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What are the steps for assembling a limited company?
The
basic steps for registering a company are:
1: Register the name of the company with the Ministry
of Commerce.
2: File a Memorandum of Association listing shareholders.
(A minimum of 7 shareholders is required for a private
limited company and 15 for a public limited company.)
3: Hold a statutory meeting.
4: Submit a company registration application with the
Ministry of Commerce.
5: Obtain income tax ID card and number from the Revenue
Department.
What
is the registration application process like?
An application consisting of numerous documents must be
submitted to the Commercial Registration Department of
the Ministry of Commerce. Preliminary applications can
be submitted via email. Once the Registrar agrees the
application is complete and accurate the approved application
can be printed, signed by partners and directors, and
submitted to the Central Business Registration Section
of the Commercial Registration Department. (The Thailand
Ministry of Commerce requires many documents to be filed
when registering a company. It should be noted that the
bureaucratic process in Thailand is very thorough and
requires a great deal of documentation.
How
long does it take for company registration to be processed?
Processing times vary depending upon the type of business
and the specific requirements necessary for each. In general,
if no documents are returned and no additional documentation
is required by the Ministry of Commerce the process can
take as little as 17 days. Realistically however, the
process involves coordinating the preparation of documents
from at least seven shareholders, the company directors,
and other individuals involved. Also the documents may
not be submitted at one time, but have to be submitted
in three stages. As a result, most company registrations
take longer than 17 days.
What
are the costs for setting up a business in Thailand?
The government fee for company registration is approximately
5,500 baht per one million baht of share capital. Under
a new regulation, a foreign business is required to prove
they can have a specific minimum amount of capital prior
to approval. This can be done in several ways; by submitting
a document evidencing a bank account containing the specified
amount, or with a declaration from the company director
that the capital has been collected from the shareholders,
or with a declaration by the company director that the
capital has been collected in cash and then providing
the location of the capital.
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