Running business in Thailand (step-by-step, how to)
1. Preparing all documents for company registration
- Online reservation of the company name (valid 1 month)
- Acquiring a corporate address for the company’s registered address
- Deciding on the registered capital of the company
- Preparing the company registration documents
- Signing of the Company registration documents by all promotors and directors
2. Register the company at DBD (Department of Business Development)
Through which the company will obtain a company registration number, or so called Tax ID number, after which it will be ready to begin its operation.
3. Open a Corporate bank Account at a local Bank in Thailand
4. Register the VAT for company at Revenue department (if clients require work Permit)
Foreigners applying for a Work Permit will also need to apply for Personal Income TYAX ID Card.
5. Applying for all necessary business licenses
To operate the business based on the business objectives listed on the company affidavit.
6. Application for a 90-day Single Entry Non-Immigrant B (Busibess) Visa (at a Thai Embassy/Consulate abroad)
7 Registering for Thai Employees for Social Security Funds
8. Application for foreigner’s Work Permit at the Labour Department in Thailand
9. Application for the Visa Extension (1 year, multiple re-entry) at a Thai Emnassy/consulate abroad or at the Immigration Office in Bangkok
Thai Limited Company Quick Facts:
1. A minimum of 3 shareholders are required
2. Liability of Shareholders is limited to the amount of their investment in the company
3. must have at least 1 director
4. unrestricted in the activities compared to majority foreign owned companies where Foreign Business License may have to be applied for
5. 51% of share or more must be held by a Thai national or entity, if the nature of business is restricted or prohibited by Foreigner Business Act.