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Things to Know About Board of Investment Promoted Company in Thailand

Thailand is rated as the second-largest economy in the entire Asian market. Within the past few years, it has become the most preferred gateway to promising markets all over the world. Business owners get more attracted to this area due to dynamic diversified economy, and easy availability of skilled workforce. Moreover, Thailand has established free trade agreements with many countries, including New Zealand, Australia, South Korea, Japan, India, and China. It means company registration in Thailand can help you to enter growing markets around the world.

Other than this, while setting up a business in Thailand, you can assure better services with the strengthened banking system, cost-effective and skilled labour, domestic computer market, and higher commercial freedom. Thailand is also known for world-class infrastructure, well-developed highway system including modern city-wide mass transit, 7 international airports, six deep seaports and two international river ports. Furthermore, the cost of setting up a business in Thailand is considerably lower with easy availability of office rentals, water, electricity and internet services. Some of the biggest trade hubs in the country are Kuala Lumpur, Singapore, Hong Kong and Shanghai.

If you are planning to set up a board of investment promoted company in Thailand, you may have to go through the below steps:

Application preparation:

The required paperwork for application in Thailand is just eight pages long. The idea is to provide some basic information along with details about the estimated number of employees required, financial projections and market coverage. You may have to fill everything in a proper manner. If you are new to the process, it may appear a little bit complicated, but there are several service providers in the area that can assist you with this paperwork. The entire application process may take 3 to 6 months for approval.

Interview at BOI headquarters:

As soon as the paperwork is complete, you may have to undergo an interview at Bangkok BOI headquarters. It is important for company founders to be present at the meeting and answer questions asked by BOI. Make sure you provide genuine and true answers to the questions so that your application doesn’t appeal misleading. It is better to be prepared with the normal business plan and estimated turnover.

Company promotors:

When you are planning to set up a Thai company, it is important to fulfil the requirements for company promoters. A private limited company is required to have at least three promotors, and each one of them must be of 20 years or older. Whereas for a public limited company, it is important to have 12 promotors. Note that all these promoters must be registered ahead of time and must be available for signing documents during the company registration process. Promoters must be recognized as initial shareholders right after the company registration in Thailand, and each one of them must hold at least one share.

Once all the above criteria are fulfilled, you may have to work for company name reservation, MOA registration, statutory meeting, FBL registration, tax and VAT registration. Foreign ownership restrictions must also be checked on time.

For more information, please visit Tilalegal.com