Planning to set up a company in Thailand? Why not, stating the facts that for over the last four decades, Thailand has made remarkable progress in social and economic development, moving from a low-income country to an upper-income country in less than a generation plus it is the second-largest economy in Southeast Asia that has been recognized by the World Bank. The same very reasons why doing business in Thailand is one of the most attractive investment destinations in the world.
As such, Thailand has been one of the widely cited development success stories in social and development indicators, with sustained growth and impressive strategic location, thus business in Thailand continues to expand from time to time attracting a rising number of foreigners to invest or set up an enterprise. Foreigners not only invest in existing companies or put up its own establishment in Thailand, they also venture into the expansion of their own branches.
Starting a business in Thailand can be a daunting process but getting it all right can be a promising abundance of opportunity especially in the following sectors such as; import and export in general, industrials and service fields.
But before you even consider this venture, you need to arm yourself with the basic knowledge of Thai business law concerning all matters involved as well as to make your way to efficiently and effectively go through the process of obtaining all necessary procedures to put up your own business. If this is somehow gives you the feeling of dispiriting to start with, well don’t be because this is where our expertise can help you go through all that without the hassle and delays.
Here at JT Legal Consult we provide an efficient, cost effective and a fast track business set up in a matter of several working days, given the experience of being well familiarized on the procedures and process to the Department of Business and Development Office. in addition, these are all made possible with the vast professionalism of our Corporate and Civil Lawyers who have more than 30 years of experience in the said fields, in which comes handy to give our clients protection from incorrect assessment of tax liabilities, overcharging and other occurrences that can also be explained to clients in a more understandable and less complicated terms. Therefor JT Legal Consult can be your reliable ally that will give you a premium help and guidance to every step of the way in achieving your business goal in the Kingdom of Thailand.
What type of business can a foreigner own in Thailand?
There are several types of businesses that a foreigner can acquire in Thailand, among of which are as follows;
1.Company Limited – This kind of company is formed with a capital divided into equal shares, the liability of the shareholders being limited to the amount unpaid on the shares repeatedly held by them. It is the most popular being the Thai limited company, which is most likely to be your preference too, since it gives you the advantages of being able to operate in a category that is normally reserved for Thai locals, it requires lower registered capitals, and gives you the right to obtain a business visa.
Company’s name (both in Thai and English)
Office location/ House registration
Registered capital with divided shares in an equal value.
At least 1 Director, Auditor and a minimum of 3 promoters.
Gathering all of this documentation requires a certification of a corporate lawyer and could be a complicated process and may take several weeks to complete due to the registration procedures and the majority of the documents and forms are all written in Thai. That’s the reason why a service of a Lawyer is highly recommended. In JT Legal Consult we specialize(d) in the process of obtaining all this procedures through our years of experience in the field of business registration in the most cost effective and efficient way that meets and even surpasses all our client’s expectations.
2.Limited Partnerships – This type of Partnership is very different compared to a Thai Partnership given that in this, one partner’s liability is limited while the other partner’s liability is unlimited.
Limited partnership MUST be registered unlike any other Thai Partnership.
3.Representative Office – A Representative Office is the type that has limitation on activities as outlined below:
Reporting on business movement in Thailand
Providing advise related to products that are being sold to distributors or customers
Sourcing goods and services in Thailand
Inspecting and controlling the quality and quantity of goods purchased or order to be manufactured in Thailand
Introducing information regarding new products or services.
JT Legal is a full Thai Law firm. Our team of Thai lawyers and Business Advisers can provide you with an adequate walkthrough in registering a Representative Office in Thailand.