FREQUENTLY ASKED QUESTIONS


Let us know if you have any questions that aren’t covered in this section should you need further details about our services.

Company Incorporation

Who can start a company in Thailand?

Locals and foreigners alike can set up their own business in Thailand. More and more entrepreneurs are encouraged to establish a company in the Land of Smiles due to the abundance of local talent, sufficient infrastructure, attractive incentives, and the strong support of the government. Starting a company in Thailand is quite straightforward but entails knowing in great detail the rules and regulations that govern company incorporation to avoid being penalised for error or omission. This means knowing the documents that should be completed before filing, the fees involved, and keeping in mind the Thai business laws and regulations that should be complied with to ensure an efficient company formation.

What are the steps for company incorporation in Thailand?

The Thai government has reduced the number of steps that should be followed to make company incorporation easier and more convenient for new entrepreneurs. The first thing you need to do is research and study the business landscape to know the right niche where you can succeed as an entrepreneur. Next is to seek a Thai partner you can trust, which is particularly important if you’re a foreign national setting up a business in the country. This is because foreigners are prohibited from having 100% ownership of the Thailand business but depending on the business structure you choose, full ownership could still be possible. The next step is to choose the appropriate business entity, reserve your company name, prepare the essential documents for company registration (which include the list of shareholders, share capital proof of payment, and meeting notes, amongst others), company registration with the Department of Business Development, VAT registration, and getting the necessary business licenses to operate your business. Final steps include getting the appropriate visas and work permits for your directors and staff, securing an office space, and finally, opening a corporate bank account.

What are the documents required for company registration in Thailand?

The Department of Business Development of the Ministry of Commerce requires every business registration to submit the following documents:

  1. Application form for company registration;
  2. List of shareholders;
  3. Proof of payment of share capital;
  4. Meeting notes;
  5. Memorandum of Association signed by the shareholders and contains their personal information, company address, business activities, and registered capital;
  6. Documents for Tax and VAT registration;
  7. Documents for securing proper business license;
  8. Documents for opening a corporate bank account; and
  9. Documents for visa and work permit application.

Documents and forms to be submitted must be written in Thai.

How many shareholders are required under Thai law?

Under a private limited company, which is the most preferred type of business entity in Thailand, a minimum of three shareholders is required, which may be composed of either Thai nationals or foreigners. The shareholders under a private limited company must be non-juristic (real persons) and own shares in the company.

Thailand company registration for foreigners, what are your choices?

Foreign nationals have a number of options available to them when they register for a company in Thailand. Aside from a private limited company, they may opt for a Board of Investment (BOI) company, open a business that requires a Foreign Business License (FBL), register a company under the US Treaty of Amity, open a branch or representative company, put up a Thai holding company, or set up either an export, hotel management, or manufacturing company.

What is the maximum number of shares a foreigner can own in a Thai limited company?

Thai law restricts company ownership of foreigners to only 49% of all shares. The remaining 51% of shares should be held by Thai shareholders.

How can I open a bank account in Thailand?

Once registered, a company must pass a resolution granting authorisation of opening a corporate bank account. An applicant must then prepare the following documents as required by the bank:

  1. Certificate of company registration;
  2. Memorandum of Association;
  3. List of shareholders;
  4. Company by-laws;
  5. A copy of the BOJ 3 form, which provides a record of the company registration details, or a copy of the BOJ 4 form, in case there were amendments to the company registration details;
  6. Tax identification card; and
  7. Passports and Thai identification cards of the authorised director, shareholders, and the person authorised to open the bank account.

Foreign companies who are opening a bank account in Thailand are required to submit the same documents that should be certified by the company registrar of the government agency in which the company was registered and must also be notarised by the Thai embassy. For companies (either local or foreign) with foreigners as majority shareholders, a Foreign Business License (FBL) may be required as proof that the foreign national has been granted permission to engage in a Thailand business. Work permits may also be required for signatories who are foreign nationals. The presence of the directors of the company is also required when opening a Thailand corporate bank account

How long does it take to register a company in Thailand?

The process depends on the type of business entity you will register as a company. Registering as a BOI company typically takes three to six months. Opening a business that requires a Foreign Business License (FBL) also takes about three to six months to complete. Setting up a business under the US Treaty of Amity can take at least four to six weeks, whilst applying for a holding company can take five to seven days. Business registration for branch offices and representative offices may take two to three months to complete. The quickest way to register a company in Thailand is to apply as a Thai limited company, which typically takes three working days, provided that the company is formed with Thai nationals with majority of its shareholders being Thais as well.

I want to incorporate a Thailand company. Are resident directors mandatory?

Whilst it is not mandatory to have resident directors when incorporating a company in Thailand, it is recommended, under the Thailand Foreign Business Act, to have at least one individual of any nationality to be appointed as director as long as this person is a Thailand resident. Having a Thai resident director is useful for when a company needs to interact with local agencies or institutions that require a Thai resident to sign documents in person.

As a foreigner, is it difficult incorporating in Thailand?

Company incorporation in Thailand is quite easy and straightforward, as long as you complete all the documents required and know the legal procedures and the government agencies responsible for handling business registrations. For foreigners, though, it may be challenging to deal with all the legalities involved, particularly the differences in culture, tradition, and language that must be taken into consideration when setting up a company in such a traditional country. It is therefore recommended that foreign nationals partner with a local professional firm with English-speaking Thai staff who knows the ins and outs of company incorporation in Thailand and can communicate on your behalf.

Should I incorporate a Thailand LLC, branch office, or representative office?

Local or foreign entrepreneurs may choose to register as a limited liability company (LLC) or limited company, a branch, or representative office, depending on the type of business they intend to operate. Most business owners prefer to register as a private limited company, as this acts as a standalone company under Thai law, with the company’s shareholders restricted only to the amount of unpaid shares, should there be any, each of them holds. Another advantage of registering as a limited company is that company directors are allowed to apply for work permits.

A branch or representative office, on the other hand, is not recognised as a legal business entity that has local directors or shareholders but an extension of their foreign headquarters. Their liabilities extend to their overseas head office, not only to their Thai branch. They aren’t allowed to do business with any locals in Thailand and must not be involved in profit-seeking or profit-making activities.

Is there a Thai authority that can guide me on Thailand business incorporation options?

The Department of Business Development, which is under the Ministry of Commerce, is the Thai authority on business incorporation-related matters in Thailand. All business structures should be registered under this department. This department also specifies the required documents and qualifications that should be followed when incorporating a company in Thailand.

Is Sole-proprietorship needed to register?

The business, of which a single person is an investor and a sole proprietor, can be registered or not. Except for the businesses under the Commercial Registration Act 1956, the business owner must apply for a commercial registration within 30 days from the commencement date of the business.

Can the company be founded by 100% foreign shareholders?

The company can be founded by 100% foreign shareholders to run some kinds of businesses. Under the Foreign Business Act, foreigners are prohibited from engaging in some businesses. However, they are allowed to run some businesses upon receipt of a license or certificate, as the case may be.

How maximum or minimum numbers of shareholders to register a company?

Each business must have a minimum of 3 shareholders, maximum is not specified.

Who have to go to the bank to open a bank account?
Can they assign others to go to open the account?

The authorized persons according to the company affidavit and the company shareholders who has at least 25% shares are required to go to the bank for bank account opening. However, in the case that the authorized persons or the shareholders are not available to go to the bank, they can xxxxxxxxxxxxxxxxxxxx.

Should the company register VAT?

According to the law, the business having the revenue over 1.8 million Baht per year, the company must have VAT registration. However, the company which just started or whose income does not meet 1.8 million Baht should consider as following:

  • If the business is not eligible for VAT exemption, and the business is having income over 1.8 million per year in the future, a VAT registration is a good choice so that the company can accumulate the input VAT from the start of business which will be used to deduct from the income tax.

Is Thai shareholder acting as an employee needed to register and pay for the social security fund?

Shareholders are exempt from employee registration and pay the security fund with Social Security Office although the shareholders will have the employment contract and get the salary from the company.

Outsourced Accounting Services

Will I lose control of my business by outsourcing my bookkeeping?

Definitely no. However, our professional accountant can assist you to give the apt suggestion in accounting and tax planning.

How much does your service cost?

Please see at the service fees.

What software do you support?

Quickbooks, subject to change to the updated software.

Can other people access my data?

Only authorised accountants assigned to your account will have access to your data.

What is the security?

The confidential on the client’s information is one of our first priority.

How is the outsourced accounting better than the company’s internal accountant?

Save cost like benefit, insurance, payroll, taxes and paid leaves, get the appropriate advice and well plan by the experienced professionals.

Outsourced Payroll Services

What is an EIN?

EIN stands for Employer Identification Number. This is used to identify your business and is required if you employ staff and run a payroll. Companies need an EIN when they are engaged in a business in Thailand. Without one, they will have no way of paying their employees legally.

How do I determine Social Security Fund contributions?

Employers and their employees are required to contribute to the Social Security Fund. Contributions amount to 5% of an employee’s salary up to a maximum of 750 baht per month. A base salary is used to calculate Social Security Fund contributions. The monthly base salary required in order to deduct contributions is from 1,650 to 15,000 baht.

What does withholding tax on payroll actually mean?

Employment income follows a withholding system, in which the employer deducts from the employee’s salary an income tax. A withholding tax return should be filed by the employer every month to the Revenue Department within 7 days of the succeeding month after the payment was made, along with the amount of tax due.

Is outsourcing payroll services cheaper?

Yes. When you outsource your payroll needs to Reliance Consulting, you won’t need to invest in expensive software or in training in-house employees to process your company’s monthly payroll. As you have a professional firm handling your payroll concerns, you can focus more on increasing your business productivity, which means you can save time and effort which you can utilise better to expand your business.

Does service quality suffer?

No. On the contrary, you benefit from a more efficient and professional payroll processing that is handled by highly skilled and accredited payroll specialists. This means you are assured of accurate payroll processing that complies with Thailand’s statutory requirements.

What is the scope of work of your service?

The scope of outsourced accounting services is as following:

  • Calculation of employee’s Withholding Taxes and Social Security
  • Preparation of employee Withholding Taxes certificate
  • Preparation of social security reports and submission to Social Security Office as followings:
    • SPS 1-01 – Company’s social security registration report
    • SPS 1-03, 1-03/1 – New employee registration report
    • SPS 6-09 – Resigned employee registration report
    • SPS 1-10 – Monthly social security report
  • KT.20 K – Annual employee’s salary report

What are the benefits that the company can get from your service?

Save cost, time and ensure employment legislation.

Does the local director have to deduct the withholding tax from his income?

Yes. If the local director has income, he has to deduct the withholding tax from his income.

Audit and Assurance

How are audits selected?

We select the audits based on a risk assessment approach. We zero in on all other factors that may be integral in the selection of audits, which may affect the activities, functions, or departments that are selected for auditing.

How long will the audit take? How much of my time will be required?

The time it takes to complete an audit depends on the type of business entity. Several factors also come into play that affect the length of time to complete an audit process. These may include complexity of accounts, the volume of transactions, and potential findings. We estimate at least 5 to 15 working days for the auditing process to be completed and around 1 to 2 months to issue the reports. Not much time is required from your end, as long as you complete all the requirements needed for auditing.

What should I expect of the basic audit process?

The basic audit process involves going through your financial statements and providing an accurate statutory audit. We perform a risk-based approach to carefully review your accounting records, which include your general ledger, general journal, and trial balance, amongst others. We then prepare a financial statement and submit this to the Thailand Revenue Department. We also take care of the filing of the company’s corporate tax documents and submit them to the Thailand Revenue Department and the Department of Business Development of the Ministry of Commerce. The whole audit process is in compliance with the Thai Financial Reporting Standards. All audit reports are provided in both English and Thai.

Based on our audit assessment, we may also provide suggestions and recommendations on how you can further develop and improve your company’s internal controls.

What information will I need to provide to the auditors?

The documents you need to provide us for the auditing process to be completed include:

  1. Company income and expenses for the year (including receipts from government, forms PND 1, 3, and 53, forms PP 30 and 36, Por Tor 40, and Social Security Fund documents from January to December);
  2. Bank statements from savings and current corporate bank accounts;
  3. Stock cards;
  4. Inventory;
  5. Half-year report or PND 51;
  6. Annual audit from the previous year (which includes the auditor report, financial statement, PND 50 as well as the company’s general ledger, assets register, and trial balance);
  7. Company seal;
  8. A copy of title deeds that were acquired by the company during land purchase; and
  9. Lease agreement

Who receives copies of audit reports? How confidential is my report?

Copies of audit reports are submitted to the company director for review and signature. Audited financial statements and audit reports will then be filed with the Thailand Revenue Department and the Department of Business Development of the Ministry of Commerce. All audit reports are guaranteed confidential and in compliance with Thai Auditing Standards and other applicable regulations under Thai laws.

Taxation

What entities are liable for corporate income tax?

Every company registered in Thailand are required to pay corporate income tax on the profits they have earned from doing business within and outside Thailand. These companies include juristic companies and partnerships (including registered partnerships, limited partnerships, or unincorporated joint ventures). Branch offices, which are considered extensions of an overseas headquarters, are also subject to corporate income tax on revenues they have earned within Thailand.

In which cases are foreign companies deemed to be doing business in Thailand?

Foreign companies that are registered in Thailand are considered to be doing business in the country if they earn profits from doing business within and outside of Thailand. Branch offices, being extensions of a foreign company with headquarters outside Thailand, are also deemed to be doing business in the country when they earn their income from within Thailand.

What are the taxes that I have to pay in Thailand?

Companies are required to pay corporate income tax, which is imposed for doing business in Thailand or for generating income from business activities conducted in Thailand. Value added tax (VAT) is imposed for businesses involved in goods and services, either supplied in or imported into Thailand. Some types of businesses, such as those in banking and finance, real estate, or life insurance, are required to pay a special business tax, as these businesses aren’t covered by the VAT system. Those in the business of importing and exporting goods specified in the Customs Tariff statute (such as rice, leather, and rubber) are imposed with a customs duty tax. Stamp duty tax, on the other hand, is imposed on articles or instruments that are under the Stamp Duty Schedule of the Revenue Code, which may include bills of exchange, promissory notes, and letters of credit. Municipal tax is also included when paying specific business tax and VAT.

How is taxable income determined?

Taxable income is determined by computing all revenue generated by the company during the accounting period minus all the allowable expenditure. Expenses that are considered allowable include: (1) Ordinary expenses; (2) Donations that amount to 2% of net profits; (3) Interest expenses; (4) Depreciation (subject to specific depreciation rates and initial allowances); and (5) Entertainment expenses that amount to up to 0.3% of gross receipts or paid-up capital, whichever is higher but not exceeding 10 million baht.

Where no tax returns to be filed?

The Thailand Revenue Department requires all local and foreign companies to file their tax returns within 150 days from the closing date of their respective accounting periods, which should be accompanied by their tax payment. In cases where there is no tax return, a company is still required to file a tax return with specific instruction that any losses should be offset against the taxable income.

What is Foreign Tax Relief?

Companies registered in Thailand are entitled to a foreign tax relief for taxes that are paid in a foreign country on generated income that is imposed with corporate income tax. The foreign tax, though, cannot be credited against Thai tax unless the company has permission under a double tax treaty. The tax should also not exceed the amount of the corporate income tax that is payable on the income.

How do withholding taxes in Thailand work?

Upon the type of expenses. For example, if the expenses is the rental, the company has to deduct the withholding tax 5%.

What is the income tax rate in Thailand?

The corporate income tax rate in Thailand is 20% on net profit, but the rates is upon the types of the taxpayers. For example, for a company with the paid-up capital less than 5 million Baht at the end of each accounting period, the net profit from Baht 300,000 to not exceeding Baht 3,000,000, the tax rate is 15%.

If the company pay the income tax in Thailand and send the dividend to the mother company in another country, shall the company declare the income tax again?

Upon what countries. Thai Government has made the Double Tax Agreements DTAs) which is the Bilateral Treaties. The agreement was signed by both parties, Thai Government and the Government of Partner Countries such as China, Japan and USA.

What are the taxes that the company has to pay in Thailand each year?

Monthly Tax

PND1, PND3, PND53, PND54, PND36 7th day of every month
PP30 15th day of every month
SPS 1-10 15th day of every month
SPS 1-03, SPS 1-03/1 within 30 days from employment commencing date
SPS 6-09 within 15 days from the employee’s resignation date

Annual Tax

Bank Confirmation by 31 January
PND1 Kor by 28 February
KT20 Kor by 28 February
Minute of Meeting by 31 March
Advertising in a Local Newspaper by 10 April
Auditor’s Report by 30 April
SBCh3, PND50, BOJ5, E-Filing by 30 May
PND51 by 31 August

Having VAT registration, shall the company submit the tax form if there is no revenue?

The company having VAT registration is in charge of submitting the tax form even the company will earn the revenue or not.

Corporate Secretarial Services

What is the objective of the requirement for directors and executives to report their interest in relation to the management of company according to Section 89/14

Section 89/14 of the Securities and Exchange Act relates that “a director and an executive shall file with the company a report on his interest or a related person’s interest in relation to management of the company or the subsidiary in accordance with the rules, conditions and procedures as specified in the notification of the Capital Market Supervisory Board.” The aim of reporting is to give a company essential information in compliance with the provisions that concern connected transactions, particularly when a conflict of interest is in question that may result in a transfer of interest of the company or subsidiary. Moreover, reporting of directors’ or executives’ interest helps in supervising or monitoring their respective interest regarding the management of the company or subsidiary.

Is it compulsory in Thailand to appoint a company secretary?

No. However, it would be better to appoint a company secretary to perform proper filings and records to ensure that the company follows the legal procedures in a timely manner and to avoid careless mistakes and loss of documents.

What are the duties and responsibilities of a corporate secretary in Thailand-based companies?

To lessen the executives’ workload and to ensure that the activities of the board of directors complying with the relevant laws, rules and regulations.

When is the due date to hold and AG and annual return?

An Annual General Meeting (AGM) is required to be held by shareholders of a company within six months from the date of company incorporation and once every 12 months subsequently, within four months from the end of the company’s accounting period. Filing of corporate income tax returns should be accomplished within 150 days from the end of the company’s accounting period. A semi-annual tax return, however, is required to be filed from the end of the first eight months of the company’s accounting period.

What are the corporate governance and filing requirements for a Thai Company Limited?

Corporate governance and filing requirements that a Thai private limited company should accomplish are categorised into two: regular items and occasional items. Regular corporate governance items to be filed include:

  1. Annual General Meeting (AGM);
  2. List of shareholders;
  3. Audited balance sheet;
  4. VAT return;
  5. Corporate income tax returns;
  6. Annual withholding tax returns for employee wages;
  7. Forms for withholding tax remittance (from payments made during the month);
  8. Social Security Fund application and payments;
  9. Sign tax payment; and
  10. Contributions to the Workman’s Compensation Fund.

Occasional items for filing include:

  1. Company amendments;
  2. Business relocation or opening of a branch;
  3. VAT registration changes;
  4. Stock certificates and transfers;
  5. Updates and file register of the ledger containing members and shareholders information; and
  6. Details of the expiration, relocation, or termination of non-Thai employees.

Work Permit and Visa

I want to work in Thailand. How should I go about getting the necessary visa?

A non-immigrant visa is required before any foreign national can get a work permit that allows him or her to work legally in Thailand. The visa should be acquired before arriving in Thailand and should meet the following requirements to be approved:

  1. That a job has been offered to the applicant or he or she will be setting up a company where he or she will be employed;
  2. That a non-immigrant visa was requested by the company on behalf of the applicant for work permit purposes; and
  3. That the company can vouch for the character of the applicant, who must possess good morals and respects Thai culture and laws.

Application for a non-immigrant visa should be done within 30 days before arriving in Thailand and must be filed to the Thai embassy or consulate in one’s country of origin. Registration documents and financial statements may also be needed along with the visa application.

How old do I have to be in order to apply for a retirement visa in Thailand?

Foreign nationals who wish to stay in Thailand for a period of not exceeding 1 year and don’t have any intentions of working may apply for a Thai retirement visa (also known as the Non-Immigrant O-A Long Stay visa), provided that the applicant is 50 years old and over at the time of application.

Are there any financial criteria that I need to fulfil before I can apply for the retirement visa?

Applicants of the Thai retirement visa need to show proof of financial eligibility which includes any of the following:

  1. A monthly income or pension of at least 65,000 baht;
  2. A security deposit of at least 800,000 baht in a Thai bank;
  3. A combination of monthly income or pension for the entire year and security deposit with a total of 800,000 baht.

Are there any financial criteria that I need to apply for the Visa?

Upon what type of Visa, you need to show the following supporting documents as proof of your security deposit:

  1. Your updated passbook or bank book; and
  2. A letter from the Thai bank that confirms the money was deposited from a source overseas for not less than 60 days.

Apart from financial documents, is there any other document that I might need?

Thai retirement visa applicants must have the following documents to complete the process of application:

  1. Passport that is valid for at least 18 months;
  2. (3) copies of visa application forms;
  3. Personal data form;
  4. (3) 4x6cm or passport-sized photos taken within the past 6 months;
  5. Medical certificate;
  6. Police clearance; and
  7. A marriage certificate in case the applicant has accompanying spouse.

After I get my retirement visa and start staying in Thailand, is there any legal formality I need to take care of?

Yes. Thai retirement visa holders are required to report to the Immigration Office about their current residential address every 90 days, either via mail or personal visit. You will also need to secure a re-entry permit should you plan to travel in and out of the country. If you’re planning to bring with you any personal effects duty free, this is not allowed under the Bureau of Customs. Lastly, the amount of funds in your bank account should be at least 3 months old before you apply for visa renewal.

What are the required documents when applying for the extension of a work permit for the business supported by BOI?

Extension of work permit for BOI-supported businesses requires the following documents:

  1. Accomplished form (The Information For Work Permit Issuance According to Section 12 of the Working of Aliens Act, B.E. 2551);
  2. Passport copy or Alien Identification Card/Alien’s Certificate of Permanent Residence;
  3. Department of Business Development-issued Company’s Affidavit/Certificate of Incorporation; and
  4. Letters from the BOI and IEAT certifying applicant’s work approval.

How much is the rate of fee for a work permit renewal or a working period extension?

BOI-supported businesses who wish to renew their work permit or extend their work permit should pay the following fees:

  • Renewal/extension not exceeding 3 months: 750 baht per book
  • Renewal/extension for 3 to 6 months: 1,500 baht per book
  • Renewal/extension for 6 months to 1 year: 3,000 baht per book

Where should I go if I want to apply for the extension of my visa and work permit?

Applicants who wish to apply for the extension of their visa or work permit may visit the following:

• For BOI or IEAT-supported companies or companies with total assets or registered capital of over 30 million baht (management level): One-Stop Service Centre for Visas and Work Permits located at the 18th Floor, Chamchuri Square
• For companies with total assets or registered capital of less than 30 million baht:

– Visa: The Immigration Division 1 located at the Government Complex, Changwattana Road
– Work permit: Department of Employment located at Din-daeng

Is the foreign director needed to apply for the work permit?

If the foreign director has the income from the company, he is needed to apply for the work permit.

What proofs of the deposit do I need before I apply for the Visa?

Updated bank book and the bank letter statement.

Does the work permit allow the foreigner to work in the specific area or any place in Thailand?

The work permit allows the employee to work under the location of the registered company, not specifying definite area. For example, the location of the head office and the branch office are in Bangkok and Chonburi respectively, the employee can work in Bangkok and Chonburi.

Business Licenses

What do I need to know if I want to run a business?

Before starting a business in Thailand, you need to have a strong business plan and learn about the legalities involved and cultural differences that need to be considered. If you’re a foreign national, it is very important to know what you can and cannot do as a foreigner running a business in order to avoid any penalties. Once you’ve decided, the first thing you have to know about is choosing the right business structure for your company, as this sets the pace for how you can run a legitimate business in Thailand.

What legal structure could I choose to use?

Choosing the legal structure for your company depends on the type of business you wish to set up. If you’re setting up as a trading entity (or commercial entity), this means you wish to incorporate your business for the purpose of earning income in the country. If you’re creating a non-trading entity, this means you’re setting up as a representative office of an overseas company. Should you wish to set up as a trading entity, you need to be aware if your business activity is restricted under the Foreign Business Act. This decides if you need to acquire necessary licenses to operate your business.

Do any business registration or licensing obligations apply?

If your business is restricted under the Foreign Business Act, it is required from you to have a Foreign Business License (FBL). This license is a requirement for companies with foreigners as major shareholders. To know if your business is restricted under the Foreign Business Act, you need to be aware of the three types of business activities that fall under the category of restricted business:

List 1: Businesses that aren’t permitted to foreigners – the activities that fall under this list are strictly prohibited to foreigners
List 2: Businesses that are permitted to foreigners but are subject to conditions – the activities under this list are prohibited to foreigners unless the Cabinet provides permission to operate
List 3: Businesses that are not yet permitted to foreigners – the activities under this list are prohibited to foreigners unless the Director-General of the Commercial Registration Department (CRD) provides permission to operate

These business activities are subject to certain limitations. Foreigners may invest up to 49% in a company engaged in a restricted business provided that such business has a majority of shareholders who are Thai. When a foreigner holds more than 49% of the company shares, an FBL needs to be acquired.

Do I need special permits and licenses in Thailand?

There are some businesses that are regulated by government agencies and require specific licenses to operate. Amongst these businesses are food and beverage, tourism, liquor, childcare, school, and medical industries. In addition, you may need more than one license when you are engaged in a business that requires multiple business licenses. An example of which are hotels that not only operate their own restaurants but sometimes also run a music lounge. For this type business, they would need a food license and an alcohol license.

Are they any financial criteria that I need to apply for each business license?

It is up on what kind of business license and business type. For example, e-payment business requesting the license from Bank of Thailand is required the minimum of registered capital.

Is Board of Investment License (BOI License) reserved for Thai company only?

BOI license is not reserved for Thai company only. In the case that the foreign juristic company can meet the criteria set by BOI, the juristic person is also entitled to receive the license.

What is the meaning of Alien or Foreign Juristic Person?

– Non-Thai Nationality Individual
– The juristic person which was not registered in Thailand
– The juristic person which registered in Thailand, but whose at least half of shares are from either non-Thai nationality individual or the juristic person which was not registered in Thailand
– The juristic person which registered in Thailand, but whose at least half of shares are from either non-Thai nationality individual, the juristic person which was not registered in Thailand or the juristic person which registered in Thailand, but whose at least half of shares are from either non-Thai nationality individual or the juristic person which was not registered in Thailand

What kinds of businesses that American or American Company can be requested under US Amity Treaty?

Under US Amity Treaty, American or American company has the right to obtain protection to operate almost every kinds of the businesses except as follow:

  • Transportation
  • Logistics
  • Taking care of property for the benefit of others
  • Banking about the money deposit
  • The exploitation of land or other natural resources
  • Internal trade on local agricultural products.

Is the local director needed if the company apply for the Foreign Business License (FBL)?

At least 1 local director is needed.

Office Space and Virtual Office

What is the meaning of a virtual office in Thailand?

A virtual office allows you to conduct business from a physical business address without actually having or being in a brick-and-mortar office space. This means you can have a physical address where your business mails can be mailed. A virtual office lets a business owner establish a business presence without the need to lease an office space.

What are the advantages of a virtual office in Thailand?

With a virtual office, you save on overhead costs as you can instantly start conducting your business without the need to put up an actual office. You also create a good image for your company as you benefit from having a legal business address that is located in a prime business district. Finally, you can work anywhere in the world with just one business address to represent your company.

Who can benefit from a virtual office?

A virtual office is ideal for employers who are always on the go. They can work wherever they like from wherever they are with just one business address as a front.

A virtual office is also perfect for startups that don’t have ample funds yet to lease an office space.

How expensive are virtual offices?

Our virtual office and business address solutions are designed to provide a more cost-efficient way of operating a business. We can customise a good package to meet whatever needs you may have, giving you more flexibility and cost savings so you can focus better on your core business.

How will my calls and mails be handled?

We provide a virtual office with a mail management service that forwards all your business mails to your legal mailing address. We also provide a dedicated personal phone and fax number to handle all your business calls.

What do I do if a client wants to meet in my office?

We can provide you with a serviced office space, which is a more convenient way of utilising a fully functional and fully furnished workspace. A serviced office space is an ideal solution for business owners who want to occupy an office space immediately, allowing them to get down to business and meet with clients anytime.