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A Private Thai Limited Company, is the most popular form of business structures in Thailand. You will have to beware as for company formation in Thailand, at least 51 percent of a company’s shares must be held by Thai citizens. The remaining shares may be held by anyone. However, Thai Company can be 100% hold by foreigner but vary depend on your business nature. If a Thai Company is majority owned by a foreigner, the foreigner must obtain a foreign business license before engaging in business activities.
Requirements for Company Formation
• A minimum of three promoters
• At least one director
• A memorandum of association
• A statutory meeting
• Formation of the incorporation papers
Procedure for Company Formation
1. Company Name Search and Reservation
The Thai limited company name reservation must follow the guidelines of the Business Development Office in the Ministry of Commerce amongst other guidelines.
2. File a Memorandum of Association
The Memorandum of Association of the Thai limited company must to be filed with the relevant Thai authorities. Once your company name has been reserved, all shareholders must sign a Memorandum of Association (MOA). The MOA is a document which provides the names and personal information (such as contact details) for all of the company’s shareholders, as well as the company’s address (PO Box is not acceptable), registered capital, and intended scope of business activities.
3. Company Formation
All the documents have to submit to Ministry of Commerce after completed signature by all the parties. To establish the Thai limited company it has to be registered with the Thai government.
4. Tax, VAT or SBT Formation
All documents associated with the formation of the company's Tax ID Card and Vat Certificate must be submitted to the Central Filing Office of the Revenue Department. Depending on its business activities, a Limited Company may have to register for the Value Added Tax or Specific Business Tax.
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