Permanent Residence Application in Thailand for 2022 has Started!

Do you intend to settle permanently in Thailand? If this is your plan, then go for Permanent Residence in Thailand. If you are successful in the process, you get legal permission to stay permanently in Thailand. No more would you have to worry about Visas or Visa extensions. Moreover, this will be a stepping stone for you on the path of obtaining Thai Citizenship.

For your information, the window for accepting Permanent Residence Visa in Thailand for 2022 has already opened and will accept applications till December 29, 2022. But before proceeding, you must have a thorough knowledge of the various aspects of this process of immigration to Thailand. We’re going to walk you through all the prerequisites, steps, fees, benefits, drawbacks, restrictions, and preparation tips for obtaining permanent residence in Thailand in this article.

• Permanent Residence in Thailand: Legal Significance
• Advantages of Permanent Residence in Thailand
• Demerits of Permanent Residence in Thailand
• Requirements for Permanent Residence in Thailand
• Process of Permanent Residence in Thailand
• Cost to Get a Permanent Residence Visa in Thailand
• Permanent Residence Certificate in Thailand
• Make your PR Visa Application in Thailand Successful

What is Permanent Residency in Thailand?

Anyone who intends to live in Thailand continuously or for an extended period of time must apply for permanent residence or PR. The Thailand Immigration Office refers to it as a resident’s visa or residence permit.

You can stay in Thailand forever with it. You do not need to obtain a visa and continually extend it. When entering and exiting Thailand, you can even use the Thai passport control line. You will be one step closer to obtaining Thai citizenship once you have obtained permanent residency in Thailand.

Advantages of Permanent Residence in Thailand

The ability to live continuously in Thailand isn’t the only benefit of permanent residence.

These are some of its additional benefits:

• 90-day notifications and TM30 reports are no more mandatory for a person with a PR.
• You may be included in a standard house registration (Tabian Ban a.k.a. blue book). Consequently, you no longer need to obtain a residence certificate in order to obtain a work permit, open a bank account, or obtain a driver’s license.
• Based on your permanent resident status, your spouse and children may be granted dependent visas.
• In order to purchase a condo in Thailand, you no longer need to transmit money from overseas.
• When entering and exiting Thailand, you can use the same line as Thai citizens.
• If you and your partner both have a PR status, your children will be eligible to apply for Thai citizenship.
• After five years, you can petition for Thai citizenship.
• In Thailand, you can serve as a director of a public business.

Demerits of Permanent Residence in Thailand

Becoming a PR, however, is not the same as being a Thai citizen. It has various restrictions, including the following:

• More than 364 days cannot be spent away from Thailand in a row.
• When working in Thailand, a work permit is still required. But now that you’re not required to obtain a business visa, it’s a lot simpler.
• Obtaining re-entry permission is still required before departing Thailand.
• You are not yet able to purchase real estate.
• Every five years, you must complete a notification at your neighborhood police station.

Requirements for Permanent Residence in Thailand

The basic prerequisites for applying for a residence permit include having a non-immigrant visa and having visited Thailand for at least three consecutive years with the same extension of stay.

Your extended visa must still be in effect at the time of application. You can apply for permanent residence, for instance, if you stay in Thailand for three years and receive a stay extension based on your business visa.

On the other hand, you cannot apply for permanent residency until you have lived in Thailand for a further three years with an extension of stay based on your marriage visa if you enter with a business visa and stay there for three years before switching to a marriage visa.

Process of Application for Thai Permanent Residence

Obtaining permanent resident status in Thailand needs some extra effort. It requires extensive planning, a tonne of paperwork, and numerous steps.

Let’s look at the steps involved in requesting permanent residence.

**Please be aware that the application process could change at any time.

For the most recent information, you should always check with your local immigration office.

Filing Documents

In Thailand, obtaining a residence visa necessitates a significant amount of paperwork.

You need to obtain some paperwork from your home country, some from your company, and some from the Thai government.

The Ministry of Foreign Affairs must also legalize a number of documents.

Before obtaining a document of authorization from the Ministry of Foreign Affairs, you have to notarize it from your embassy if its issuance was from outside of Thailand. It might be necessary to translate some documents into Thai.

They essentially want to know every detail about you. The total number of pages in the documents you need to produce may be considerably over 100.

So it makes sense to get things ready in advance.

To learn what documents you require based on your category, get in touch with your neighborhood immigration office. It varies from person to person and is subject to change annually.

Interview

You must wait a few months (or longer) after submitting all of the required paperwork before the immigration authorities schedule an interview with you.

Thai is the language of preference during the interview, which will be filmed. You must sign a statement in Thai based on the interview after the interview.

You may have to take a Thai multiple-choice exam after the interview. If you are unable to read Thai, an immigration officer will assist you.

Common questions on the multiple choice test are about Thailand (for instance, how many provinces are there in Thailand), culture, and the PR procedure.

They can also ask you for further paperwork as you wait for the interview.

Evaluation

The Immigration Commission is made up of a representative from each of the following government agencies:

• Ministry of Interior,
• Ministry of Foreign Affairs,
• Board of Investment,
• Royal Thai Police,
• Office of the Attorney General, and,
• National Security Council.

These government agencies reserve the right to then review, score, and award points for your application.

To pass the test, you must receive at least 50 of a possible 100 points.

The Thai Immigration Office provides you with a general idea of the evaluation factors, which include education, income, knowledge, skill, relationships with Thai citizens, Thai language proficiency, personality, attitude, and even your contribution to Thailand and its society, even though they don’t publicly disclose how the point system operates.

Additionally, you can receive bonus points if you belong to a charitable organization and consistently give to it.

Immigration agents may visit your area and inquire with your neighbors about your behavior during the evaluation.

Throughout this process, there is nothing you need to do.

Final Approval

Your application will be sent to the Interior Minister for final approval if you pass the evaluation.

It is not unusual for the examination and final approval processes to go longer than a year. It may even take longer than three years on occasion.

Permanent Residence Certificate in Thailand

When your application is accepted, the immigration office will send you a letter with specific directions on how to obtain your certificate of residence.

Typically, all you need to do is gather a signed copy of your personal documents, gather some photos, visit your local immigration office, and make your final payment.

After receiving the certificate of residence, you must visit a police station to obtain an alien book and a district office nearby to be recorded on a house registration book (Tabien Baan – blue book).

Please be aware that the local district officer may ask you and the home’s owner questions to make sure you two are familiar with one another.

How Much Does a Permanent Residence Visa Cost?

You must pay the initial government fee of 7,600 baht when you apply for permanent residency.

Once your application for permanent residency has been approved, you must pay an additional 95,700 or 191,400 baht in government fees, depending on your category.

For instance, the fee for applying for permanent residence based on marriage is 95,700 baht, whereas the fee for applying under the job category is 191,400 baht.

This does not, however, include the price of document preparation, which varies greatly from person to person and includes translation, notarization, and legalization.

The price of document preparation may easily exceed 10,000 Baht.

The Bottomline

Obtaining a permanent residence permit is a smart move if you intend to stay in Thailand permanently. You won’t ever have to be concerned about your visa again with it.

Despite being eligible, some people choose not to participate in it at all. They are unwilling to deal with the drawn-out, challenging process. Additionally, securing a visa in Thailand for over ten years is more expensive than getting permanent residence.

Some individuals only obtain the 20-year Elite visa. Though it is the most expensive choice, it is also the simplest. However, whether you go for a Permanent Residence Visa or Elite Visa, you will need the support of immigration professionals due to the following reasons:

1. Knowledge and experience in the Thai Immigration protocols
2. Completion of the complex documentation process
3. Translation and Notarization of your documents

When you come to Konrad Legal Company Limited, you get some additional services from a single point which are:

1. If you are willing to do business in Thailand after getting the PR Certificate, we specialize in business registration in Thailand.
2. We will be by your side in all types of accounting and taxation requirements.
3. We have more than a decade of experience in payroll management, which can be helpful for you if you open a company in Thailand.
4. Our team comprises professionals experienced in licensing and civil documentation.

For any and all types of immigration requirements to Thailand, feel free to inform us at officer@konradlegal.com.

All About Copyright Registration in Thailand

An intellectual property right called copyright gives the makers of original artwork or other tangible manifestations of ideas ownership rights. These terms frequently refer to written works, audiovisual works, computer programs, sculptures, paintings, works of architecture, and works of applied art.

In addition to the sole right to use, publish, and profit from their creations, copyright gives writers, painters, and other creators a moral right. Learn more about moral rights by clicking here.

Is your Mark Eligible to Get Copyright in Thailand?

How to Obtain Copyright in Thailand?

What Information to Provide for Copyright Registration in Thailand?

What Rights do a Copyright Confers in Thailand?

How Much Advantageous is a Recorded Copyright in Thailand?

For How Many Day is Copyright Protection Valid?

Help that you need to get Copyright in Thailand!

Eligibility for Copyrights in Thailand

Copyright is a legal concept in Thailand that safeguards the physical manifestations of authorship in all its many forms. The idea itself doesn’t get protection; rather, the expression of the notion gets so. To put it another way, copyright guards the style of expression rather than the content of the work. A work must exist in some physical form in order to get copyright protection.

Concepts, principles, discoveries, methods of use or operation, processes, systems, and scientific or mathematical theories are not eligible to receive copyright protection.

A wide variety of physical manifestations of ideas get copyright protection, such as the following:

• Literary works (advertisements, books, magazines, newspapers, website content, etc.)
• Computer software
• Musical works
• Dramatic works (choreography, dancing, acting, etc.)
• Artistic works (such as works of painting and drawing, sculptures, lithography, works of architecture, photographic works, illustrations, and other forms of applied arts)
• Audio-visual works
• Cinematographic works
• Audio recordings
• Broadcast works

Upon creation, a work has a copyright for a specific period of time, depending on the type of work. The only IP right that is enforceable without formal registration or recordation is copyright. However, it is crucial to highlight that efforts to commercialize or defend against infringement suffer a setback when there is no prior recordation of copyright ownership. You should remember that the copyright protection period clock starts running after publication for some types of works, and not from the time of their creation.

Process of Obtaining Copyright in Thailand

The creator of a work gets special rights through copyright. Therefore, ownership of the work to receive copyright and the existence of any prior publications are very significant factors to review a copyright recordation application.

Application for copyright recordation is only open to copyright owners. Even though the majority of copyright owners are the work’s creators, this isn’t always the case; in some instances, someone else may be the lawful owner(s). For instance, unless an agreement between the employer and employee specifies otherwise, employers are frequently the copyright owner of the creations of employees under the employer’s guidance. Assigned copyrights and inherited copyrights are two further instances in which copyright holders are not the original authors of the work. For instance, organizations typically file copyright applications for software rather than individual authors or producers (who are usually employees of such companies).

Copyright recording aims to build a legally valid basis for ownership of a created work. Recorded copyrights offer a defense against conflicting claims to ownership and use of a work.

In Thailand, the process of recording copyright entails filing an application, getting its review report, waiting for acceptance, storing it electronically, and receiving a certificate of recordation. Normally, it takes two to four months to finish the process.

Information Necessary to Register Copyright in Thailand

For the process of recordation of copyright in Thailand, submission of the following information to the authority is mandatory:

• A brief description of the type and content copyright work.
• Title of copyright work.
• Name, address, and nationality of the applicant.
• Name, address, nationality, and date of birth of the author.
• Information about the acquisition of copyright work, if applicable, as well as the country where the copyrighted work was created.
• Date of the work’s creation and date of the work’s publication in case of published works.
• Information about recordation and registrations of the work in foreign countries.
• Permission to publish the copyright.

You can submit the first ten pages and the last ten pages of the program or source code when applying for copyright for software (or the entire program as wished).

Rights Conferred by Copyright in Thailand

Copyright grants its creator a variety of exclusive rights to manage the utilization of his or her work. We can tell which of these rights are exclusive of others by:

• Reproduce a work in copies (e.g. printing of a book, reproduction of a movie on a DVD, etc.);
• Distribute copies of a work to the public;
• Rent copies of a work;
• Translate or adapt works without authorization;
• Hold (a) public performance(s) and communicate a work to the public.

In Thailand, copies and reproductions of works with copyright protection that are not for commercial gain are typically not violations in regard to the law. Additionally, moral rights are provided by copyright, safeguarding the author’s honor and reputation.

Advantages of Recorded Copyright in Thailand

Whether or not the copyright has been recorded, the rights granted to the owner are the same. Recordation, however, provides a tactical advantage and holds strong grounds to prove ownership or even the invention or publication date (information that is useful in cases of claims of concurrent independent creation). The recording of copyright also makes it simpler to pursue monetary and legal sanctions against an infringer in order to enforce rights.

The holder of a recorded copyright is exempt from providing evidence in opposition to that right. The violator must demonstrate that it has a superior claim or that the copyright holder is not the rightful owner of the copyright in question. In other words, the burden of proof rests with the person with the allegations to violate the laws.

Length of Protection for Copyright in Thailand

Irrespective of the status of the publication of the work, as well as whether the copyright owner is an individual or a legal company, will determine what rights and protections it should get.

Unpublished works owned by specific individuals are protected by copyright for as long as they are alive and for 50 years after their passing. When numerous authors share ownership of a piece of writing, copyright protection is for the lifetime of the last surviving joint author and for 50 years after that.

For 50 years following the date of the work’s initial publication, published works that belong to certain individuals are protected by copyright. Unpublished works owned by legal entities are protected by copyright for 50 years following the date of creation.

A legal entity’s published works are protected by copyright for 50 years after the date of their initial publication. The copyright protection of applied arts is an exception to the 50-year protection rule generally. For 25 years following the date of creation or publication, whichever comes first, applied arts receive copyright protection.

Assigning or Licensing Copyright in Thailand

Owners of copyrights may license or assign their works in addition to using them directly for commerce.

Assignments are long-term changes in ownership and are distinct from copyright licensing. Treating a copyright transfer transaction as a sale and purchase agreement is in the best interest of both parties. The parties’ discussions and wording of the assignment agreement should get serious consideration. Assignments must be registered with the DIP in order for them to be recognized in Thailand.

The licensor (the owner of the copyright) may provide authorization to a licensee (the recipient of the rights) to use, reproduce, or otherwise commercialize the copyrighted material on a temporary basis.

The licensing of copyrights can occasionally be more challenging than the simple assignment or transfer of copyright. You can take copyright licensing arrangements leases; whereby, the property on lease is the intellectual property of the creative work, and the rights to use it are similar to those of other leased properties. The exclusivity of the license, the length of the license, and the uses of the intellectual property put on the lease must have their mentions in a copyright licensing agreement as well as licensing agreements in general.

Exclusive or non-exclusive licensing arrangements are also possible. Exclusive license agreements forbid the licensor from granting the same rights to other parties for the life of the agreement and grant the licensee exclusive rights, whether for scope, context, area, market, or time. The phrase “single distributor” or “exclusive distributor” is common in marketing luxury items in Thailand’s marketplaces. In contrast to exclusive licenses, non-exclusive licensing allow the licensor to simultaneously give rights to multiple licensees in the same location or at the same time, some of whom may overlap. Although recording copyright licenses at the DIP is not mandatory in Thailand, it is generally a good business practice, especially when a local licensee holds the authorization.

Help That You Need for Copyright Registration in Thailand!

By now, it must be clear to you that the issuance of copyright in Thailand is strictly according to the local laws. Additionally, you must be able to understand the inherent challenges in the process. Let us point out those to you:

1. The Department of Intellectual Property of Thailand amends the IP laws randomly. Therefore, it can be pretty difficult for you to track the updates.
2. You may not have detailed information about the procedure of a Copyright Application and may accidentally land in front of an irrelevant authority.
3. Only an experienced Intellectual Property Law practitioner can help you all across the various stages of the application. But finding a reliable and trustworthy one can be a challenging task!
4. Even if your Mark is eligible for a Copyright, the mode you present it matters a lot to the authority. You may not be able to proceed in the format that is deemed essential by the authorities. This will lead to a series of re-applications.
5. If you are a foreigner, you need notarization and translation of all the relevant documents. Only a Certified Notarial Attorney has the authority to do so.

However, if you have reached this part of the article, we have a solution for you that can bust all of these challenges. Contact Us!

Being a premium law and accounting firm in Thailand, we have 1000+ local and international clients who got benefitted from our elegant services. For your Copyright in Thailand, we can help you with the following aspects:

1. Start with a Free consultation
2. Complete the entire documentation for you
3. Make your application fool-proof to avoid any or all types of rejections
4. Guide you to the right authority to submit your application
5. Documentation and legal support as long as you don’t receive your Copyright Certificate in Thailand

Isn’t this enough to protect your intellectual property, to develop which you have invested that much time and effort? Feel free to consult us by sharing your requirements at officer@konradlegal.com.

Can a Foreigner Start Business in Thailand without a Thai Partner?

The Thai Civil and Commercial Code treats Thai and Foreign Shareholders equally when it comes to starting a business in Thailand. Due to this, foreigners are free to start their own businesses in Thailand without a Thai partner. Foreign Business Act B.E. 2542 (1999) (FBA) imposes some limitations on the types of business activities that foreign nationals may conduct in Thailand. Moreover, List 3 of FBA prohibits a majority of service activities for foreigners to start a business for. On the other hand, the Board of Investment permits up to 100% foreign ownership in businesses that engage in commercial endeavors that are crucial to Thailand’s development.

Restriction under the Foreign Business Act

List 1 of the FBA prohibits certain business activities, while Lists 2 and 3 restrict them to foreign-owned businesses. The foreign company must obtain a Foreign Business License before engaging in any of the List 2 or 3 business activities. Foreigners are increasingly choosing to form joint ventures with local partners due to the prevalent challenges and costs of obtaining a foreign business license.

Foreign Business License (FBL)

The foreign company must be able to prove that it will bring expertise and teach local staff new skills. This is one of the most important factors to apply for and obtaining an FBL. The procedure, which involves numerous questions from the authorities, lasts for about six months. A discretionary decision precedes approval.

Set up a Joint Venture

A company where foreign shareholders hold 50% or more of the share capital is a foreign company under the FBA. Therefore, a company can be a Thai company and is exempt from the FBA’s restrictions. It is possible only if Thai shareholders own 50% or more of the company’s shares. Note that, ownership of the capital is a major parameter to decide whether a company is foreign. Furthermore, control of the business is never the deciding factor for the same.

100% Foreign Ownership by the BOI Promotion

The Board of Investment of Thailand (BOI) promotes a variety of commercial activities that are crucial for the development of Thailand. This includes factories, electronics, pharmaceuticals, regional financial centers, and more recently, digital. The full list of activities eligible for a BOI promotion can be found here. One of the advantages of the BOI promotion is foreign ownership. Additionally, it grants tax regulations for hiring foreign workers with special skills and tax exemptions. It typically takes 3 to 6 months to apply for a BOI promotion.

The majority of business activities are restricted under the FBA. Therefore, the foreign investor should always confirm their eligibility for a BOI before proceeding. The business activity may not be sufficiently innovative and hence, cannot qualify under the BOI. In this case, a foreign business license is an alternative. Nevertheless, a company with a local partner continues to be the most popular investment vehicle for foreigners.

Who are Foreign Shareholders in Thailand?

Section 4 of the FBA defines a foreigner:

1. A natural person who is not of Thai nationality;

2. A juristic person not registered in Thailand;

3. A juristic person registered in Thailand, being of the following descriptions:

1.  Being a juristic person at least one-half of capital shares which are held by persons under (1) and (2) or a juristic person in which investment has been placed by the persons under (1) or (2) in the amount at least equivalent to one half of the total capital thereof; and
2.  Being a limited partnership or a registered ordinary partnership, the managing partner or the manager, of which is the person under (1).
3.  A juristic person in Thailand with at least one-half of the capital shares of which are held by persons under (1), (2), or (3) or a juristic person in which investment has been placed by the persons under (1), (2) or (3) in the amount at least equivalent to one half of the total capital thereof.

Control of the Company in Partnership with a Thai

Sections 36 and 37 of the FBA state that it is against the law to use Thai nominee shareholders. Due to the non-application of this law, there is no precise definition of what a nominee is. In reality, however, a nominee is a natural person or legal entity that holds stock in a company. The company can be partially owned by a foreign nation but does not make any direct investments in it. A Nominee cannot have the financial resources to do so nor can have a beneficial ownership interest in it. Furthermore, the nominee cannot exercise any form of control over it.

The Bottomline

However, there are other methods like setting up a Branch Office or Representative Office in Thailand. A foreigner can set up these types of organizations to represent their existing businesses in any part of the world.

But to accomplish the feat, you will need a reliable Thai law firm for your guidance and assistance. Therefore, to start your business in Thailand, contact us by emailing your requirement in detail to officer@konradlegal.com. 

How to Hire the Best Accountants in Thailand?

Are you planning to hire the best accountants in Thailand? Then there are many checkpoints that you have to pass through to make the proper selection. Accountants provide a range of services. They help your business stay compliant with Thai corporate laws and steer clear of tax blunders. Additionally, they can facilitate the numerous legal processes in both your professional and private lives.

Let us run you through the points that you must check to verify the capability and reliability of an accountant or accounting firm in Thailand. This will help you to stay assured that your accounts and financial records are maintained well enough. 

Check the Basic Qualities

What Services should you expect from Accountants in Thailand?

Company Registration in Thailand

Tax Filing in Thailand

Corporate Tax Advice

Handle Accounting Transaction

Financial Records & Statements

Payroll Services

Social Security Services

Company Audits

Business Licenses

Visas and Work Permits

Personal Tax Consulting

Judge them by the price they offer

Here you got the Best Accountants in Thailand!

Basic Qualities to Check to Hire the Best Accountant in Thailand

Thai accountants will be responsible to create your financial accounts and taxes if you own a business in Thailand. To execute this action, the accountant must have the following basic qualifications:

• Have recognized degrees in accounting
• Have a proper understanding of Thai corporate laws, norms, and tax laws
• Knowledge and expertise to complete the necessary paperwork to incorporate your company 
• Have practical experience in compiling financial accounts to prevent submitting taxes wrongly
• Capability to undertake yearly company audits

Professional accountants are listed as certified accountants by the Department of Business Development in accordance with Thai law. 

Please note that you have to hire an auditor every year to check the financial records and statements of your company. If the accountant or accounting firm you hire for the regular services is unable to prepare the documents and do the filings properly, auditors will decline to audit your company. 

Services That You Must Get From the Best Accountants in Thailand

An accountant will be the best only if they can provide a wide array of services to keep you away from legal and accounting needs. This will help you to focus on the operations and growth of your business in Thailand. This wide array of services must include the majority or all of the ones mentioned below:

Company Registration in Thailand

When you wish to register a company in Thailand, you can also hire an accountant in addition to a corporate lawyer. Most accountants are able to register businesses. Give them the relevant details, and they’ll take care of the paperwork.

Additionally, accountants can provide broad guidance on corporation legislation. Speak to a lawyer about complex topics. You can engage another accountant to handle your financial accounts and taxes after using one accountant to register your business.

However, using the same accountant throughout is simpler.

Tax Filing in Thailand

Tax Preparation is an accountant’s primary duty. Your business must file taxes according to Thai revenue codes at particular intervals based on the sort of tax you are subject to. Because you must accurately compute your taxes and file them on certain dates, filing taxes is challenging.

For instance, you must submit Forms PP 30 and 36 each month. But just PND 50 and PND 51 are required to be filed, with PND 50 due in the middle of the year and PND 51 due at the start. You could have to file additional taxes, depending on your business. If you don’t, you may have to pay penalties or go to jail.

Give your bills and receipts to the accountant you hired to file your taxes, and they’ll take care of the rest. And you can make simple dishes.

Corporate Tax Advice

Thailand’s Corporate Tax Laws and Processes are intricate, especially if your business receives a BOI promotion. You might not be familiar with the tax laws and regulations that apply in Thailand. For instance, when paying for services in Thailand, VAT-registered businesses must present their Withholding Tax Certificate, or WHT, to the business.

Additionally, each month the WHT must be paid for and turned in to the Revenue Department. Even worse, withholding taxes vary depending on the services you purchase. Depending on the services, withholding taxes are typically in the range of 2% to 5%.

Invoicing, payroll, and other accounting procedures that your business handles are not included in this. Neither are personal income tax and personal property tax forms.

You risk receiving a fine, having your property seized, or even going to jail if you break these rules and regulations. Furthermore, it won’t help if you claim that you weren’t aware of these laws and rules. You can seek guidance from accounting firms on how to file taxes, how to legally reduce your taxes, and how to get a tax refund from the Revenue Department.

They can assist you in avoiding paying excessive taxes. Because it might take years for the Revenue Department to refund any overpayments. The Revenue Department may contact you occasionally to ask you questions and to have a conversation.

The Revenue Department may occasionally want to speak with you and inquire about your situation. And they might visit your office to look around. Accountants can assist you in these circumstances and respond to inquiries on your behalf so you don’t provide incorrect information that might get you in trouble.

Handle Accounting Transactions

Your company’s income and costs, such as office rent and wages, must be supported by receipts and invoices. Cash cannot be given or received without a paper trace. Additionally, you must demonstrate to the Revenue Department where you obtained the funds and how you used them.

This transactional justification is required. Without a valid reason, you cannot transfer money to another person. For that particular form of revenue or expense, you must account for your income and expenses correctly. Additionally, every source of income and expense operates in a different way.

You must demonstrate to the Revenue Department how you accounted for them, so knowing this is crucial. You could have to give these accounting transactions to the Revenue Department yourself if your accountant isn’t in charge of them. However, an accountant should provide you with guidance, provide you with examples, and ensure that your transactions are accurate.

Manage and Maintain Financial Records & Statements

In Thailand, running a business involves making and spending money simultaneously. It’s not always possible to see your income or the amount of money you have set aside for upcoming tasks.

You can see where your hard-earned money is coming from and going each month when you engage with an accountant who creates your financial statements. Accountants also provide information about your income and operating expenses.

However, these services might not be paid for by accountants at standard accounting rates. Therefore, to find out what is included in your accounting fees, be sure to contact your accountant.

Payroll Services

Accountants assist you with the payroll services for your business. Payroll services, among other things, entail:

• paying your staff each month
• paying for Social Security, 
• calculating and reporting personal income taxes, and,
• providing pay slips and tax certificates

Some accountants will even pay your staff after you’ve given the go-ahead for their compensation.

Social Security Services

Your employees must be registered with Thailand’s Social Security System. Health insurance, pensions, and unemployment benefits are provided by Social Security to employees.

By 2020, every one of your employees who make at least 15,000 Baht will be required to contribute 750 Baht per month to Social Security. Additionally, your business contributes 750 baht to each worker to Social Security.

A new employee must be registered with Social Security each time they are hired. Additionally, you must notify Social Security if they quit your business. Therefore, accountants often handle all Social Security-related matters.

Company Audits

You must engage a certified auditor each year to review your financial accounts so you may submit them to the appropriate government agencies.

If you prepare the statements, finding an auditor will be challenging. Note that, if you aren’t an accountant certified by the Revenue Department, they won’t review or audit the financial statements you prepare.

In Thailand, accountants and auditors frequently collaborate. Your accountant prepares and sends an auditor your company’s annual financial statements for check and inspection. There is nothing that needs attention from your end.

The services of some accountants include auditing and accounting. However, auditing costs are typically additional for accountants. Over 100 licensed auditors are available to assist with company audits, according to the Securities and Exchange Commission of Thailand.

Business Licenses

Irrespective of the type of business you plan to do in Thailand, you must have the relevant license to do that. That is the token of approval that the Royal Thai Government has legalized your business in Thailand. Therefore, your accountant must have knowledge about the issuance, upgrade, renewal, and surrender of such licenses. The license becomes more crucial if your business is of any of the following types:

• restaurants
• bars
• hotels
• construction companies
• food manufacturers
• recruitment agencies
• travel agencies
• importers and/or exporters
• banks and/or lenders

Knowledge of Visas and Work Permits

Although it may seem weird, accountants can also help you obtain Thai work licenses and visas. They might not be as knowledgeable as immigration lawyers in Thailand, but they could help you and your staff obtain business visas and work permits.

Personal Tax Consulting

Your accountant might also serve as a personal tax advisor for you. They might be ready to handle your personal taxes for an additional fee if they handle your company’s taxes and are aware of your income.

How to check the price of the best Accountants in Thailand?

The following are the three primary factors determining the rates for accountants in Thailand:

• Average monthly accounting transactions
• The complexity of your business 
• Accounting services that you require

The average monthly cost for basic accounting services for startups with few transactions ranges from 4,000 to 5,000 baht.

According to the complexity of your company, accountants charge more. If you established a BOI-promoted company in Thailand, this would be the situation. This is because companies in Thailand receiving BOI promotions, go through more formalities than other business categories.

Finding an Accounting Firm in Bangkok

If you have read through this article and reached this section, you have already found the leading accounting firm in Thailand. We at Konrad Legal Company Limited hold a team of the most efficient and seasoned accountants in Thailand to deliver you the best of services. Our wide array of services includes, but is not limited to the following:

1. Company Registration Documentation
2. Tax Registration
3. Tax Audit and Filing
4. Immigration
5. Payroll Management

Apart from the mentioned ones, we often provide special assistance to our clients in finding a Thai partner, tax schedules, advice to save taxes, and anything and most possible from our end. Feel free to reach out to us by emailing your requirements in detail at officer@konradlegal.com.