Company registration steps in Thailand
STEP 1: COMPANY NAME RESERVATION
The name reservation guidelines provided by the Department of Business Development (DBD) in the Ministry of Commerce should be observed in reserving companies name.
STEP 2: FILING OF MEMORANDUM OF ASSOCIATION
A Memorandum of Association (MOA) must be filed to the Department of Business Development (DBD) in the Ministry of Commerce and must include the name of the company that has been successfully reserved, the province where the company will be located, its business objectives, the capital to be registered, and the names of the promoters. Although no minimum capital requirements have been set up, the amount of the capital should be adequate and reasonable enough for the intended business operation.
STEP 3: CONVENE A STATUTORY MEETING
A statutory meeting is convened to make all the appointments once the share structure for the company has been defined, the Memorandum of Association and the Articles of Association are approved, the Board of Directors is elected and an Auditor appointed.
STEP 4: REGISTRATION
The Company Directors must submit the application to establish the company within 3-months of the date of the Statutory Meeting, together with Company registration fees.
STEP 5: TAX REGISTRATION
All companies in Thailand must be registered for tax purposes. Businesses liable for Corporate Income Tax (CIT) must obtain a Tax I.D. card and registration number for the company from Thailand Revenue Department within 60 days of incorporation or the start of business operations. Business operators liable for Value Added Tax (VAT) must also register for VAT within 30 days of the date they reach THB 600,000 in sales.
STEP 6: OPENING A COMPANY BANK ACCOUNT
Companies can open a corporate bank account in Thailand after it has been officially registered. Which bank and branch, what type of account the company require, and who will sign are some of the information needed to open a company bank account.