Why do people want to establish a business in Thailand? Thailand is considered one of the best places in Asia to set up a business and connect with the different institutions and people. The country is called a Tiger Economy creating an impressive development and growth as it is gifted with fertile natural resources and a vast range of precious stones as well as fisheries.
If you are going to start a company formation in Thailand which is an ideal place to establish one, you need to comply with the following business requirements:
- Thai company name – The law in Thailand requires your company name must be printed in Thai, however, for your daily business transactions, you can use a name in English or other languages. Let other people read your Thai business name to check if the pronunciation is near to what you desire. Your Thai company name must not have any other similar names in Thailand.
- Number of Directors – You are allowed to set up a number of positions in your company and must have one person as a director. The director is the one who does most of the official transactions of the company and signs documents for the company.
- Shareholders – It is required by the law in Thailand that there must be a minimum of 3 shareholders in the company to be registered. The promoters or the persons who will process the registration must be at the minimum age of 12 years old. There are no age requirements of shareholders.
- Address – You are required to have an actual place of business that is registered in Thailand. It will be your official business address to use in all your transactions. In case you want to transfer location, you must inform the Commerce Ministry that you have changed your business address.
- Objectives of the company – You need to set up your company objectives and define the things that you are going to do and their purposes. Most of the companies in Thailand start with general objectives.
- Official stamp – It is required to have an official company stamp with a logo and the company’s name embedded in it. This stamp will serve as the official seal of your company and signed by the director and must be used in all your business transactions.
- Financial procedures – You must follow the rules of the Thai government in all your accounting and auditing systems. This includes tax payments, yearly balance sheet, annual audits, and other government required taxes and procedures.
Doing business in Thailand is encouraged to enhance their economic growth, increase employment of citizens, and most of all increase revenues through the taxes paid by the companies.