Requirements to be Prepared for the Company Registration in Thailand

Any type of business, no matter big or small, needs to meet and file the requirements before the company operates. This is done for the business to operate legally after it was evaluated.

Company registration in Thailand has a different set of requirements needed to be settled before you are fully registered.  This will help you avail the benefits and incentives provided by the country by abiding by their legal procedures.

NAME OF THE COMPANY IN THAI

As required by their law, the name of your company must be written in Thai, no matter you are allowed to speak in English. The transliteration may be different if you have to spell it, but you must still pronounce it properly. They require getting the name of the company to ensure that the name you choose has no duplicate anywhere in the country.

PROMOTERS OR SHAREHOLDERS

As a rule for the private limited company, you need to have at least three shareholders with age 12 years old and above while there should be 15 promoters for a public limited company with age 20 years old and above.

Each share should not exceed to 49% foreign owned based on the Foreign Business Act. This means that there should be one Thai partner who holds the 51% or more share. A company that exceeds to 39% foreign ownership should be investigated as their practice.

However, if the foreign ownership exceeds 49%, it is then considered to called a foreign company so you are required to apply for a license and permit filed under the Foreign Business Act. This is usually applicable to other countries incorporated to another country who wants to set up their branches in Thailand for business expansion.

DIRECTORS

You may be responsible for setting up your own company and freely appoint your executives, however, you still need to have at least 1 director. He will serve as the face of the company while his signature is important in every decision and actions to be implemented by the company.

You may choose a Thai to set up the company to reduce the time of undergoing several inspections. Once the setup is done, the executives you appointed can vote if they want to replace the director and pass the responsibility to you.

ADDRESS

 It is important to provide the physical address of your company which should be situated in Thailand. For the rental location, you need to ask for the permission of the property owner before you register the company at that location.

OFFICIAL STAMP

The stamp should have your company’s name and logo designed on it. Yours and the director’s signature are required to be used as an official seal for legal documents, registrations, bank transactions, and another type of business transactions.

COMPANY OBJECTIVES

You must provide your purpose, business plans, and main goals of establishing the company. There are law firms who required 22 to 25 standard list of your general objectives. Ensure that the list is complete to avoid alteration in the future that would help you save your time and money.

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