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Company formation in Thailand
Comprehensive assistance in company formation, including banking services
How to form a company in Thailand
1
Document submission
You submit to us necessary documents of the future founders and directors for the purposes of company formation in Thailand and opening a bank account in Thailand
2
Payment of services
Payment of our services for company formation in Thailand and/or bank account assistance in Thailand
3
Company formation
We register a new company in Thailand for you. Upon completion of the registraion corporate documents are either delivered to you or submitted to a bank for the subsequent opening of a bank account
4
Bank account opening
In case you request an assistance with a bank account, we arrange an interview at the bank for you, inform you about the date of the visit and accompany you on your way to the bank. After the bank account is opened and active you receive corporate documents of the formed company as well as the access to the bank account
Key aspects to consider prior to incorporating a company in Thailand
Minimum share capital of a บริษัทจำกัด (private limited company) in Thailand amounts to just 15 TBH in case Thai residents maintain a total share of at least 51%.
1. Founders that would like to register a company in Thailand can either be resident or non-resident in Thailand. Founders can be either individuals or legal entities. However, it is highly recommended to have a 1 or more residents of Thailand as the company's major shareholders with a total share of 51% due to the Foreign Business Act of Thailand that limits a large number of business operations.
2. A resident or a non-resident individual can be a company director in Thailand. It is not required to register a company in Thailand with a Thai citizen as one of its directors.
3. One individual can register a company in Thailand and simultaneously be a shareholder and a director in this company if such company is registered as a private limited company.
4. There is no requirement for creating substance in Thailand - no need to hire local employees or rent an office in order to register a company in Thailand or to conduct business in this jurisdiction.
5. Minimum share capital that is required to register a company in Thailand as a private limited company with Thai residents having at minimum a 51% share in the company is THB 15.
If foreign ownership, on the other hand, exceeds 51% in the newly registered company in Thailand and was established under a treaty or trade agreements and is not required to obtain a foreign business licence, the minimum share capital amounts to THB 2 million.
If a foreign-owned company was registered in Thailand under a treaty or trade agreements and is required to obtain a foreign business licence, the minimum share capital amounts to THB 3 million.
6. Information about company founders, shareholders and directors after company registration in Thailand is complete is not publicly available in the state corporate register.
7. We can help you register a company in Thailand remotely, on the basis of a power of attorney.
2. A resident or a non-resident individual can be a company director in Thailand. It is not required to register a company in Thailand with a Thai citizen as one of its directors.
3. One individual can register a company in Thailand and simultaneously be a shareholder and a director in this company if such company is registered as a private limited company.
4. There is no requirement for creating substance in Thailand - no need to hire local employees or rent an office in order to register a company in Thailand or to conduct business in this jurisdiction.
5. Minimum share capital that is required to register a company in Thailand as a private limited company with Thai residents having at minimum a 51% share in the company is THB 15.
If foreign ownership, on the other hand, exceeds 51% in the newly registered company in Thailand and was established under a treaty or trade agreements and is not required to obtain a foreign business licence, the minimum share capital amounts to THB 2 million.
If a foreign-owned company was registered in Thailand under a treaty or trade agreements and is required to obtain a foreign business licence, the minimum share capital amounts to THB 3 million.
6. Information about company founders, shareholders and directors after company registration in Thailand is complete is not publicly available in the state corporate register.
7. We can help you register a company in Thailand remotely, on the basis of a power of attorney.
Cost of services
Formation of a บริษัทจำกัด
Timeframe - 15 business days
Timeframe - 15 business days
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Advantages of incorporating a company in Thailand
Attractive business-environment
- Location near China and India
- Multiple active free trade agreements with the ASEAN member states
- Large logistics center for making shipments to Asia and India
- Diversified manufacturing sector
- Efficient work force
- Low inflation rate
Stability and security
- Political stability
- Secure legal and justice systems
- Comprehensive protection of property rights
- Comprehensive personal security
- Investment protection
Tax benefits
- Tax incentives for investing in agriculture, manufacturing industry, digital and creative industries, as well as R&D
- Tax incentives for IBC companies registered in Thailand
- Multiple double tax treaties
No strict foreign exchange controls
- Although foreign exchange controls are established in Thailand, individuals and business entities, either resident or non-resident in Thailand may open bank accounts in local banks in any currency
Ease of establishing and doing business
- Minimum share capital of a บริษัทจำกัด (private limied company) in Thailand amounts to just 15 TBH in case Thai residents maintain a total share of at least 51%
- Remote company formation in Thailand is available for any foreign individuals
More about Thailand
Thailand is located in Southeast Asia and has a territory of 513,120 square kilometers. Thailand borders Cambodia, Laos, Myanmar and Malaysia and has access to Andaman Sea and to the Gulf of Thailand. The capital city of Thailand is Bangkok, the largest city and the location of key government institutions.
Population of Thailand amounts to around 66,2 million people.
Population of Thailand amounts to around 66,2 million people.
Official currency of Thailand is Thai baht (TBH).
The industrial and tertiary sectors are the primary sectors in the GDP of the country, with industry accounting for 39.2% of GDP. Thailand's agricultural sector amounts to 8.4% of GDP - lower than the trade and logistics and communication sectors that amount to 13.4% and 9.8% of GDP respectively. The construction and mining sector make up 4.3% of the GDP. Other service sectors (including the financial, education, and hotel and restaurant sectors) account for 24.9%.
Primary imports of Thailand are crude petroleum, integrated circuits, gold, motor vehicles, parts and accesories, broadcasting equipment. Export of Thailand consists of machinery, including computers, electrical machinery and equipment, rubber, plastics, precious metals, minueral fuels including oil, fruits, nuts, meat and seafood preparations, organic chemicals. Key trading partners of Thailand are Japan, China, USA, Singapore, Vietnam and Malaysia.
The GDP of Thailand grew by 1.6% in 2021 and amounted to USD 505.6 billion.
The industrial and tertiary sectors are the primary sectors in the GDP of the country, with industry accounting for 39.2% of GDP. Thailand's agricultural sector amounts to 8.4% of GDP - lower than the trade and logistics and communication sectors that amount to 13.4% and 9.8% of GDP respectively. The construction and mining sector make up 4.3% of the GDP. Other service sectors (including the financial, education, and hotel and restaurant sectors) account for 24.9%.
Primary imports of Thailand are crude petroleum, integrated circuits, gold, motor vehicles, parts and accesories, broadcasting equipment. Export of Thailand consists of machinery, including computers, electrical machinery and equipment, rubber, plastics, precious metals, minueral fuels including oil, fruits, nuts, meat and seafood preparations, organic chemicals. Key trading partners of Thailand are Japan, China, USA, Singapore, Vietnam and Malaysia.
The GDP of Thailand grew by 1.6% in 2021 and amounted to USD 505.6 billion.
International business expand to Thailand and incorporates a company in Thailand primarily for manufacturing, financial services and travel services.
According to the Foreign Business Act most business activities are restricted for foreign owned companies registered in Thailand where the share held by foreign shareholders is equal to or exceeds 51% and these activities require a licence or a permit from the government.
In addition, there are certain activities that are prohibuted for foreign entrepreneurs regardless of licence or a permit:
Among business activities that require a licence or a permit which are highly difficult to obtain are:
According to the Foreign Business Act most business activities are restricted for foreign owned companies registered in Thailand where the share held by foreign shareholders is equal to or exceeds 51% and these activities require a licence or a permit from the government.
In addition, there are certain activities that are prohibuted for foreign entrepreneurs regardless of licence or a permit:
- newspaper business, radio-broadcasting station or radio/television business
- farming, cultivation or horticulture, animal husbandry
- forestry and timber conversion from natural forests
- fishing in Thai territorial waters and in specific economic areas of Thailand
- extracting Thai herbs
- trade and auction sale of Thai antiques or objects of historical value
Among business activities that require a licence or a permit which are highly difficult to obtain are:
- manufacturing, distribution, repair or maintenance of firearms, ammunition, gunpowder, and explosive materials
- domestic land transportation, water transportation, or air transportation, including domestic aviation
- business activities that could have an adverse effect on arts and culture, customs, and native manufacturing/handicrafts
- business activities that could have an adverse effect on natural resources or the environment.
- Corporate income tax - 20%
- Dividend withholding tax - 10%
- Interest withholding tax - 15%
- Royalties withholding tax - 15%
- Capital gains tax - 20%
- VAT - 7% or the reduced rate of 0% or tax exempt
- Personal income tax - from 0% up to 35%.
Apart from such traditional business entity types as a private limited company and a public limited company, corporate law in Thailand offers to incorporate a company in Thailand as:
1. General partnership
2. Limited partnership
3. Branch office
To receive a detailed description of the company formation procedure in Thailand and information about documents necessary for company formation in Thailand please contact our experts.
1. General partnership
2. Limited partnership
3. Branch office
To receive a detailed description of the company formation procedure in Thailand and information about documents necessary for company formation in Thailand please contact our experts.
Send a request for company formation in Thailand
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London, EC1V 2NX
Phone: +44 20 8157 4037
Email: request@pil-services.com
