How To Set Up A Company?

[kopite]

how would my wife (thai) go about setting up a company for herself?

been told a few different things, so im putting my faith in TV members.

also, after the initial set up, what kind of costs would she be looking at, say monthly?

[richardt1808]

hmm,

How long is a piece of string ?

It's not really possible to guess your wife's overheads without knowing what kind of business she plans to be running and whether she'll be renting office space etc. In terms of the business, a single person can apply for an informal business license, eg something like a food stall, or she could set up a limited company which will require at least 3 shareholders.

A limited company registration costs around B 5000 and requires at least B 300,000 registered capital. You will need an accountant to draw up the annual financial statement and also an auditor to audit this. The respective costs will depend on the complexity of the financials so, again, I cant be specific without more background info. In addition to these annual fees, you will need to have at least some basic bookkeeping and may need to hire a financial person for to handle basic admin, again whethere or not you will need to do monthly records depends on the business.

I would recommend that you utilise the search function here to do some of your own research as there is a huge amount of info already been posted here and the search does work very well. Click in the search box and type in "setting up business in Bangkok" or something similar. You will get loads of results.

Cheers

[chiangmaibruce]

It would be very worthwhile to invest some time in serious homework before you spend 1 baht. Searching old thaivisa threads is a good idea as stated ... there are also two books to look at. the first is "how to set up a thai business" by phillip wylie (paiboon publishing) available in many larger bookstores. another is "your investment guide to thailand" (silkworm books, 2010) ... see details at www.silkwormbooks.com

after you've done your reading you'll have a much better idea of what specific questions you need to be asking here to fill in any remaining gaps before you firm up your plans.

[kopite]

cheers lads i appreciate the responses.

the B 300,000 registered capital is just a bank statement right? and i take it theres no problem if the money is transfered from my uk bank account?

VAT is only payable when the ltd company has an declared income of over 1.8m?

is there any minimum requirement for staff employed by the company?

Edited May 6, 2010 by kopite

[Hssl]

What's the business - she might be better off going the thai version of a 'sole trader'

[frenchfarangjomtien]

Hi,

Can you tell me what is the cheapest company to set up by a Thai to sell online officially and be able to get a real credit card payment from a bank (not paypal) ?

This Thai person is already selling online and making money but without an official registered company no Thai bank will offer a real credit card payment system, so a company is needed.

Do you also know what tax will have to be paid on the profit if declared ?

Thanks.

[proto]

cheers lads i appreciate the responses.

the B 300,000 registered capital is just a bank statement right? and i take it theres no problem if the money is transfered from my uk bank account?

VAT is only payable when the ltd company has an declared income of over 1.8m?

is there any minimum requirement for staff employed by the company?

I'm not quite sure about todays' figures - been 5 years since i went through a company setup process. Let's assume it is correct what has been said hitherto and that otherwise things are just as they used to be. Then you're right that the 300K are just a formality - but you'll have to put in real money on some account to get the bank statement, of course. Yes, there are some minimum requirements for staff. To be legal, Thai employees must get at least the minimum wage (my knowledge is outdated, but it would be at the 6,000 b/m level). If you are contemplating yourself - assumed to be a foreigner - as an employee there used to be the rule that the company had at least 4 Thai employees pr employed foreigner (2 if the foreigner is married to a Thai) plus that the company had to be VAT-registered regardless of turnover. Believe me, that rule could be a killer in case your company is on the street level where any Thai can compete.

[kevozman1]

Dude I really hope you will not be paying for her

setting up a business.................if you are then

............let the fleecing begin.