Set up your company in Thailand effortlessly without as much as touching a legal form. At Umpire Legal, we take worry & uncertainty out of starting a business in Thailand, eliminate the unnecessary guesswork from the complex legal process and help get your Thai company set up for real success.
The address of our officePhuket Thaïlande
Setting Up a Business in Thailand: The Complete Guide
To launch a startup in Thailand, you first need to choose a name and reserve it with the Department of Business Development (DBD). Then, prepare the company’s constitutive documents (articles of association, etc.) and register them with the DBD. It’s recommended to have at least one Thai shareholder and appoint a Thai director. You’ll also need to obtain a work permit and a visa, typically a non-immigrant B visa, and potentially a Foreign Business License (FBL) if the business conducts activities restricted by the Foreign Business Act.
OUR SERVICES
We offer a range of customized services in Thailand to meet all your needs, whatever the stage of your project
Company Registration
Work Permit Processing
The work permit is a booklet that must be requested by all foreigners intending to work or run a business in Thailand. Pursuant to the Working of Alien Act 2008, any foreigner working in Thailand must apply for a work permit. The term "work" is very widely defined as engaging in work by "exerting energy or using knowledge whether in consideration of wages or other benefits.
Non-Immigrant Visa
A prerequisite to obtaining a Thai work permit is possessing a valid Non-Immigrant Visa that a foreigner can apply for at a Thai Embassy abroad prior to traveling to Thailand. Alternatively, it is also possible to convert an existing tourist visa to a non-immigrant visa at the Immigration Office in Bangkok without the need to leave Thailand.
In most cases, the non-immigrant visa will be a type B visa – business visa – but a type O – marriage visa – for foreigners married to a Thai national will also suffice.
Bank Account Opening
Opening a bank account in Thailand can be confusing for foreigners, especially if you don't speak the local language, but having one is a key component to a comfortable life in Thailand. It's also required for many long-term visa applications.
Whether you're planning a long stay or just visiting for an extended period, having a Thai bank account will make your time in the Kingdom more cost-effective and convenient.
On THAMARUSA BUSINESS GROUP, we will walk you through the benefits and requirements of opening a bank account in Thailand, as well as discuss the services we provide to simplify the entire process for you.
Key Steps to Launching a Startup in Thailand:
- Choose and Reserve a Name
The name must be unique and reserved with the DBD.
- Prepare Constitutive Documents
This includes articles of association, shareholder lists, etc.
- Register the Company
File the constitutive documents and register the company with the DBD.
- Obtain a Tax Identification Number
Register with the tax authorities.
- Open a Bank Account
Open a corporate bank account in Thailand.
- Obtain a Visa and Work Permit
The non-immigrant B visa is generally required for foreign nationals.
- Obtain Specific Licenses and Permits
Certain sectors require specific licenses (FBL in some cases).
- Recruit a Team
Hire local talent.
Important Considerations
- Competition
Analyze local competition and adapt your offering to the specificities of the Thai market.
- Regulations
Research the specific regulations for your industry and foreign investments.
- Local Partners
While not mandatory, having Thai partners can facilitate market access.
- Cost of Living
The cost of living in Thailand is generally affordable for expatriates, but this depends on your lifestyle.
- Promising Sectors
Sectors such as tourism, information technology, digital marketing, real estate, and expatriate services offer excellent opportunities.
Additional Tips
Engage Professionals
It's recommended to consult lawyers and accountants specializing in Thai law and company formation.
Research Startup Support Programs
The Thai government offers assistance and support programs for startups.
Be Patient and Persistent
Starting a business can take time; it's important to remain patient and persistent.
Types of Business Entities in Thailand
Sole Proprietorship
Advantages
- Ease of creation
- No minimum capital required
- Full control of the business
- Personal profits
Requirements
- The owner is responsible for all business debts
- No legal separation between the owner and the business
Limited Company
Advantages
- Limited liability for shareholders
- Minimum capital of 1 THB
- Legal separation between shareholders and the company
- Ease of share transfer
Requirements
- At least three shareholders
- Record-keeping
- Annual filing of accounts with the Ministry of Commerce
- Appointment of a Thai director
- Minimum registered capital of 1 million THB for obtaining a work permit for foreigners
Public Company Limited
Advantages
- Ability to raise funds on the stock market
- Transferability of shares
- Legal separation between shareholders and the company
Requirements
- At least 15 shareholders
- Minimum registered capital of 5 million THB
- Annual filing of accounts with the Ministry of Commerce
- Appointment of a Thai director
- Compliance with Securities and Exchange Commission rules
Registered Ordinary Partnership
Advantages
- Ease of creation
- No minimum capital required
- Flexibility in management and profit distribution
Requirements
- At least two partners (a limited partner and a general partner)
- Unlimited liability for general partners
Ordinary Partnership (Registered)
Advantages
- Ease of creation
- No minimum capital required
- Flexibility in management and profit distribution
Requirements
- At least two partners (partners)
- Unlimited and joint liability of the partners
Unsure About Which Structure Is Best for You?
Speak to our experienced teams. We can assist you with determining a suitable company structure based on your business idea and further requirements
Info
- +66 62 747 8707
- +15513428551
- contact@thamarusa.com
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