Need Help To Set Up A Company In Thailand

[Candy]

I am currently staying in Bangkok on a tourist visa.

A friend of mine living in Russia is interested in setting up a business in Thailand. He has a jewelry processing shop in Russia and wants to open a company to handle the export of RAW jewelry from Thailand and/or other countries to Russia for processing and manufacturing the end products. He wants me to be a (Managing) Director and deal with the business here in Thailand while he stays in Russia taking care of the processing and other things.

What are the rules and regulations for opening and operating a company by a foreigner? What is the process? Can you recommend anyone who can help (consulting and legal services)? If you can provide these services, how much are your fees? And what are the other applicable fees? It would be good to have the information in the following form:

Step 1: What do we need to do? What are your fee and all other applicable fees? How much time does it take?

Step 2: ………

Step 3: ………

etc.

Please contact me thru this forum, by email, ICQ, or otherwise. Thank you very much in advance!

[thaiflyer1]

Suggest you contact Sunbelt Asia...........go to the main board index and you/ll see their logo pinned to this forum.

[BrassMonkey]

I have a Thai company that I'm looking to offload. It's currently sleeping and all taxes are paid. If youre interested in buying for a nominal fee please email me. It's easily transfered. Company is about 1 1/2 years old.

[Sunbelt Asia]

What are the rules and regulations for opening and operating a company by a foreigner?

With this type of business, you can own and control it 100%.

What is the process?

1/ Reservation of your Corporate Name

The name to be reserved must not be the same or similar to the name of any other companies. There are names that are not allowed and the name reservation guidelines of the Commercial Registration Department in the Ministry of Commerce need to be observed. The approved corporate name is valid for 30 days. No extension is allowed.

2/ File a Memorandum of Association

A Memorandum of Association must be filed with the Commercial Registration Department. This has to include the name of the company that has been successfully reserved, its business objectives, the capital to be registered, the province where the company will be located, and the names of the seven promoters. The capital information must include the number of shares and the value per share. At the time of formation, the authorized capital, although partly paid, must all be issued.

Although there are no minimum capital requirements, the amount of the capital should be of a respectable amount, and adequate for the business operation to function healthily. In your case as you will need a work permit is must be 2 million Baht registered capital unless you are married to a Thai which then would be 1,000,000 Baht. This can be cash or non- cash such as knowledge, inventory or equipment.

The Memorandum registration fee is 50 baht for every 100,000 baht of registered capital. The minimum fee is 500 baht, and the maximum is 25,000 baht.

3/ Convene a Statutory Meeting

Once the share structure has been decided, a statutory meeting needs to be called, during which the bylaws and articles of incorporation are approved, the Board of Directors are nominated and an auditor selected. A minimum of 25% of the value of each subscribed share must be paid.

4/ Registration

Within three months of the date of the Statutory Meeting, the directors must submit their application to establish the company. The Company registration fees are 500 baht per 100,000 baht of registered capital. The minimum fee is Thai 5,000 baht, and the maximum is 250,000 baht.

5/ Tax Registration

Within 60 days of incorporation, or within 60 days of the start of operations, businesses liable for income tax must obtain a tax identity card and a number for the company from the Revenue Department. Business operators earning more than 1,800,000 baht per annum must register for VAT within 30 days of the date they reach that figure in sales or if you will be optaing a work permit.

If you can provide these services, how much are your fees?

Attorney's fees for company registration

2,500

Tax ID Corporate tax registration

3,000

Foreign Director Income Tax registration

1,500

Plus Government Fees: Fee per 1 Million Baht of capitalization

5,600

Fee for certification of document

900

Fee for duty stamp

420

And what are the other applicable fees?

Corporate VAT registration and Social Fund registration

3,000

Work Permit, Initial Application

6,500

One Year extension of stay

6,500

How much time does it take?

Three weeks to form the company and 10 days max for the work permit.

Thanks Thaiflyer1 for the reference.

www.lawyer.th.com

www.sunbeltasia.com