Company Incorporation in Thailand
Incorporation in Thailand will be a great option for those who need a bank account in the same country without any problems. Thailand is not an offshore country, but there are many benefits for incorporation. Especially for those companies involved in trading.
Requirements for company formation in Thailand
- Shareholders. There is a requirement of a minimum of 3 shareholders with equal shares. Minimum age — 21. After the incorporation, you can change % of shares and amounts.
- Capitalization. The minimum registered capital is 2 million THB for foreign business operations.
- Company address. Head office must have a local address and be proven by letters from the landlord. Copy of house registration is also required.
- Director and secretary. Depends on the type of entity you will choose.
Knowledge Base
- Business entity types in Thailand
- Board of Investments (BOI).
- Restricted activities
- Nominee local director service
- Thailand manufacturing free zones
- Employment and visa for a foreigner
- How to find an office in Thailand?
- Trademark registration
- Banking options in Thailand
- Taxes in Thailand
- How to close a company in Thailand?
Step by step guide for company incorporation in Thailand
Step 1. Entity type and name
We always start incorporation in Thailand with entity type and recommend the best option based on the information about the company.
For companies with 100% foreign ownership DIA will assist with getting Foreign Business License (FBL) in the Thai Ministry of Commerce.
- BOI-approved company. Board of Investments will set up a meeting and you will have to present there all information about your business, minimum of 30 000 USD capital and minimum investments 500 000 USD. Also, you will need to present proof of jobs creation in Thailand and the technologies involved. With their license, you will have great advantages such as tax holidays up to 8 years.
- Thai Limited Liability Company. Usually, 51% of LLC are owned by Thai residents and 49 fo foreign shareholders. Minimum required 3 shareholders and 1 director. If LLC wishes to hire foreigners, the minimum share capital for restricted industries will be 94 000 USD and 63 000 USD for other sectors.
- The Amity Treaty LLC. 3 shareholders can be American citizens. 100% ownership by Americans approved except for the list of restricted sectors.
Choose 3 business names and we will reserve one with the Department of Business Development (DBD).
Step 2. Company Seal and Documents Preparation
First of all, DIA / Digital Advice will get the corporate seal for your future company. All documents must be stamped and translated into the Thai Language.
Memorandum of Association must include all following information about your company:
- company name,
- location,
- the scope of the business,
- registered and paid-up capital,
- shareholders’ names with percentage and value of shares, and
- company registration.
We will fill all documents for you and apply for an incorporation certificate.
Step 3. VAT Registration
It’s time to get Foreign Business License and register VAT.
For the application to the Ministry of Finance Revenue Department we need to provide:
- Building owner documents for the office with the proof of ownership.
- Personal or corporate identification card of the building owner.
- Pictures of the building. Entrance with signage of the company, street view with the visible address signage.
- Sketch map in the Thai language of the street location.
- Certification letter from the business owner for the company leasing office in his building.
Approval of VAT Registration might take up to 4 weeks
Step 4. Bank Account and Special License
DIA / Digital Advice will open a bank account for you within 1 day in the biggest and trustworthy banks — BANGKOK BANK, SIAM COMMERCIAL BANK, KASIKORN BANK.
You will get access to your online banking within 3-4 days.
The minimum deposit is 5 000 USD.
There are no limits for transactions in foreign currency. Just for transactions of more than 50 000 USD, you will need to provide an Invoice.
After opening, you will need to deposit to the corporate bank account your paid-up capital (25% of the total capitalization).
Also, DIA will help you with getting special licenses such as Import / Export. It’s easy to get when you already have papers for your VAT and operational bank account. We will make it fast and paperless.