Set Up Your Company in Thailand 
Smoothly & Worry-Free

Contact Umpire Legal with your business plan and together we can explore the options to conclude the type of legal entity that would be most suitable for the incorporation of your business. There are several options available; you can consider the setting up of a company as a Thai entity, as a foreign entity or even applying for investment promotion from the BOI.

As a foreigner, there is a requirement for you to obtain a work permit and a valid visa when working or doing business in Thailand. The work permit and visa must be supported by the company in which you are holding a position, either as a director, manager and/or employee. The said company must comply with some basic requirements concerning amount of registered capital and hiring of local employees.

You will be required to send us your preferred company name, list of intended business activities, details of the directors shareholders, and shareholding structure as well as details of the address at which your company will be registered.

The duration for the setup of your company depends on the nature of your business and your promptness in providing the requested information. A company can be set up in 1 – 2 weeks but the application for a foreign business license can take up to 3 – 4 months.

No, the address used for your business registration must be in Thailand. An apartment or condominium unit is generally not accepted as a registered address since they are usually strictly for residential purposes. There are several documents to be provided by the legal owner of the company’s registered address to evidence ownership of the property and consent for your business registration at the said address.

If you are registering a limited company with registered capital of no more than 5 million Baht, you do not need to evidence the capital injection to the Department of Business Development in most cases. However, the shareholders may sometimes be requested to evidence the funding through a certification letter issued by the bank. For foreign companies holding a foreign business license, promoted by the Board of Investment or operating a branch or representative office, evidence of capital injection is always necessary.

It is fairly straightforward to open a corporate bank account with a local bank for your business once registered. The bank will require a set of minutes of the board meeting to approve the opening of the corporate account with details of the signing authority and requirements, along with the business registration documents and identification documents of the shareholders, directors and authorized signatories to the bank account. You will also be required to fill out several forms at the bank when opening the corporate account. Do note that some banks require foreign directors to be holding a work permit before they will permit the use of certain services such as online banking on the corporate account.

Once the business is registered, you will be required to submit withholding tax and VAT filings with the Revenue department and pay social contributions for your employees with the Social Security Office on a monthly basis (where applicable). You will also need to ensure that proper bookkeeping records are maintained in order for an auditor to sign off on the financial reports which must be submitted to the Revenue department and Department of Business Development annually. There are other obligations to learn about such as filing the half year report, making payment for the workmen’s compensation, submitting relevant reports to the authorities such as for companies promoted by the Board of Investment, and so forth. In case of a foreigner holding a work permit and visa, permit and visa must also be renewed prior to the expiration dates.

The final price depends on your selected business structure and a host of other factors, such as the amount of registered capital, number of foreign employees etc. It will be determined at the business consultation after we gain a proper understanding of your needs.