Thailand is a major attraction to tourists from all over the world, yet it is also a country that attracts global entrepreneurs, and with a lively economy and a stable government, the conditions are ripe for growing a successful business empire. If you have set your sights on the Land of Smiles for your new business venture, here is some valuable information to assist you.
Types of Business Registration
There are 3 main types of businesses that you can register in Thailand, which are as follows:
- Representative Office – This is perfect for a foreign company that wishes to carry out market research in the Thai market. This non-trading entity can be 100% foreign-owned, and it is restricted to 5 activities.
- Private Limited Company – The PLC is the most popular type of business; it can be 100% foreign-owned and a trading entity, while the application can be processed quickly.
- Branch Office – This is the right type of registration for an existing foreign company that wishes to open a branch in Thailand. A trading entity that can be 100% foreign-owned, and no shareholders are required.
We recommend approaching an English-speaking Thai commercial lawyer, a professional who can facilitate the process and ensure compliance across the board.
Hiring Thai Staff
Put out ads in the major English-speaking newspapers and hire one of the conference rooms in Bangkok where you can carry out interviews. If you are going to manage the business, we recommend a course to help you understand Thai culture in a business environment. Thais have a very different mindset from Westerners, and this is very evident in a business environment.
Bookkeeping & Accounting
It is important that you find a local accountant who can handle the bookkeeping and also file your tax returns and annual reports. If you give them access to your cloud, they do not need to visit your offices, and this saves both time and money. It is essential that the business remains fully compliant at all times, and a local accountant can ensure this. They fully understand how Thai commerce works and will prepare all the required documents ahead of time. If you are living in a rental home, click here.
The best way to move forward is to engage the services of a Thai law firm with extensive hands-on experience and let the experts handle the registration and put you in touch with 3rd party providers. Dealing with Thai authorities can be difficult, especially if you do not speak the language and working with a top Thai law firm takes the stress out of setting up the business.
Thai Board of Investment
It is a good idea to browse the Thai Board of Investment website, where you will find a lot of useful information regarding business opportunities in Thailand. Some business sectors are protected, and foreign companies are not permitted to enter these markets, so you should find out if this affects you in any way.
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