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How to Register a Company in Thailand
Step 1: Registering the company name
The name you can choose for your company must not be identical to or resemble the name of a pre-existing registered partnership or company.
Certain terms are also prohibited from being used in company names. For example, the term investment cannot be used, but capital can be used. The company name must end with the word Limited. The name must be reserved with the Department of Business Development (DBD) of the Ministry of Commerce.
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Step 2: Filing the Memorandum of Association
The MOA is a special agreement made by the founders (promoters) of the company.
The MOA must include the following details:
The name of the proposed company
The province of the Kingdom where the registered office of the company will be situated
The objectives of the company
A declaration that the liability of the shareholders will be limited
The amount of share capital that the company proposes to be registered
The names, addresses, occupations and signatures of the promoters (at least three individuals – not corporate entities)
The number of shares subscribed to by each of the promoters
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Step 3: The statutory meeting
The statutory meeting can be convened as soon as you register the memorandum of association.
Its purpose is to:
Adopt the regulations (i.e., articles of association) of the company
Ratify any contracts entered into by the promoters or expenses incurred by the promoters in promoting the company
Fix the amount to be paid to the promoters
Fix the number of preference shares (if any) to be issued and the nature and extent of the preferential rights accruing to them
Fix the number of ordinary shares or preference shares to be allotted as fully or partly paid-up otherwise than in money, if any, and the amount up to which they shall be considered as paid-up
To appoint the first directors and auditors and the fixing of their respective powers
The resolutions of the Statutory Meeting will not be valid unless passed by a majority, including at least one half of the total number of subscribers entitled to vote.
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Step 4: Registering the company
The application can be lodged at the Ministry of Commerce on the same day that the memorandum of association is registered, provided that the Statutory Meeting has already been convened.
The registration application must be lodged no later than three months from the date of the Statutory Meeting, or you will need to provide an explanation for the delay.
The following details must be provided in the application:
The total number of shares subscribed or allotted (distinguishing ordinary shares from preference shares, if any)
The number of ordinary shares or preference shares allotted as fully or partly paid-up otherwise than in money, and in the latter case, the extent to which they are paid-up
The amount already paid in money on each share; the total amount of money received in respect of shares
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Step 5: Registering for corporate income tax and VAT
Once your company has been registered and within 60 days of incorporation or the commencement of operations, you will need to apply for and obtain a company corporate tax ID card from the Revenue Department.
If your company has a turnover of more than THB 1.8 million per annum and is not subject to Special Business Tax, you must register for VAT within 30 days of the date the company’s turnover exceeds the threshold.
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Step 6: Social security registration
A company that has one or more employees must register at the Social Security Office within 30 days of hiring its first employee.
Foreigners who are legally working in Thailand must also register with the Social Security Office and are entitled to the same benefits as Thai employees.
If the registration is not made within the specified time, the employer will be liable to imprisonment of not exceeding six months or a fine of not more than THB 20,000, or both.
The current contribution rate is 5% of the employee’s salary.
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