What is a Philippine Visa? A Philippine Visa is an endorsement made on a travel document by a consular officer at a Philippine Embassy or Consulate abroad denoting. Thailand's death penalty laws and how they are applied, including death row and execution numbers, death-eligible crimes, methods of execution, appeals and clemency. ![]() The Board of Investment of Thailand. What You Need to Know About Setting up a Business in Thailand. The following is an overview of establishing a business in Thailand. As in most countries, there are three kinds of business organizations in Thailand: Sole proprietorships, partnerships, and limited companies. The most popular form of business organization among foreign investors is the private limited company. They must also follow accounting procedures specified in the Civil and Commercial code,the Revenue Code and the Accounts Act. A balance sheet must be prepared once a year and filed with the Department of Revenue and Commercial Registration. In addition, companies are required to withhold income tax from the salary of all regular employees. In some cases, factories do not require licenses, in other instances the requirement is simply to notify officials in advance of start- up, and in some cases licenses are required prior to commencing operations. Licenses are valid for five years, and are renewable. The Trademark Act governs registration of, and provides protection for, trademarks. You can also find out about the status of Thai infrastructure, including facilities such as airports, deep sea ports, and highways, and the availability of power, water and telecommunications. Other charts and tables provide costs of establishing and running an office in Bangkok, and the results of a survey of expatriate living costs in Bangkok. By the time you have finished visiting all these pages, you will have a complete picture about the business climate in Thailand. Forming a Company 1. The promoters must. They must be available to sign documentation. There must be a minimum of three promoters for. The promoters of a private limited company. Each promoter of a private limited. They are generally free to transfer those. It. is not required for the individuals serving as promoters to reside in Thailand. The promoters of a public limited company. All promoters must subscribe. Said shares may not be transferred. Nevertheless, it is. Kingdom of Thailand. Promoters' potential legal liability is. The promoters are also responsible for paying. After registration. Timing. For Private Limited Company.
The registration of the company can be. Memorandum of Association. The company can apply for and obtain the. ID card and register the Employer account under the Social. Security Act with the MOC on the same day as the registration of the Company. However, if the company does not wish to. ID card or register the Employer account under the. Social Security Act with the MOC on the same day as the registration of the. Company, it can apply for the company’s tax ID card and register the Employer. Revenue Department and the Social Security Office respectively. For Public Limited Company. A Public Company Limited is required to. Memorandum of Association with the MOC first, and, thus the. After the Memorandum of Association has been. The promoters must submit to the. Registrar a copy of the documents relating to the offer of shares for sale to. Registrar. The promoters shall convene the. Memorandum of Association. Memorandum of Association was registered. In the event it is. Registrar. not less than 7 days in advance of the expiry date of such period. If the Registrar. If the statutory. Memorandum of Association. Memorandum of Association become invalid, the promoters shall. After having. received the payment on shares up to the number of all subscribed shares, the. Board of Directors must apply to register the company within three months of. The application must provide. The paid- up capital, the total amount of which must be specified; (2). The total number of shares sold; (3). The names, dates of birth, nationalities, and addresses of the. Articles. of Association; (5). The company cannot apply for and obtain the. ID card and register the Employer account under the Social. Security Act with the MOC like a private limited company. Consequently, the. ID card with the Revenue Department. Employer account with the Social Security Office directly. Note: If the registered company falls under the. Foreign Business Act (FBA)), after registration of the company, it will normally be. Cabinet approval, a Foreign Business License, or a Foreign. Business Certificate, as the case may be, prior to commencing operations. Filings. For a private limited company, all documents. Registrar. of the Department of Business Development (DBD) of the MOC; or, if the. Bangkok, it must be submitted. Office of Provincial Business Development in the province in which the company’s. For a public limited company, all documents. Registrar. of the Department of Business Development of the MOC at the Central. Registration office, Bangkok only, regardless of company’s location. All documents associated with the. ID card (in cases where the company does not. ID card with the MOC when registering the Company) and. VAT certificate must be submitted to the Filing Office of the Revenue. Department in Bangkok; or, if the company’s location is to be situated outside. Bangkok, to the Provincial Revenue Office where the company’s location will. However, the Company either locates in Bangkok or outside of. Bangkok can also apply for the company’s tax ID card and VAT certificate. Revenue Department. All documents associated with the. Employer account under the Social Security Act (in cases. Employer account under the Social. Security Act when registering the Company) must be submitted to the Filing. Office of the Social Security Office in Bangkok; or, if the company’s office is. Bangkok, to the Provincial Social Security Office in. Registration Process. Corporate Name Reservation. The first step of the company registration. To reserve a name, the company can either (1) submit. Name Reservation Form (one of the promoters is required to sign in. Department of Business Development of the MOC or (2)fill in a. Name Reservation Form and submit it through the Department of Business. Development’s website (http: //www. The registrar will. This process can normally be. If all three names submitted are rejected. The registrar has considerable discretion. Many times, the first name or even. Once the name is approved, the corporate name reservation is. However, after the name has expired, the. Name Reservation again and again if the name is. Filing a Memorandum of Association. After the name reservation has been. Memorandum of Association (MOA) to. Department of Business Development of the MOC. For a private limited. MOA must include the Company’s name (the same as the name. Baht); the name, address. The. capital information must include the number of shares and their par value. At. the formation step, the authorized capital, although partly paid, must all be. For a public limited company, the MOA must at least include the name. The official fee for registration of the MOA. A fraction of 1. 00,0. The minimum. fee is 5. For a public limited company, the official. A. fraction of 1,0. The maximum fee is 2. Although there are no minimum capital requirements, the amount of capital. However, if the company falls under the. FBA, before commencing its business, the. If. not registered within the specified period, the company’s statutory meeting. During the registration process, the. The company registration fee for a private. A. fraction of 1. The minimum fee is 5,0. For a public limited company, the. The maximum fee is. For a private limited company, the. For a public limited company, each. The company is then. Registering for Tax Documents. A company liable for corporate income tax. ID card and number from the Revenue Department within 6. Thailand. Companies that have turnover. VAT with the Revenue. Department within 3. Registering for Employer account under the. Social Security Act. If the company has at least one employee. Employer account under the Social. Security Act with the Social Security Office within 3. The process for registration of the Employer account under the. Social Security Act can normally be completed within 1 day provided that all. Social Security. Office. Documents may be prepared in any language. Thai translation is attached. All accounting entries should be. Specifically, Section 1. Accounts Act of 2. In keeping accounts, the person with the. Accounting Period. An accounting period must be 1. Thereafter, the. accounts should be closed every 1. If a company wishes to change its. Director- General of. Revenue Department. Reporting Requirements. All juristic companies, partnerships. The financial statement must. Thai law, whose total capital, assets, and income are not more than that. Ministerial Regulations. The performance record is to be. Commercial Registration Department of the MOC and with the Revenue. Department of the Ministry of Finance (MOF). For a private limited company, the director. Registrar no later than. For a foreign company, i. Approval. of the shareholder meeting is not required. For a public limited company, the director. A copy of the audited financial statement and annual report. Registrar, along with a list of shareholders on the date of the meeting, no. In addition. the company is required to publish the balance sheet for public information in. Accounting Principles. In general, the basic accounting principles. United States are accepted in Thailand, as are accounting. The Institute of Certified. Accountants and Auditors of Thailand is the authoritative group promoting the. Any accounting method adopted by a company. Revenue. Department. Certain accounting practices of note include: Depreciation: The Revenue Code. These maximum depreciation rates are. A company may use a lower rate that approximates the estimated. If a lower rate is used in the books of the accounts. Accounting. for Pension Plans: Contributions. Revenue Department and managed by a licensed fund manager. Consolidation: Local companies with. Securities and Exchange Commission of Thailand . Statutory Reserve: A statutory reserve. Stock Dividends: Stock dividends are. The law requires the authorized capital to be. Auditing Requirements and Standards.
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