Business Registration in up due to Thailand’s unprecedented economic growth over the years which has been attracting investors to partake in the rat race by doing business in Thailand and addressing the country’s increasing market demands while hoping to maximize the return on their investments in the process. Foreign investors are convinced to do business in Thailand because of specific reasons such as strong government support and incentives, sufficient infrastructure, skilled and a cost effective work force. Doing business in Thailand is also received by well-defined policies geared towards liberalization and free trade, social and political stability and the country’s strategic location in Asia. The same reasons why doing business in Thailand is one of the most attractive investments in the world.
Doing business in Thailand, you have the choice over what type of business organization to establish- a Thai partnership, a Thai representative office, or a Thai limited company. Interestingly, a private limited company is the most appealing form of business organization among foreigners doing business in Thailand.
A Thai limited company, particularly a Private Thai Limited Company is the most popular form of business structures in Thailand.
A Private Thai limited company requires a minimum of three promoters and must file a memorandum of association, convene a statutory meeting, register the Private Thai limited company, and obtain a company income tax identity card.
They must also follow accounting procedures specified in the Civil and Commercial code, the Revenue Code and the Accounts Act. A balance sheet must be prepared once a year and filed with the Department of Revenue and Commercial Registration. In addition, companies are required to withhold income tax from the salary of all regular employees.