8 Steps to start a business in Thailand:
- Pick a type of business
If the company is part of a Board of Investment (BOI) program, the majority of shareholders must be Thai, while foreigners can own a maximum of 49% of the company.
- Check out Thailand’s Foreign Business Act
Check out Thailand’s Foreign Business Act 1999, which states activities that foreign companies are prohibited from conducting. Which need approval from related government agencies, and which do not need special permission before starting a business in Thailand.
- Learn about incentives & benefits provided by the BOI
The Thailand Board of Investment (BOI) offers schemes to drive investments in Thailand, so if your business meets the criteria, submit an application to the BOI.
- Apply for visa & work permits
To work in Thailand, you will need a Non-immigrant ‘B’ or Business Visa, which will ensure that you can legally work in the country. Smart Visa holders will be granted the permission to stay in the country for a maximum amount of 4 years, exemption from work permit requirements, and other privileges.
- Register your company
Reserving a company name, which can be done online by registering an account with the Department of Business Development, searching and reserving the company name, and printing out and signing the Notice of Reservation, which will be valid for 30 days.
- Sort out your paid-up capital & open a bank account
If you require a permit to legally work in Thailand, the minimum amount of paid-up capital required is 2 million Baht, which will allow your company to have 1 work permit.
Opening a bank account with a commercial bank is simple. - Once your business is operating, pay taxes
According to the Revenue Department, companies are required to pay Corporate Income Tax (CIT) and must file their tax returns (Form CIT 50) within 150 days from the closing date of their accounting periods.
- Learn the Thai language & culture
