Registering A Thai Limited Company

[greytown]

Anyone have any links to specific info on registering a Thai company as discussed in this previous thread, post 22:

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As stated by member Olsen in the thread:

"You don't need to be a lawyer to register a Thai Limited Company. Anyone with the knowledge can do that.

Goverment fees is around 15,000 THB

You will need a Thai national major shareholder, who holds 51% of the shares. Could easily be your Thai girlfriend or wife.

1 year Work permit fee is 3,100 THB

No need to employ any staff, but then you will get a 1 year multiple entry non immigrant B visa, and you will need to do a visa run every 90 days.

If you want a 1 year visa with no need to leave the country every 90 days, then you need to employ 4 Thai nationals.

I managed to do this all by myself with the assistance of my Thai wife.... saved me a lot of money to a lawyer.

We managed do arrange everything within 2 weeks time.

So yes, it is quite easy....and not too expensive."

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Thanks for any input.

[garyh]

World be interested what comes out of this, we have spoken to 3 different lawyers and eventually (very slow response) got 3 very different answers, would good to find the information for DIY.

[greytown]

World be interested what comes out of this, we have spoken to 3 different lawyers and eventually (very slow response) got 3 very different answers, would good to find the information for DIY.

What answers did you get from the lawyers? Anything in the same ballpark as described above?

[garyh]

One said we need 8 Thai shareholders, another said can't be done with farang and another said must have 3 Thai shareholders. The one who said can't be done seemed to be more interested in what was his office TV.

[DTiger]

One said we need 8 Thai shareholders, another said can't be done with farang and another said must have 3 Thai shareholders.

Come on! You got 1/3 of good answer That's not so bad!!!

Well, true, that was an easy one

[garyh]

One said we need 8 Thai shareholders, another said can't be done with farang and another said must have 3 Thai shareholders.

Come on! You got 1/3 of good answer That's not so bad!!!

Well, true, that was an easy one

Don't want to have any others apart from wife and me if possible.

[Sunbelt Asia]

To open a Thai Limited Company you must have three Promoters (which will also become shareholders once the company is established), one of which must be Thai if the business sector is 100% foreign owned and depending if you apply for BOI, Amity treaty or the alien business license. The Ltd Company must file a memorandum of association, convene a statutory meeting, register the company with the government, and obtain a company income tax identity number/card. They are also required to follow accounting procedures as laid out in the Revenue Department and Department of Business Development (Ministry of Commerce). Companies are required to withhold income tax from all regular employees as well as to withhold income tax from services consumed.

A physical address is needed, generally a house or condo is not allowed. Capitalization fees are 500 baht per 100,000 baht of capital. Your wife is Thai so the registered capital needs to be at least one million. You will need to pay in at least 25% of your registered capital within 90 days of registering your company either by cash, assets inventory or equipment. To pay up your registered capital by assets you would be required to transfer the designated assets into the company’s name (once the company is registered). You will need a company seal.

If you wish to obtain a work permit you will need at least two Thai employees the first year (they may temporarily relax the 4 Thai employee rule per work permit) and four Thai employees in the second year. The usual required paid-up registered capital must be 2 Million Baht for 1 work permit. Marriage to a Thai spouse can be advantageous in reducing the required paid-up registered capital from 2 Million to 1 Million baht for 1 work permit as well as reducing the number of Thai employees to two in the first year.

You should consider talking to a lawyer before starting this procedure, Sunbelt Asia has extensive experience setting up Limited Companies. Without the proper guidance, pitfalls may and have occurred.

http://www.sunbeltlegaladvisors.com/

[greytown]

One said we need 8 Thai shareholders, another said can't be done with farang and another said must have 3 Thai shareholders. The one who said can't be done seemed to be more interested in what was his office TV.

I see... Thanks for the info.

[greytown]

To open a Thai Limited Company you must have three Promoters (which will also become shareholders once the company is established), one of which must be Thai if the business sector is 100% foreign owned and depending if you apply for BOI, Amity treaty or the alien business license. The Ltd Company must file a memorandum of association, convene a statutory meeting, register the company with the government, and obtain a company income tax identity number/card. They are also required to follow accounting procedures as laid out in the Revenue Department and Department of Business Development (Ministry of Commerce). Companies are required to withhold income tax from all regular employees as well as to withhold income tax from services consumed.

A physical address is needed, generally a house or condo is not allowed. Capitalization fees are 500 baht per 100,000 baht of capital. Your wife is Thai so the registered capital needs to be at least one million. You will need to pay in at least 25% of your registered capital within 90 days of registering your company either by cash, assets inventory or equipment. To pay up your registered capital by assets you would be required to transfer the designated assets into the company’s name (once the company is registered). You will need a company seal.

If you wish to obtain a work permit you will need at least two Thai employees the first year (they may temporarily relax the 4 Thai employee rule per work permit) and four Thai employees in the second year. The usual required paid-up registered capital must be 2 Million Baht for 1 work permit. Marriage to a Thai spouse can be advantageous in reducing the required paid-up registered capital from 2 Million to 1 Million baht for 1 work permit as well as reducing the number of Thai employees to two in the first year.

You should consider talking to a lawyer before starting this procedure, Sunbelt Asia has extensive experience setting up Limited Companies. Without the proper guidance, pitfalls may and have occurred.

http://www.sunbeltlegaladvisors.com/

Thanks for the reply. That was roughly what I had read around here before in the past.

So what to make of Olsen' s statement then? Is it pure fantasy? Something's missing I gather...

[BangrakBob]

Thanks for the reply. That was roughly what I had read around here before in the past.

So what to make of Olsen' s statement then? Is it pure fantasy? Something's missing I gather...

greytown, I've read the same as Olsen's statement on a phuket forum, quite a few people actually doing exactly as Olsen has stated. It seems you only need to employ 4 Thai if you are want a 1 year visa. If you leave the country every 90 days then no need. Well that's what these guys were doing and it didn't seem to be a problem.