Thailand is one of the best places to work or do business. If you are thinking of setting up a company in Thailand, you have to make sure that you go about it the right way. Thailand has become one of the most attractive destinations for people who are looking to expand their businesses in Southeast Asia, offering them a range of tax incentives and also providing them with an array of tools with which they can expand their businesses. However, you need to understand that in order to do business in Thailand, you must comply with the rules and regulations as set by the state.
Failure to comply with the rules could lead to a series of hefty fines and sanctions and your company might be shut off as well. If you have plans to set up a company in Thailand, here are a few important things that you need to know.
The first step in doing business in Thailand is to register your company. Company registration in Thailand is offered by a number of local firms and it’s incredibly important that you get in touch with a private firm that can register the company on your behalf. If the registration papers are not filed and approved, you won’t be able to commence business in Thailand. When you first get in touch with a local company that offers registration services, they are going to ask you a few questions.
These questions primarily revolve around your desire to do business in Thailand, the causes, and personal details. If you already have a company in any other part of the world, you might be thinking of opening a branch here. If that’s the case, you also have to provide details regarding the registration of the previous company.
The registration process is going to take a little while so it’s important that you comply with all the requirements. The first step is to draft the memorandum of association and the articles of association so it’s important that you sit down with the company’s agents and draft the objectives accordingly. Once all the documents have been prepared, they are going to be filed with the company registrar.
If you are going to do business of a particular nature, you will need to secure a license from the government as well. For instance, if you are going to set up a company that is focused on foodstuffs or other items, a license might be necessary. You will have to pay a fee and then secure the license accordingly.
Similarly, if your company is going to focus on imports and exports, you also have to secure a license from the government. The license will be renewed regularly after a specific number of years. It’s important that you hire auditors and a team of consultants to ensure that you do not end up breaching the government guidelines and laws. These are just a few things that you should know about registering a company in Thailand.