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Company Incorporation in Thailand

Doing business and establishing a foreign owned company in Thailand are processes filled with complexity, because of the various legal requirements involved. Hence, Viettonkin Consulting, now with an office in Bangkok, Thailand, wishes to help foreign investors by breaking down the company incorporation process of a Thai private limited company into 4 steps as follows:

Step 1: Reservation of Company Name

A name check with the Department of Business Development (DBD) is conducted, in which the foreign investor must select a first choice and two back-up alternatives. The corporate name must not be the same as or too similar to a pre-existing name in the DBD’s database.

After a corporate name has been selected, it will be reserved for a maximum of 30 days. Upon receipt of the company name reservation approval from the DBD, the promoters of the company should order a company seal, which must be affixed on all registration forms before a certificate of incorporation is issued. Viettonkin Consulting shall assist Clients during the process of name reservation and ordering the company seal.

Step 2: Filing the Memorandum and Articles of Associations (M&AA)

The M&AA and incorporation forms are prepared and made into at least two copies signed by the promoters and two witnesses. The following information should be included: i) company name, ii) business location, iii) registered share capital (minimum 2 million Baht for foreign owned businesses), and iv) information of all shareholders.

After all shares have been subscribe, a statutory meeting must be held between the promoters without delay. In practice, this is generally a paper meeting conducted in principle to determine the number and allocation of shares, as well as appointing the initial company directors. After the meeting has reached a resolution and 25% of the capital has been paid, the newly appointed directors shall proceed with the company registration.

Step 3: Registering the Company

An application dossier must be submitted to the DBD within three months after the statutory meeting took place, which should be accompanied by the M&AA and all proceedings of the statutory meeting. The application will contain information related to total number of shares, preference versus ordinary shares, total paid share capital, information about the directors, and exact location of the company. For investors engaging the rendered services of Viettonkin Consulting, we will prepare the M&AA and all other required forms, and thus only require the signature and information of our clients.

After the DBD has proceeded the application dossier and issues a certificate of incorporation, this certificate is published in the local newspaper for 7 days.

Step 4: Applying for Foreign Business License

Before commencing any business operations, foreign owned companies in which the majority shares are held by foreign investors must register for a Foreign Business License. This is the most complicated step in the process, which can take up to several months and various requests for additional information from the authorities. Generally, foreign owned businesses are required to submit a clear investment plan with a span of at least three years, which includes clear financial projections, recruitment plans and technology transfer. Appropriate proof should be shown that the company has access to sufficient and legitimate sources of funding to finance its operations. If the investment plan is approved, the Board of Investment (BOI) shall issue an official Foreign Business License for the company.

Viettonkin Consulting can assist clients throughout the whole process of applying for the license, including preparing the paperwork, liaising with local authorities and representing client in meetings with them, and advising on the appropriate information to provide in the investment plan.

Conclusion

As can be seen from the summary above, the process to set up a business in Thailand for foreign investors can be challenging and almost impossible to tackle without the support of a local partner or service provider. With years of experience in the ASEAN market, Viettonkin Consulting is confident that we will be the right party to provide one-stop service packages for client’s best convenience and chance of success.

For more information and in-depth consulting on your specific business sector, please send an email to info@viettonkin.com.vn or our Business Development Manager, Mr. Hieu Nguyen, at hieunguyen@viettonkin.vn.

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Viettonkin JSC provides consulting services in a customer-centered approach. Our services are specially designed and tailor-made to suit various tastes of our customers who are business corporations from foreign countries. Our focus is on how to best help our clients with our Optimal Solutions and Comprehensive Package Services specifically meeting their needs.
 

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VIETTONKIN JSC

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Level 4, Naforimex Building, 40 Hai Ba Trung Street, Hoan Kiem District, Hanoi, Vietnam

Tel: +84 4 3872 8518 / 3976 1385

Hotline: +84 1886 6858
Fax: +84 4 39761547

E-mailinfo@viettonkin.com.vn

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Viettonkin Consulting Joint Stock Company
Level 4, Naforimex Building, 40 Hai Ba Trung, Hoan Kiem, Ha Noi, Viet Nam

電話番号/ファックス: +84(0) 4.38728518 - Ext 16
ホットライン: +84(0)988360861

メール: info@viettonkin.com.vn

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