Thailand is an attractive destination to do business as it sweeping towards industrialization. Setting up a business in Thailand could be a challenging task especially if you are new to the country. Enterslice is a leading consultancy firm that assists in end-to-end business expansion and support services. So reach out to us to avail of our services.
Strategic Location
Growing Economy
Good Education Services
Liberal and free trade policies
Well-developed healthcare services
Welcoming to international business
Business-friendly laws
Attractive environment for foreign investment
Diversified manufacturing sector
Robust Corporate Governance
Following are the Different Types of Business Structures that can be adopted to set up business entities in Thailand:
The Thai Limited Company is one of the most preferred forms of business structure among foreigners wanting to do business in Thailand. A Thai Limited Company is similar to a Limited Liability Company in the USA and a Private Limited Company in Thailand. A minimum of 3 shareholders and 1 director is required to incorporate a company. At least 3 persons should subscribe to the memorandum of association of the company. There are two types of companies under this form of business structure:
i. Thai Limited Company (Thai Majority): A Thai Majority limited company is a limited company where Thai nationals own a minimum of 51% shareholding of the company. As the majority of shareholding is with Thai nationals, there is no requirement to have Foreign Business License (FBL). These companies do not have any restrictions on their functioning as compared to Foreign-Owned Limited Companies.
ii. Thai Limited Company (Foreign Owned): A foreign majority Thai Limited Company is a company where foreign nationals have ownership of more than 49% of the company shareholding. Foreign-owned limited companies require a Foreign Business License for commencing their business operations in Thailand.
US-Thai Treaty of Amity is a treaty signed between USA and Thailand where the US corporates and investors are given significant trade advantages to run their business in Thailand. As per this treaty, US-based investors have the following significant trade advantages:
i. Thailand permits US nationals to hold either majority or all the shares of the Thai limited company or establish a Representative office or a branch office in Thailand without the need to apply for Foreign Business License; and
ii. US nationals are given the same privileges as Thai nationals and are exempt from most of the restrictions in relation to foreign investment imposed in the Foreign Business Act of 1999.
A BOI Thailand provides business incentives to both foreign and national entrepreneurs who wish to invest in the promoted activities of the agency. A criterion has been set by BOI Thailand for projects to apply for incentives and privileges. So to be eligible for BOI promotion, your business has to fall under one of the categories set by the Board.
A branch office is similar to that of a company limited. It is allowed to earn income in Thailand. Branch offices are governed by the rules applicable to the foreign-held company limited. However, the difference lies in the extent of their liability.
A representative office is an entity established to provide support to the head office and engage in activities such as acquiring information about the source of raw materials, doing market research and sending the information back to the head office, advising the head office the about new products and services offered in the Thai market.
In order to open a representative office in Thailand, the entity needs to undertake any one of the following “non-trading” activities:
i. Searching and procuring information for the overseas head office about the source of goods or services or raw materials in Thailand.
ii. Reporting on the economic movement in Thailand to the headquarters
iii. Checking and ensuring the quantity and quality of products ordered by the head office
iv. Relaying news and updates to the overseas head office and affiliated companies about the new products, improvements in formulas/versions, and upgrades or services offered by its head office or its affiliated companies in Thailand.
v. Offer advice to the head office or its affiliated companies regarding the goods offered by the head office to the local distributors and consumers where the product must have already been distributed in Thailand.
Like the representative office, regional offices in Thailand are not permitted to undertake any commercial activities in Thailand. They are not allowed to earn income. These business entities are strictly regulated to undertake only specific functions on behalf of the overseas head office that has been designated by the statute. Regional offices in Thailand have been permitted to perform only the following activities:
i. Consultancy and Management services;
ii. Communication, coordination and directing, on behalf of the operations of the head office, the operation of branches and affiliated in the region;
iii. Financial management services;
iv. Training and personnel development;
v. Services in research and development;
vi. Produce development; and
vii. Marketing controls and sales promotion and planning.
There are two types of partnerships viz. ordinary partnerships and limited Thai partnerships:
i. Ordinary partnerships : Ordinary partnerships are the ones where all the partners are jointly and unlimitedly liable for all the obligations of the partnerships.
ii. Limited Thai partnerships :A limited partnership has been defined as a partnership where there is (1) one or more than one partner whose liability is limited to the amount that they have undertaken to contribute to the partnership; and (2) one or more than one partner who are jointly and unlimitedly liable for all the obligations of the partnership.
Corporate Income Tax
Petroleum Income Tax
Value-added Tax
Special business Tax
Lands and Buildings Tax
Stamp Duty
Enterslice is a market-leading management consultancy firm that offers end-to-end business set-up services, taxation, financial planning, regulatory, legal, and advisory services to entrepreneurs, young start-ups, and large corporate houses across the globe.
Our Thailand Entry Strategy Service involves the following services:
Our Thailand Strategy is classified into the following:
Our experts assist in choosing the most suitable business structure. The business structures available are a Thai limited company, companies registered in Thailand under the US-Thai Treaty of Amity, a Board of Investment, a Branch office, a Representative Office, a Regional office, and a Thai Partnership. A Thai limited company is of two types, one with a Thai majority and another with a foreign majority. Apart from this, we also assist in business registration, opening a bank account for the company in Belize, and post-registration compliance.
Our consultants formulate a strategic plan for establishing and operating the business depending on your business needs. We formulate a budget and develop cash flows for your business. We also review internal control processes and conduct business reviews. We provide advisory for issues related to the management of the business.
Our legal experts provide legal advice on business operations, finances, IP protection, etc. We also draft legal Documents for your business and compile the required Paper works. We also ensure that all legal and regulatory compliance are duly complied with.
Thailand follows Thai Financial Reporting Standards (TFRS). For SMEs, it has the Thai Accounting Standards (TAS) and Thai Accounting Standards for Non-publicly Accountable Entities (NPAES). Accounting and Auditing consultancy services are provided by our team to help customers create and put into place efficient accounting and reporting frameworks. Our team of experts ensures that the accounting and auditing compliance is done as per the accounting standards adopted by the company and the Belize Accounting Records (Maintenance) Act. We assist in filing various financial statements so that they depict the true and fair view of the business as of the date of preparation.
Our tax experts assist in filing corporate tax returns. We assist in Country-by-country reporting and in fulfilling the reporting obligations. Our team ensures that the annual tax returns are prepared as per the legislation and produced before the authority as and when required
Our IP Experts assist in IP Compliance. We assist in getting IP registration by filling out applications for registration and compiling relevant Documents. Our team of IP experts also advice on IP compliance and IP Protection. We also assist in enforcing IP rights against any infringement.
No, it is not necessary for the investor to be physically present at the time of registration of a company as it can be incorporated without the investor’s presence.
Thailand offers numerous opportunities for doing business in the country. It is a welcoming economy and is extremely receptive to foreign companies willing to establish locally. It has a big and dynamic manufacturing sector with robust FMCG and manufacturing goods. The government of Thailand is keen to promote socio-economic advancement and development. On top of it, Thailand has a highly versatile workforce.
The benefits of opting for Enterslice for your business set-up in Thailand are as follows:
i. Professional Support
ii. 24*7 Customer Support
iii. Highly Integrated IT Team
iv. Competent Team of Lawyers, CAs, Cost Accountants, CSs, and CPAs.
v. All-inclusive solution for our clients.
24x7 Client relationship support desk.
Tech-enabled service delivery platform.
Dedicated foreign Investment desk.
50,000+ Network of Attorneys/CPA/CA/CFA.
Strong team of In-house Advocates/CPA/CA/CFA
Individual and Dedicated professionals on every assignment.
We register 100+ Companies every Month.
If you have any queries related to the Process, feel free to contact us. We will provide
you with immediate help.
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