Many westerners who visit Thailand decide they love it so much, they plan to relocate to this unique country and some set up a business to fund their stay in the Land of Smiles. If you have a great business idea and you wish to take it a step further, you have come to the right place, as we offer valuable information to help you navigate the complex process of registering a foreign business in the Royal Kingdom of Thailand.
Outsourcing essential business services
There are local accounting and outsourcing services at very affordable rates and they can be contacted via an international law firm, which is essential if you want to manage your business remotely. Of course, compliance is very important, especially with a foreign business and you are assured of total compliance when you have a good local accountant in your team.
Board of Investment
The Thai Board of Investment, or BOI as they are known, is the department responsible for overseeing foreign business registration. The first thing to do is check that the type of business you plan to open is actually permitted by Thai law. As you would expect, there are complex rules in place for foreign companies and that is why you need the assistance of an English-speaking Thai business lawyer, a person who can guide you through the set up process. If you are looking for sustainable growth, the BOI have resources to help you plan your direction.
Types of business registration
There are 3 main types of business a foreigner can set up in Thailand, which are as follows:
- Representative Office – Ideal for a company that wishes to carry out market research; a non-trading entity that must have capital of at least 3 million baht. There are no shareholders required and the entity is restricted to 5 business activities. It takes about 1 month to complete the registration process.
- Limited Company – The most popular option, this trading entity can be 100% foreign owned and requires at least 2 shareholders. There are no restrictions on business activities and the registration takes about 1 week to complete.
- Branch Office – This type of business is a trading entity and can be 100% owned by foreigners; a minimum of 3 million baht capital is required. There are no shareholders required and this type of business can take 3-5 months to set up.
If you seek advice from an English-speaking Thai lawyer, you can make an informed decision on the best type of business that meets your needs.
Partnership with Thai partners
Many foreign entrepreneurs form a partnership with a local investor, which brings many benefits to the table; a Thai knows how the world works in their own country and can often acquire goods and services cheaper than you could.
The first thing to do is arrange a free Zoom call with an international law firm with offices in Bangkok and you can discuss the many options.
