Limited liability company or LLC is one of the most popular company types
in Thailand. Every year many foreign investors, as well as local entrepreneurs, invest on LLCs here. Besides, Thailand is without any confusion, a busy country
with immense opportunities. Every year thousands of entrepreneurs try their
luck by investing in various businesses. Whatever your business is all about,
the legal process of setting it up is all the same. All you need is a study on
each procedure and legal steps. It often gets complicated for commoners to
understand legal procedures of company registration. Business lawyers and
consultants of S & F consulting firm comes into action at this stage. This
global business consulting body is renowned for assisting entrepreneurs for
years. If you want to get help on the company registration process, you are most welcome to contact this company.
For registering an LLC, following are the primary requisitions you
must come up with:
- Your company needs at least three promoters for forming an LLC.
- At most two shareholders can be foreigners but the third promoter must be a resident of Thailand.
- You need to arrange at least 3,000,000 baht. For the foreign investor, this amount is at least 2,000,000 baht.
- Once you are capable of showing this amount, you are good to go for the next registration procedure.
1.Company name registration
To begin with, you need to propose a unique company name. A
company name must include "Limited" as suffix. A temporary validation
period of the company's name is 30
days. You must prepare your MoA papers along with registration documents
within that time. Submit completed document to MoC and get the approvals. This
will make the company name permanent.
2. Complete memorandum of Association
This is an agreement made by the directors of the company. This
particular agreement includes proposed name of the company, location of the
company. The document will also include company objectives, company type,
number of shareholders. also included are, credential of shareholders, and
number of shares for each director. the document must enclose with signatures
of shareholders and certified by two witnesses.
3. Setup a statutory meeting.
Once MoA submission is complete, conduct a statutory meeting. This
meeting will build up an article of association of the company. The meeting
will also clarify the amounts promoters will get and number of shares issued on
them. Finally, the meeting will appoint the first director and auditor for the
company.
4. Apply for Company Incorporation certificate
You need a company incorporation certificate at this stage.
Fill-up the registration form provided by MOC with care and submit it. The
Ministry of Commerce or MOC handles this paperwork. In your form you have to give
information about number of ordinary and preferred shares. The form will also
need data of your capitals invested on each share. It will also ask for each
director's credentials and company's location.
5. Retrieve income tax, VAT certificate
and business license.
At this point, it would be wise to apply for all your work permit
and business visas if you are a foreigner. Without that, you have to handle the
company from overseas. To run the company, you also need to apply for income
tax, VAT certificate and business license. These are compulsory for starting any business in Thailand.
6. Get Social Security card
You will also need a social security card while residing in
Thailand for company purpose. This is necessary at pretty much everywhere you
move in Thailand. It is your identification other than passport while staying
in Thailand
7. Collect other licenses
Suppose you are opening a restaurant you must have to have a legal
license for serving alcohols. For carrying our export-import trade, you will
need authority permit. For manufacturing chemicals and medical drugs, Legal
license is compulsory. An authorized License is necessary for health care
services. You can apply for those licenses from designated authorization body.
For getting those certifications and licenses you must come up with few
documents.
Often you will need the following paperwork:
- Copies of company bank accounts
- Your name and personal credentials
- Detail company information
8. Fix a company address
A fixed address is compulsory in order to operate the business. It
is also mandatory for survey purpose during the company registration process. When
looking for a company premises you have two choices, either Serviced office
or traditional premises.
Serviced offices already have all utilities and office furniture
pre-arranged. You will only need a computer or laptop with your office files
and documents.
The other option is a traditional office space. It’s an empty
office premise which you need to decorate from scratch. Here you have to buy
all office furniture and utilities for your office setup.
9. Buy office furniture and utilities
You have to buy new office furniture and utilities for traditional
premises. Office desk or work stations, document racks etc. are some typical
items for office setup. Utilities like lighting system, kitchen utilities,
stationary etc. are must be needed.
10. Open a new business bank account
Open a business bank account. You can choose any bank of your
preference for this account. A native partner of your company should give a reference for opening the account. This is because banks are usually not
comfortable with opening an account for a foreigner without local residences’
acquaintance.
11. Apply for business visa and work permit
If you are foreign investor, get your business visa and work
permit. You can process your own visa and permit by collecting visa application
forms. But it is convenient to hire a lawyer expert in business visa
processing. A typical condition Thai embassy process the required visa. There
are few documents you must bring to the embassy to applying for the visa. These
are:
- Drafted registration forms
- An approval letter from local labor ministry and
- A recommendation letter from Thai partners from your business.
Getting the work permit you need to show a financial asset
worth 2 million baht. You will also need at least four native employees working
in your company. For more in depth information and
assistance about LLC registration process in Thailand, contact S & F consulting firm.
1 Comments
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