Marriage in Thailand | Juslaws & Consult Co., Ltd
Jus Laws & Consult (J&C) attended the Board of Investment Paris networking meeting

12 May J&C attended the Board of Investment Paris networking meeting for the automotive and aerospace industry

Last Thursday 12th of May 2016, Juslaws & Consult (J&C) attended the Board of Investment Paris networking meeting at Subcon Thailand in Bitec (Bangkok). More than 40 French and Italian companies in the automotive and aerospace industry attended the event. Companies such as Continental, Ducati or TGM Tecnomachines discussed about their views on the future of the sector and the potential opportunities.

Regarding the aerospace industry, we must point out that the world aeronautic sector is experiencing a sharp growth with an estimated demand till 2023 of 30,770 aircrafts, which 13,460 will be delivered only in Asia. Thailand, due to its strategic location in the center of Asean, is targeting to become a hub for Airframe Maintenance Repair and Overhaul (MRO), Engine MRO and Component MRO. The development of the Airline Industry will follow a plan divided in 3 phases. Thailand offers attractive tax and non-tax incentives for this sector.

In the picture our partner Jose Herrera with the Director of BOI in Paris Mr. Choowong Tangkoonsombati, the Investor Promotion Officer Ms Souchitra Sassady-Abhay and the Trade Consultant of the Basque Government Business Development Agency in Singapore Mr. Ibon Iparaguirre today in Bangkok.

Accounting in Thailand

20 Oct Accounting in Thailand

Accounting looks at the heart of each and every business. Financial Statements serve as a crucial source of information for business owners, managers, directors, business partners, investors, creditors and the Revenue Department for calculating the income tax. A modern regulatory framework for accounting is important for foreign investors. According to the World Bank’s report on the Observance of Standards and Codes, Thailand has made great progress in this field. The Thai Accounting standards closely follow international standards (IFRS). This article outlines the regulatory framework for accounting in Thailand.

The following business entities have to keep accounts according to the Thai Accounting Act, B.E. 2543 (here called the Act):

  • Registered partnerships registered under Thai law,
  • Limited Companies registered under Thai law,
  • Public Limited Companies registered under Thai law,
  • Juristic Persons registered under a foreign law if carrying on business in Thailand,
  • Joint Ventures under the Thai Revenue Code, and
  • Natural Persons or Unregistered Partnerships engaging in any kind of business in Thailand as prescribed.

According to Section 20 of the Act the above business entities must have a qualified bookkeeper (see below) who keeps accounts which must show results of the operations, financial status or changes in financial status in accordance with the facts and accounting standards. According to Section 21 of the Act particulars must be entered in Thai language or accompanied by a translation into Thai language.

According to Sections 9, 10 and 11 of the Act a business must prepare and submit financial statements to the Accounts Office within five months from the day the accounts are closed, but in the case of a limited company or a public limited company registered under Thai law within one month from the day of the general meeting approving such financial statements. The books are closed (end of accounting period) twelve months after the commencement of the accounting period which begins either with the registration date (Thai company or Registered Partnerships) or the date of start of business operations (Joint Ventures and foreign companies).

Additionally, a tax return must be filed together with a balance sheet, operating account and profit and loss account, revenue and expense account on gross revenue within 150 days from the last day of the accounting period according to Section 69 of the Thai Revenue Code, B.E. 2481. These financial statements are the basis for the calculation of the Corporate Income Tax according to Section 65 of the Revenue Code. The financial statement for the Revenue Department might differ from the financial statements under the Accounting Act where prescribed by the law.

The accounting professions in Thailand and their code of ethics are governed by the Accounting Professions Act B.E. 2547 and self-regulated by the Federation of the Accounting Professions (FAP) which also issues the license for the Certified Public Accountants (CPA). The FAP is a member of the International Federation of Accountants. The Department of Business Development (DBD) of the Ministry of Commerce and the Securities Exchange Commissions (SEC) are the competent regulators for accounting and the accounting professions.

When speaking about accountants in Thailand these can be either simple book keepers or (if fulfilling additional qualifications) auditors. Accountants in Thailand must hold a bachelor’s degree in accountancy. Auditors must hold a license as Certified Public Accountants. Both types of accountants, book keepers and auditors, must be members in the FAP. Juristic Persons who offer accounting and auditing services must be registered with the FAP as well. Juristic Persons must even provide a collateral for malpractice liability.

The FAP also issues the Thai Accounting Standards which are closely based on the International Accounting Standards. The ASEAN member states are currently in the process of mutually recognizing and liberalizing the accounting professions in the wake of the ASEAN Economic Community (AEC).

Juslaws & Consult is a competent partner for all questions regarding accounting in Thailand and the whole ASEAN region. We can also effectively communicate with company headquarters and mother companies abroad as our international team speaks their language when it comes to accounting question.

Please contact our Bangkok office for further information at


Christian Moser, Senior Associate at Juslaws & Consult

Company Formation

07 Mar Company Formation

Company Formation in Thailand
Are you looking to invest but do not know where to begin? There are different kinds of business setups tailored to your needs, such us:

1. Thai Limited Company
2. Foreign Business
a. Foreign Business License
b. Branch Office
c. Representative Office
d. Regional Office

1. Thai Limited Company
Thai limited companies are generally simple in terms of setup. The characteristics and requirements include:

a. Shareholding: A minimum of 51% Thai and 49% foreign. However, if land is to be acquired within the Thai Limited Company, it may have to be proven that all shareholders have contributed to such shareholding in the company at the relevant land department. For this reason, it is suggested that the majority of Thai shareholding be increased and may be changed at a later stage.
b. Capital: No minimum requirement
c. Shareholders: a minimum requirement of three (3) shareholders must be in place.

2. Foreign Business
A foreign business is usually setup by an individual or a group who chooses to setup their company with majority foreign shareholders instead of Thai. The setting up is a little more complex as there are certain activities that are prohibited by law. Business activities are compiled into three: 1) prohibited activities, 2) activities that are not ready to be competed with Thai economy, and 3) business activities that are not contained in list 1 and list 2, however, can be applied for.

Foreign Business License
The application process for a foreign business license usually takes 60 days upon submission for a decision. The advantage is that, if the application is denied, the application can be revised and resubmitted. The minimum capital for a foreign business license is Three Million Baht. However, this does not have to be repatriated into the country all at once.

Branch Office
A branch office is setup as a branch of a main head office overseas. The branch office is permitted to trade that derives income. If you wish to setup a branch office, you must apply for Foreign Business License under category which best fits your business activities. List Two and List Three activities which are listed in the Foreign Business Act, as List One is strictly prohibited for foreigners to engage in such business in Thailand. The minimum capital for a branch office is also Three Million Baht. Taxes and balance sheets must also be submitted every fiscal year.

Representative Office
A representative office differs from the branch office. Representative office is not permitted to buy or sell products or services although the remaining characteristics of the branch office still apply. This kind of office is usually setup for research of various products and services or the market of a particular industry to be reported to the head office located overseas.

Regional Office
A regional office is usually setup for purposes of managing any other branch or representative office that is located overseas in a particular areas or region. The same characteristics such as those of a representative or a branch office still apply however, a similarity to the representative office in that the regional office is not permitted to trade. Given above, it is best to outline your needs to the business activities you wish to engage in and consult a lawyer to see what best fits you. Contact us today for a free basic consultation!

Marriage in Thailand

Marriage in Thailand
Thailand – a place where surreal views and pristine waters surround the country. A place full of different cultures and ethnicities. it’s no wonder that many wish to get married here. Although the process may not be that difficult in order to register your marriage, there are a few things to consider before proceeding. You must first determine whether you are eligible for such a marriage and if so, there are certain requirements that must be adhered to as well as the proper process in order to successfully register your marriage. Once registration has been complete, there are also other matters to take into consideration after marriage such as separate or matrimonial property and how each is to be dealt with and owned, consideration of prenuptials and marriage visas. Hence, it is imperative to have at least basic knowledge on the processes involved in getting married in Thailand, and to consider that it is not as easy as it sounds. Although the process may not be complicated, it is always essential that when doing things outside your home country, that you know exactly what is entailed.

Eligibility for Marriage Requirements:

  • Must not be below the age of 17.
  • Either party must not be insane, mentally unstable or incompetent.
  • Must be of blood relationship, ie, brothers, sisters, cousins, fathers, mothers, etc.
  • Either party must not have the same legal guardians, ie- parents who have adopted them.
  • Either party should not have a spouse at the time of marriage. If woman whose husband has died or whose marriage has become terminated, the marriage can only take place after expiry of 310 days from   such death or termination of marriage,but before such period if:
  1. A child has been born during such period;
  2. The divorced couple remarries;
  3. There is a certificate issued by a qualified doctor who is a lawful physical practitioner in medicine showing that the woman is not pregnant
  4. There is an order of the Court allowing the woman to marry

There are various kinds of marriage ceremonies in Thailand whether this be a traditional Christian wedding with a black suit white dress, a traditional Buddhist ceremony or even an underwater marriage. However, all this does not effectively provide you a legal marriage certificate. To obtain this, you must register your marriage at the local district office depending upon your circumstances and of course where the Thai woman’s house registration outlines. It is essential to note that same sex marriages are although not prohibited with relation to ceremonies, however, they are not recognized in Thailand and cannot be registered.

For a foreigner to be able to successfully register their marriage, they must present an affirmation of freedom to marry, or a single status certificate which has been translated into Thai and approved by the Ministry of Foreign Affairs, and also their passports with their visa stamp pages. The documents may vary depending upon the local registrar and circumstances of each individual and their nationality. If married to a Thai national, you may obtain a marriage visa for your stay in Thailand. You may also consider the fact of prenuptials as well.

It is imperative to ensure that you check with a professional before proceeding in order to save time and costs. Contact us today at Juslaws & Consult for a free basic consultation on getting married in Thailand!