Setting Up a Company in Thailand As Foreigner
If you are a foreign national, you should understand the legal requirements of company registration in Thailand. First, you must ensure that Thai nationals own at least 51% of the company's shares. You can also opt to create different types of shares, each with its own voting rights. Unlike Thai shares, foreign shares have more voting rights than Thai ones. Also, you should know that you cannot act as a director or manager of the company if you do not have a quorum. However, if you have more than 51% of shares, you can institute quorums, which require a minimum number of shareholders to meet to take action. You can also create contracts and powers of attorney with the help of a corporate lawyer.
What are the benefits of a private limited company?
A private limited company is the most commonly used company structure in Thailand. It offers several advantages, including limited liability, tax advantages, and significant business credibility. Another benefit is the ease of raising funds from shareholders and third-party investors. Foreigners who set up a private limited company in Thailand will find it easy to raise capital and meet regulatory requirements. Listed below are the top three benefits of a private limited company.
A private limited company allows foreigners to own a majority of a Thai company. The minimum capital requirement for a private limited company in Thailand varies according to the business structure. However, it is always more than 15 (Thailand Baht).
Requirements for setting up Thai Limited Company
There are some prerequisites when setting up a Thai Limited Company as a Foreigner. For one, the company must have a majority (51% minimum) of Thai shareholders. The remaining shareholders do not have to be Thai. However, there are certain limitations and requirements that have to be met. These may not be obvious to an outsider. Here are the key points to keep in mind when setting up a Thai Limited Company.
First of all, you must have a minimum of 2 million Bahts in registered capital. Your company must have at least 4 Thai employees. You need a Non-Immigrant Business Visa to work in Thailand. You should also set up a bank account for your company and obtain a work permit if you're planning on hiring foreign staff. The registrar will require copies of your board of directors' meeting minutes.
Hiring a Corporate Lawyer in Thailand
When you are setting up a business in Thailand, hiring a corporate lawyer can be a valuable investment. It can help you navigate the complexities of Thailand's legal and business environments. Hiring a Thai lawyer will take the guesswork out of navigating the legal system. Having an experienced Thai lawyer to advise you can ensure your business runs smoothly. In addition to their legal advice, a corporate lawyer can also help you obtain a work permit for your staff and connect you to recruitment agencies.
When setting up a company in Thailand, you'll need to hire a corporate lawyer who has extensive experience in this area. While you may be familiar with the corporate laws of your country, the advice that a corporate lawyer can give you is essential. You can filter your search for a lawyer based on legal specialization or country. A good lawyer should be able to answer all your questions and provide sound legal advice.