Thai Limited Company Registration

The most common type of business in Thailand is a limited-company. This is similar to an LLC in the US and can be registered within several days. Companies that wish to issue stocks to the public must register for a Value Added Tax Certificate and follow accounting procedures.

The first step is to reserve a company name, which must comply with guidelines set by the Department of Business Development. The next step is to convene a statutory meeting and submit the Memorandum of Association.

Company registration

A Thai Limited Company is a separate legal entity that operates for a long period of time. It has its own assets and liabilities and a specific ownership structure. It is also required to follow accounting procedures specified by the Civil and Commercial Code and the Revenue Code. It must have at least three natural persons as promoters (initial shareholders) and at least one director. It must file a memorandum of association and convene a statutory meeting before it can register.

A registered company can open a corporate bank account and receive social security contributions from its employees. Moreover, it can obtain tax ID numbers and other benefits that are not available to unregistered businesses. This makes it an attractive option for investors and third parties to deal with a registered business.

Company name reservation

Company name reservation is the first step to registering a company in Thailand. It involves a detailed document that contains the company business objectives, registered capital and names of shareholders and directors. It also must contain a valid registered address and contact number for the company. It should also include details of the company’s ownership structure and the percentage of shares held by each shareholder.

Once the company name is reserved it must be displayed in a visible place in the company office. Once the company is established, the company bank account must be opened and required sector-specific licenses obtained. The company will then need to hold a Statutory Meeting and file the Memorandum of Association with the Department of Business Development. This process can take up to 3 days.

Memorandum of association

A memorandum of association is a vital document that contains crucial information regarding your company. It is required for the registration of a private or public limited company in Thailand and must include the name, address, registered capital and intended scope of business activities. It also includes the names and contact details of all shareholders. The document should be signed by not less than two or seven members for a private or public company, respectively. It is important to research the legal requirements and regulations in your industry before preparing this document.

The memorandum should state your company name and the registered office address, which is where official communications from government agencies will be sent. It should also contain a capital clause, which states the company’s authorised capital and defines different categories of shares.

Statutory meeting

A Statutory meeting is an important aspect of the formation of a public limited company. It includes the appointment of the first directors and auditors, determining the capital structure, and confirming the identity of the initial shareholders. It also entails the approval of important documents and information, including the Memorandum of Association and the Articles of Association.

The board of directors must forward a report to each shareholder at least 21 days before the meeting. The statutory report must include important information about the new company, such as shares taken up, moneys received, contracts entered into and preliminary expenses incurred. The statutory report must be examined and reported upon by the auditors, if any. If the statutory meeting is not conducted within a month of the company’s registration, it may be subjected to winding up.

Company bank account

Once the company is registered, it must open a corporate bank account. This is a requirement to ensure that third parties, such as the investors or the banks, are aware of the business’s financial situation. It also allows the company to prove its stability.

The minimum capital requirement for foreigners is two million baht, which must be paid up within three months of registering the business. This money is required to allow the company to employ expats and sponsor work permits for them.

Pim accounting is a well-known firm in Thailand that provides high quality guidance to foreigners looking to establish a business in the country. It offers the services at affordable costs and guarantees full transparency as it liaises with Thai government authorities on behalf of clients.