Procedure To Register A Thai Company
When people plan about making foreign investments in Thailand, they often look for registering a private limited company in the area. The process to execute this task is much easier; however, beginners may find things little difficult to handle due to lack of awareness. Well, if you are also worried about the matter, we advise you to follow these simple steps to register a Thai company fast:
Step 1: Getting the company name registered:
The name that you select for your new business or company must be unique and more relevant to your niche. You may need to verify it with all the pre-registered companies online. At the same time, it is important to know that some names are prohibited for company registration as per country laws.
In order to maximize the chances of success for company registration in Thailand, we advise you to go ahead with three names that are ranked on a priority basis. Note that, company names at Thailand are registered in the Thai language, even if they are in English. Make sure the name proposed by you will not be too complicated to remember or pronounce for the non-English speakers in the country.
Step 2: Filing the memorandum of association:
Here comes the next most important step in setting up a new company in Thailand. It is better defined as a special agreement that is made by the company promoters or the founder members. The memorandum of association usually contains the proposed company name, details about the registered office of the company, prime objective of the business, a declaration about shareholder’s liability, capital share information, and basic details of the promoters. Note that, it is important for all promoters to sign the memorandum along with two eyewitnesses.
Step 3: The statutory meeting:
As soon as the memorandum of association is ready, the business owners can plan for the statutory meeting. The main purpose of executing this step is to adopt company regulations, ratify the contracts that are created by promoters for the company, Fix the amount that will be paid to the company promoters, set up the preference shares for all members involved in the business setup. This meeting is also important to appoint first auditors and directors for the company and to define their individual powers as well.
Step 4: Company registration in Thailand:
The next step is more important while setting up a new business in Thailand. But the great news is that this country follows simple and straight forward rules for registration of a new business. Even foreigner investors can complete this task with ease. The best idea is to get a local partner for the business so that he can manage the tasks with local authorities. The application for company registration Thailand can be submitted right after the statutory meeting but make sure it is written in the set format. After this, you may also need to register for value-added tax and income tax as well.
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