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COMPANIES
& LIMITED PARTNERSHIPS
Everything from
Thailand visa applications, Entry Requirements, Thailand Visa Information,
visa for Thailand, foreign visa & immigration help & much more.
SETTING UP A
COMPANY:
Rules for work permit holders. New companies wishing to have
work permits need to show their share capital in the Bank? FOR EVERY
FOREIGNER wishing to join an existing Thai company you must now show 2m
baht in the bank when they go to register. For each additional foreigner
you need to show 2m baht per each. Company rule came into being regarding share capital when
forming a new company. You must show 2m baht in a Bank account. One work
permit 2m baht and you need WP3 form from the labour Office to apply for
a work permit and increases of 2m baht per work permit after that. A 1m
baht company does exist again for foreigners regardless if married to
Thais or not but you cannot use to have work permit and you will not get a non immigrant B visa as you need WP3 or Tor Tor 3 form if you go
to Penang etc. THIS MEANS YOU MUST HAVE A COMPANY SET UP ALREADY. Please
note all new companies now must have Company account under
the Thai Director as well.
You are not allowed to
form a Company just to hold a house or property under. The law states
that you must carry on a business and in March 2006 the authorities set
about investigating companies and their employees. A Company must file
yearly audit; have 7 shareholders and the Thai workers. This old law was enforced on May 25th
2006 and now Companies who have properties must prove where the
money came from & all new house sales under Companies will be looked
at. With housing developments foreigners
have benefited themselves on property sales
so this practice is now under investigation and especially in high level
property sales in Samui, Pattaya, Phuket. Many foreigners & small
property owners are affected by this now but like anything if you do
things right in Thailand you will be OK but always ask second
opinions!!!! It may save you in the long run.
In a company you need 7 partners &
foreigners can only hold 49% shares but you can according to the
investment control 100% via B.O.I. (Board of Investment) or if American
have an Amity company. Foreigners as
from 2001 can make up 6 out of 7 shareholders but
Thais still hold 51% of the shares. What one does
not know until they decide to form a company is that certain businesses are
closed to foreigners. These businesses are categorized into 2 different
areas with 3rd open. So when you form a company make sure it doesn't come under the
following or write to us.
The Alien Business Law (N.E.C. Announcement 281).
Business activities falling in categories A & B are generally closed to foreigners. Under
category C you must obtain a permit prior to commencing business. Businesses outside these categories are
exempt. The Ministry of Commerce will also help applications of non
trading offices.
Category A: 1.Agriculture: rice farming; salt farming. Commercial
Business: Internal trade in local agriculture products, Land trade.
Service business: Accounting, farming animals, architecture, advertising, brokerage,
auctioning, Barber, hair dressing & beautician. Building industry.
Category B. 1. Agriculture Business: orchids, cultivation, animal
husbandry including silk worm raising, timbering, fishing. 2. Industrial
& Handicraft: Rice milling, Flour making, sugar, alcohol & non
alcohol drinks, Ice cream, Pharmaceutical manufacturing, cold storage,
timber, gold, silver and inlaid stone, wood carving, lacquer-ware, match
making, cement etc, Dynamiting rocks, Manufacturing garments &
shoes, Printing, newspaper publishing, silk weaving or silk printing,
manufacture of finished products in silk.3. Commercial: all retailing
not in category C. Ore trading not in Category C, selling food an
drinks, trading of antiques & fine arts.4 Service Industry: Tour
agency, Hotels except Hotel management, photography, laundering, dress
making and service jobs.5. Land, water & ie. transport.
Category C. You are allowed to do the following. Exporting, all
wholesale trades not in A & B. retiling machinery, equipment &
tools, selling food, beverages that promote tourism. Industrial &
handicraft Business: manufacturing animal feeds, vegetable oil
extraction, textile manufacturing, dyeing, fabric printing, glass ware
manufacturing, making plates and bowls, stationary & printing paper,
rock salt mining, mining.
Service: anything not in A or B.
Costs up to 25,000 -40,000 baht although Bangkok is usually more. Prices
may not include Govt fees & ID tax code for you or VAT reg. If you use our
services we outline in English each step you are paying for &
no hidden costs are included. We welcome any questions or queries you
have.
When forming a company you needed ex
Thai shareholders (now changed to 6 foreigners & one Thai). Those early companies
used lawyers who in turn used their staff as nominees or Thais off the
streets. Once paid off then that's the end of those nominees, or you
thought. However one must remember that if you make a yearly profit you
must pay dividends to all the share holders. But, where are they:
"the inevitable, my lawyer will take care of it"?? A lawyer is
not an accountant so make sure you differentiate between having both
when you start a Company. If you are not paying VAT, Social Welfare tax
& no yearly audits you will be fined. If you own a property and use
a company you must carry on a business & run into profit mode after
3 years.
One can transform a Thai company into a foreign
firm. For some of these companies it is to risky to maintain the Thai status as the intention
violates the Alien Business Law. It is now difficult for
small and medium foreign companies with capital registration of less than Thai Baht 100 million to get
a wholesale license, service license and/or retail of machinery-equipment
license as the application has to be approved by a 21 persons
committee comprising of high-ranking authorities from various ministries etc. This committee
will protect small and medium Thai Business.
COMPANY NAME: Cannot be a country or city
name & must end with the words: Company Limited (Co. Ltd);
Corporation Limited (Corp.Ltd); or Limited (Ltd).
COSTS
TO SET UP A THAI COMPANY: REMEMBER THE COSTS TO SETUP ARE
DEARER IN
BANGKOK
THAN PATTAYA OR CHIANGMAI BUT THIS IS JUST A ROUGH GUIDE
as@
2009
We do assist all buyers of
property and we have our own builders, architects and staff on hand to help you. Check out www.thaiexpatlaw.com We can assist on all law matters in Thailand with English speaking 24 hour service
1/. Registration of company & legal fees from 20-35,000
baht 1 off
2/. Accountant fees 3500 –5000 baht
per month
3/. Work permit 9000-15,000 baht setup
then 3000 baht per year without legal fee to present.
4/. Non immigrant visa
must leave the country 5000 baht with your company
papers established not before.
5/. Office setup fees:
a/. Rent or lease a building
10-20,000 baht per month. Deposit 3 months
b/. 4 Thai staff salaries 4500 –15,000. Office
workers approx 8-12,000 baht
Computer staff min 10,000 baht ; salaries depend on
skills and can be more.
C/. Power & water with air cons
2500 baht min per month
D Office furniture, redecorate, computers &
furnishings 200,000+ baht
E/. Telephone ADSL, /fax 2000 baht per month
F/. Incidentals 2000 baht per month
6/. Taxes Withholding, VAT & social
welfare tax min 7500 baht per month
7/. Transport 2000+ baht per month
8/. Food, water, waste, advertising
costs etc 1000 baht per month
Your budget for the first year should
be 1m + baht min depending on your location; rent;
salaries and work. Every company setup is different as it
depends on the licenses one must have and the work you wish
to do. Time to take approx 1 month to setup with work permit
say 4- 6 weeks. The above is a conservative estimate but be
prepared to pay for what you want. After 1 year a foreigner
can apply for a year visa but you really need your lawyer to
assist you and costs may be 10,000 baht + to process your
work permit and visa and pay government fees. You must have
your yearly audit processed. The visa takes 3 months to
process as you will be under consideration while the
Immigration and commercial reg go thru your accounts etc.
Yearly audit also can cost anything from 7000-25000 baht per
year and you need this before you apply. Remember you still
have to pay your living costs away from the Office, which
will be separate from the above costs. Having a company can
be a headache and only have what you need but to work in
Thailand
you need to be either employed by a Company with work permit
or start your own. You do need a good honest accountant
& one separate from your lawyer if possible who is a
chartered accountant not just an office worker. Management
is the prime requirement of any business here before you
even think to start by recruiting off the street thinking
you have the right person. One day they come to work the
next day they disappear. However to every good business
there is god management so the success is having the right
people around you and doing everything properly from the
start.
We
now offer a Thai work permit, Thai company & Thai limited
partnership. Ask us for more information.
or go to [ LAWYER ]
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Please
email : export@pobox.com
N.B. Complete law services via our NEW Thai Lawyer partner . (re: Alien
Business Law: NEC Announcement 281 Cat A prohibited to foreigners).
However under the terms of our Company License Asia Trading Post
(Co Ltd) provide : 1. Cat 34 lawyer services &2. Cat
35.consultancy services.
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parts or parts of this website may be copied, printed or circulated for
publication in any form or part of without the express written permission of
Asia Trading Post Co Ltd. Please also note all Thailand affected pages which
include eg. law, immigration, visas can not be used unless written
permission is obtained from both 29 Tanin Co Ltd--Law Office & also Asia Trading
Post Co Ltd by way of contract. All infringements will be an infringement
of privacy and our company will act accordingly. See FAQs
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