. If you are trying to get an import license in Thailand, call us at +66 26260277 and we will help you with the legal processes involved.

10 Important Facts On Multiple Entry Visa of Thailand

The Thai government issues multiple entry visa to foreigners who want to stay in Thailand for a longer period. Under the new regulation of the Visa Exemption Rule, the multiple entry visa holders can now stay in Thailand for a year. Recently, the Thai government changed the visa policy to allow ease of movement to foreigners. Here are a few quick facts about the multiple entry Thailand visa:

1. The Thai Embassy issues multiple entry visa to foreigners who want to visit Thailand for purposes including tourism (can be single or multiple entry), business, education, and retirement or marriage. 

2. The multiple entry visa is valid for 1 year. You are allowed to stay in Thailand for 90 days per entry. This means,after 90 days you have to visit the immigration office in the border and get your visa stamped. 

3. You can apply for this visa in the country of which you are a citizen or hold a legal residency. For instance, if you are a US citizen, you can apply only in US. 

4. You will need a passport with minimum 6 month validity from the date of your travel to Thailand. 

5. Along with your passport, you need to furnish a confirmation letter stating the purpose of your visit. 

6. You have to fill a visa application form. You can either take a print out of the form and submit it or fill it in the embassy itself. 

7. The multiple entry visa fees are different for each country. For instance, if you are an American citizen, you have to pay $200 as visa fee. In case you are a resident of Australia, you have to pay 225 AUD as fee. 

8. While applying, you have to furnish original bank statement showing a minimum balance as mentioned by the embassy. This amount too differs from country to country. 

9. In case you are visiting Thailand for business/employment purpose, get a letter from your employer addressed to the Royal Thai Embassy. In case you are self-employed, submit your company registration documents.

10. Along with all these things, produce the photocopy of confirmed air tickets to Thailand and photocopy of the hotel reservation in Thailand.

These steps will help you understand the intricacies of the multiple entry visa for Thailand. In case you are planning to apply for this visa, get in touch with us. We can help you with the processes and ensure a hassle free experience. Call us at +66 26260277.

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

10 Must Know Facts On Thailand Multiple Entry Visa

The Thai government issues multiple entry visa to foreigners who want to stay in Thailand for a longer period. Under the new regulation of the Visa Exemption Rule, the multiple entry visa holders can now stay in Thailand for a year. Recently, the Thai government changed the visa policy to allow ease of movement to foreigners.

Here are a few quick facts about the multiple entry Thailand visa:

1. The Thai Embassy issues multiple entry visa to foreigners who want to visit Thailand for purposes including tourism (can be single or multiple entry), business, education, and retirement or marriage.
2. The multiple entry visa is valid for 1 year. You are allowed to stay in Thailand for 90 days per entry. This means,after 90 days you have to visit the immigration office in the border and get your visa stamped.
3. You can apply for this visa in the country of which you are a citizen or hold a legal residency. For instance, if you are a US citizen, you can apply only in US.
4. You will need a passport with minimum 6 month validity from the date of your travel to Thailand.
5. Along with your passport, you need to furnish a confirmation letter stating the purpose of your visit.
6. You have to fill a visa application form. You can either take a print out of the form and submit it or fill it in the embassy itself.
7. The multiple entry visa fees are different for each country. For instance, if you are an American citizen, you have to pay $200 as visa fee. In case you are a resident of Australia, you have to pay 225 AUD as fee.
8. While applying, you have to furnish original bank statement showing a minimum balance as mentioned by the embassy. This amount too differs from country to country.
9. In case you are visiting Thailand for business/employment purpose, get a letter from your employer addressed to the Royal Thai Embassy. In case you are self-employed, submit your company registration documents.
10. Along with all these things, produce the photocopy of confirmed air tickets to Thailand and photocopy of the hotel reservation in Thailand.

These steps will help you understand the intricacies of the multiple entry visa for Thailand. In case you are planning to apply for this visa, get in touch with us. We can help you with the processes and ensure a hassle free experience. Call us at +66 26260277.