When you register a company in Thailand or Phuket then there are a number of issues that has to be looked at. These are some of the issues with regards to owning and operating a company in Phuket or anywhere in Thailand.Today you can register a company in less than 2 day but normally you can expect the process to take anywhere from 1 to 3 weeks.
There has to be a minimum of 3 people as shareholders and they have to be over the age of 20. Also foreigners or a Thai can be a director of the business however the foreigner may only hold 49% of the business while there has to be a Thai majority of at least 51% of the holdings of the company. There may however be a special treaty such as the Treaty of Amity which under the Foreign Business Act with approval from the Board in Investment. If the foreigner holds more than 40% of the business then the following has to be submitted with registration. As stated earlier check with an attorney in Thailand at a Thai law firm before you start the process:
- 1. Certified letter of his/her monthly salary;
- 2. His/her bank account and last 6 months bank statements;
- 3. Sale of personal assets and agreement or money transfer
- 4. Loan and copy of loan agreement and money transfer
The following documents are needed if you are going to register a Thai company in Phuket. There is a list for a foreigner and also that of a Thai citizen. These are the basics and do change so speak to an attorney in Phuket for more detailed information. for a Thai citizen the following is needed:
- 1. 5 signed copies of his/her house registration papers and Thai ID card;
- 2. Proof of funds;
- 3. Business Address;
- 4. At least 3 names for the company;
- 5. Lease agreement for the property where the business will be.
If you need more information about business registration in Thailand then speak to our attorneys at our Phuket office for more details with regards to owning and operating a business in Thailand.