Entrepreneurs and investors seeking to establish a business presence in Thailand often face a crucial decision: whether to start a new venture from scratch or take over an existing business. While both options have their merits, this article aims to shed light on the numerous benefits associated with acquiring an existing business in Thailand. From…
There are 3 main components to comply with before you can legally import / export things into Thailand. #1. You’ll need to incorporate a VAT registered company in Thailand#2. You’ll need to apply for a general Import/Export License (usually valid for 3 years)#3. For most items that you may be interested in importing or exporting,…
What is Por Ngor Dor 1? Withholding tax at source under Section 59 for remuneration paid to employees under Section 40(1), (2) Instructions/Comments: Employers must withhold tax on remuneration paid to employees in April 2023 and remit the tax so withheld to the District Office. What is Por Ngor Dor 2?Income tax withheld at source under…
This tax may be imposed at various rates per square meter (depending on the language) on any signs or billboards which display a name, trademark or product for the purpose of advertising or providing information on businesses. The local authorities which administer this tax are the 76 provinces, the Bangkok Metropolitan Authority and the City…
A shelf company, also known as an aged or dormant company, is a pre-registered corporation that has been inactive or without any business activity. Such companies are commonly used by entrepreneurs and investors for various purposes. In this article, we’ll explore some of the benefits of using a shelf company. One of the primary advantages…
Are you over 50? Give yourself a pat at the back. After all these years, your dream to retire in Thailand is now easier than ever. Retiring in Thailand can be a great choice for many people. With its low cost of living, warm climate, and rich culture, Thailand offers retirees a wide range of…
How to dissolve a company in Thailand How to close a Thai limited company? Some company owners decide to close down their Thai registered company either for the purpose of opening a new company or permanently cease doing business in Thailand. Whatever reasons you have for closing your Thailand business, legal, accounting and auditing assistance are…
Starting March 2023, the Ministry of Commerce will reduce the minimum required shareholders for a Thai Limited Company from 3 shareholders to 2 shareholders. This is a great change and provide aspiring business owners an easier way to set up their business in Thailand. Amendments To The General Corporate And M&A Principles Of The Civil…
It’s required by law that every Company, regardless it’s a Partnership, Thai Limited Company, BOI, Branch Office or Representative Office must have their account audited at the end of every financial year, that is Dec 31. Once your account is signed off by your auditor, it has to be uploaded into the gov’t system. So,…
Once you have incorporate your Thai Limited Company, it is a legal entity by itself and should your business cease to operate anymore, it is important that you close the company properly to avoid unexpected penalty and costs. What do you need to prepare and submit to close a Thai Limited Company? – Final Balance…
Registering a trademark provides legal protection against counterfeiting and infringement of your intellectual property. A registered trademark greatly strengthens your ability to enforce your rights, as well as ensuring that you are not unknowingly infringing on a trademark held by another. Registering a trademarkin Thailand. Although Thai law generally recognises foreign trademarks, at best they…
When company export certain goods, companies may claim a VAT Refund for certain purchases of the raw material used in the exported product however unless the amount of VAT Refund is significant and that your company has proper record keeping, we advise you to think twice before requesting for a VAT Refund. Request for VAT…
Can foreigners own land in Thailand? A foreigner cannot own land in his/her name in Thailand. However, the Department of Lands allows a Thai national married to a foreigner to own land after a signing a letter of certification with the foreign spouse to prove that the money used to purchase the land is the personal property of the…
What is a dormant company? A dormant company, also known as a shelf company, is an entity that has been legally registered but does not engage in any business activities. What are the benefits of a dormant company? The benefits of a dormant company are as follows 1. Have a company for future use Instead…
What is BOI? The BOI (Office of Board of Investment) is a Thai government agency that has a role of promoting valuable investment both into Thailand and Thai overseas investment. It does so by provide a series of tax and non-tax incentives. BOI investment promotion policies Investment promotion policies under the BOI are to: Promote…
Value Added Tax (VAT) The “Value Added Tax (‘VAT’) is a tax on the sale of goods or the provision of services. The current rates are 7% and 0% (on export activities for instance) while some exemptions apply to certain activities. This tax applies to companies having a yearly accumulated turnover exceeding 1.8 million baht….
Nominee Shareholder is a person (Thai National) to represent you(foreigner) and has no legal rights or ability to control nor manage the company. A Nominee is merely your representative and is appointed simply to satisfy Thailand’s regulatory requirements. When do you need to ‘hire’ a Nominee Shareholder1) You’ll need to “hire” a Nominee Shareholder if…
Businesses are ordered to close once again. Employees are left without work and pay. Business owners are suffering from loss of income while fixed expenses continue. This is our 3rd time facing this situation and probably won’t be the last. Thailand and many other countries are facing its most serious COVID-19 cases explosion and almost…
The ongoing global coronavirus pandemic has impacted the way we work. It has affected all types of businesses, from start-ups, entrepreneurs and global brands. The economy is in turmoil and many businesses are forced to work from home. As the number of businesses continues to work from home, setting up a virtual office makes lots…
In this blog, we look at reasons a Serviced Office is better than Work from Home. It’s a bold statement, I know. The pandemic forced many businesses to work from home. Working remotely can be great. It means you don’t have to wake up early, you can work in your pajamas and for some, you…
