Our comprehensive suite of business financial solutions to make it easier and more efficient for you to run your business. Take a look at our areas of specialisation which you can take advantage of to help streamline your operations.
CORPORATE AND PERSONAL INCOME TAX
Companies that registered in Thailand are required to pay corporate income tax on the profits they have earned from doing business within and outside Thailand. Thai-registered businesses include juristic companies and partnerships that may be in the form of registered partnerships, limited partnerships, or unincorporated joint ventures. A branch of a foreign company operating in Thailand is also subjected to corporate income tax on revenues they have generated within Thailand. The required corporate income tax to be paid by these entities is at 10 to 20% of their net profit.
Businesses must settle their annual tax returns within five months (150 days) following the end of their accounting year. With the exception of newly incorporated companies, existing companies must follow the 12-month accounting period, at the end of which they should file their annual tax returns along with their audited financial statements. However, corporate taxpayers must pay 50% of their estimated annual income tax, which should be settled by the end of the accounting year’s eighth month. A fine in the amount of 20% of the deficit will be imposed on corporate taxpayers who failed to pay the half-year tax return or underpayment by more than 25%.
For businesses’ reference, the government of Thailand has recently released a newly enacted tax law that covers corporate income tax. This law aims to improve Thailand’s competitiveness in providing companies with reasonable corporate income tax rates. The following is a summary of the new corporate income tax rates:
Companies and Juristic Partnerships
- Entities that include Stock Exchange of Thailand-listed companies as well as branch offices of foreign companies: A tax rate of 20% for the accounting period beginning on/after 1 January 2017
- Entities (SMEs) with fully paid-up capital that doesn’t exceed 5 million baht at the end of the accounting period and with revenue from the sale of goods and services that doesn’t exceed 30 million baht during the accounting period (beginning on/after 1 January 2017):
- A tax rate of 0% for the portion of net profit amounting to 1-300,000 baht
- A tax rate of 15% for the portion of net profit amounting to 300,000-3 million baht
- A tax rate of 20% for the portion of net profit amounting to over 3 million baht
The laws that govern corporate income tax in Thailand may be difficult to navigate, especially with the existence of new regulations. Reliance Consulting helps companies uncomplicate tax matters by providing expertise on tax laws, walking them through all the rules and regulations that should be complied with, whilst allowing them to explore all avenues where they can get tax deductions. Partnering with us for all your corporate income tax requirements will save you precious time and effort that you can use better to efficiently run your business.
Reliance Consulting’s corporate income tax services include:
- Corporate income tax returns preparation and filing of half-year and annual tax returns (PND 51, 50)
- Value-Added Tax returns preparation (PP30, 36)
- Employer’s withholding tax returns preparation (PND 1)
- Withholding tax returns (PND 53, 54)
- Personal income tax returns preparation (PND 90, 91)
- House and land tax returns preparation (PRD 2)
- Tax Advisory
- Advice on expatriate tax
- Cross border tax planning that cover profit repatriation as well as funding and currency concerns
- Tax investigation and tax refunds
- Resolving tax issues and disputes with local tax authorities
CORPORATE SECRETARIAL SERVICES
The role of the company secretary is vital in any business. The individual appointed to this position assumes some of the duties and responsibilities of the company’s executives to minimise their workload. Appointment of a qualified individual to this role is the responsibility of the company directors or its primary investors.
Whilst it is not legally required for registered companies to appoint one, having a competent and highly skilled company secretary helps efficiently maintain all the company’s mandatory filings and records to ensure that an organisation complies with the Thai government’s reporting and disclosure requirements. Aside from this, a company secretary can help the organisation keep track of all the records and filing of the same when a company undergoes corporate changes during its operations.
Reliance Consulting assists companies in providing a highly qualified company secretary who can act on behalf of the company. Our experience and expertise in this area allows us to efficiently handle all your requirements to ensure maintenance and filing of all your records in compliance with the laws of Thailand. We provide highly qualified specialists who works with clients with diligence to ensure that all of their needs are met and professionally handled.
Reliance Consulting offers comprehensive yet competitive corporate secretarial services packages that can be customised to meet the needs of all industries and companies, big or small. Customized services from THB 5,000 onwards. Our services include:
- Preparation of the notice and minutes of annual general meeting
- Handling and filing of corporate changes, including changes in company shareholders, company director/s, company objectives, company name, business address, registered capital, VAT and social security address, and share register book and share certificate
- Opening of corporate bank account
- Registration and maintenance of .co.th domain name
- AGM and filing of annual list of shareholders
- Assistance in closing a Thai company
You can also trust Reliance Consulting to maintain all your company’s important documents, including:
- Financial statements
- Minutes and shareholder register books
- Statutory registers and secretarial records (which may include affidavits and any other updates)
- Corporate license and permits
- Tax and VAT registration documents
- Agreement papers that relate to shares
- Company seal
Annual Tax and Secretarial Fee Package
To ensure that you get a headstart in successfully managing your business, Reliance Consulting offers its annual audit, corporate income tax, and corporate secretarial services in one complete bundle to meet all your business requirements. Check out our package price below:
|Package||Annual Tax and Secretarial Fee per package (THB)|
|D - G||60,000|
|Details of work|
Annual tax and secretarial Filing:
1. Prepare and submit the annual Tax filing:
PND 51-half year corporate income taxes submission
PND 50-year end corporate income taxes submission
2. Prepare and submit the annual financial statements to Department of Business Development:
Annually financial statements submission
SBCh 3 financial statements submission form
BOJ 5 -Shareholder List
Minutes of shareholder meeting for approve the financial statements
Starting a business in Thailand entails acquiring a license, no matter what type of business you run. Having a business license is a must as it serves as legal proof that you are allowed to operate a business under the industry or location that your business is registered. New businesses may apply for a business license as soon as it has been registered with the Ministry of Commerce.
Application and approval of business license depends on the category in which your business belongs. Expect your application to be more complicated or time-consuming than usual when you operate a business that is regulated by a government body. In addition, you may find yourself needing more than one license when you are involved in an industry that requires multiple business licenses, such as hotels that not only operate their own restaurants but sometimes also run a music lounge for its customers.
Reliance Consulting makes the process of acquiring business licenses hassle-free for clients. Our expertise in this area allows us to help you get the license you need to conduct your business activities, whilst serving as your reliable representative when applying for one with respective government agencies or departments. Whether you are involved in food and beverage, tourism, liquor, childcare, school, recruitment firm, hotel, factory, medical industries, construction industries, importer or exporter we can help you acquire the necessary business license you need to legally run your business.
WORK PERMIT AND VISA
Foreigners who are keen to work in Thailand must obtain a work permit, which serves as a legal document that allows one to get a job that is allowed for any foreign national living in the country. An approved work permit provides details such as the position, occupation and/nature of job, and the local company that the foreign national works for. On top of getting a work permit, foreigners must have the right type of visa in order to be qualified for a work permit.
The process of applying for a visa or work permit can be a tedious task. This is a job that requires the expertise of a professional firm who knows how the system works and can get the documents you require in adherence to the rules and regulations that govern the acquisition of such. Application can take up to 10 days provided that all essential documents have been completed.
You can rely on Reliance Consulting to simplify the application process for you. We serve as your representative when filing the necessary documents at the Labour Department that include:
- Minimum salary details (50,000 to 60,000 baht per month for Westerners)
- Registered capital of at least 2 million baht
- Employment of four full-time Thai employees for every one foreign employee
- Updated and audited annual financial statement
- Application form, copies of applicant’s latest photos, passport, and work permit
Reliance Consulting offers expatriates and SME businesses the convenience of getting visas and work permits faster and in an efficient manner. Depending on your needs, we provide a wide variety of work permit and visa services including:
- Business Visa
- Education Visa
- Investment Visa
- Marriage Visa
- One-Year Visa Extension
- Permanent Residency
- Retirement Visa
- Smart Visa
- Tourist, fiancée, and spouse visas for nationals from the US, AUS, UK, etc.
- Visa for Thai citizens