Once you understand the steps required to setup a company here in Thailand, it is not that difficult after-all. One main challenge that we noticed for foreigner is to accept that there will be some risk involve since you cannot fully own the company and may be dependent on a nominee to register your company. This risk can be mitigated by choosing the correct and trusted Company Incorporation Service Provider.
Step 1
Decide a name for your company and provide 2 other alternative
UnionSPACE Company Registration team will perform a Company Name Search for you at Thailand’s Ministry of Commerce database and if it is approve, we will reserve your Company Name for you.
Step 2
Drafting, Signing and Filing of Memorandum of Association (MOA)
UnionSPACE Company Registration team will prepare a draft MOA based on the best practice and run them by you. At this time, you can request for amendments if any. This document is a legal document that will be submitted to the Ministry of Commerce and should clearly state the names and personal information of all company’s shareholders, company business address (PO Box and Residential Address is not permitted here), registered and paid up capital and the primary business activity.
Upon approval of the Thailand Ministry of Commerce, your business is now legitimately register in Thailand and you will be issue with your Company Affidavit, Certificate, List of shareholders and Company Articles of Association.
Step 3
Tax and VAT Registration for your Thai Limited Company
If your company expected revenue for 1 year is below 1,800,000 Baht there is no need to register for VAT however you still need to submit a copy of all your company registration documents to the Central Filling Office of the Revenue Department for the issuance of your Company Tax ID Card.
If you need to register for VAT / obtain a VAT Certificate, you must obtain permission from the landowner where your business is registered in if your company does not own the land outright. Alternatively, you can also use UnionSPACE address for this for a small fee.
Step 4
Opening your Company Bank Account with a reputable Thai Bank
As part of our Company Incorporation package, we will prepare the necessary documents for you and provide you with a letter of recommendation with our partner bank. All company directors and signatories must be present in front of the bank manager before your bank account can be approve and open. Should one of the signatories for the bank account is a foreigner, some banks may require the signatories to have a valid work permit before approving the bank account.
In short, with UnionSPACE Company Incorporation service, we can help you incorporate your business in Thailand even with you stepping foot in Thailand or our office. The usual turn around for company incorporation in Thailand is 2 weeks.
