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Setting up a New Business in Thailand

Forming a new company in Thailand leads to several benefits. Thai market offers all positive facilities for setting up a company in Thailand and leading it to the profitable states. It doesn’t require you to go through rigorous processes. The Thai government has made it quite easier to complete all the legal formalities and the documentation related tasks as well.

If you follow accurate procedures, the company registration process in Thailand can be completed with ease. Below we have highlighted a few details about how to set up a new business in Thailand, follow these simple steps to complete the procedure fast:

Reserve the Company Name:

The very first step to set up a Thai company is to find some relevant business names. It is important to find something that is more related to your brand and can capture audience attention as well. It should not be misleading or politically influenced. You may need to provide three names, and then the professionals at the dedicated department will choose any one of them.

File Memorandum of Association:

Once you are done with the company name, the next important task is to file the MOA, and it must be done with the professionals at Business Development Office. Details that are required at this stage are a company name, the scope of the business, proposed business address, capital information, contact details, and signatures of the shareholders.

Organize statutory meeting:

It is time to organize a statutory meeting that involves all shareholders, directors, and other parties involved in the business. This meeting is important so that share structure, as well as the names of the members that will be included in the Board of Directors, can be finalized.

Registration of the company:

The next step in this process is to submit applications for registration of a company in Thailand. As per legal terms, this task must be done within three months after organizing a statutory meeting. Note that the cost of the company registration usually depends upon the amount of capital for the next company. In order to complete this step, you may need to pay almost 25% of the capital amount. Once the registration is complete, it is important to apply for licenses and other important documents as well.

Registration of Tax and VAT:

As you will be paying income tax for your business, it is important to get VAT and Tax ID number as soon as possible. It must be obtained within 60 days after company registration, and it needs to write permission from the actual owner of the property.

Opening a new bank account:

After completing all these procedures, you may need to open a company bank account that you will use to complete all business-related transactions. It is important in Thailand and may help you in easy and efficient financial management as well. With a fixed company account, it becomes easier to track the business expenses, and you can maintain the payments well at the growth stage.

Once you are done with these basic steps; it is time to target the market and focus on profits for the long run.

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