10 tips to create a business in Thailand
1- First you should know that starting a business in Thailand can quickly become a legal puzzle for a farang who does not speak Thai. It is therefore advised for you to hire a lawyer or a qualified accountant in your efforts
2- See the list of unauthorized activities before choosing your business domain as certain activities are strictly prohibited to foreigners in Thailand
3- A fee of 500 THB is due for every 100,000 THB per capital ( ie 10,000 THB for a 2,000,000 THB capital) Other administrative costs: approximately 2,000 – 2,500 THB
Assistance in creating an expert: 7,000 – 16,000 THB
4- Finally, note that if a farang can be single largest shareholder in a production company (factory), it may not hold more than 49% of a business selling goods or services. So you will need to find a Thai partner to start your business.
5- As a Private Limited Company, your company must prove a business address (you cannot use your domicile). The location will determine the different territorial jurisdictions on which you rely. The price of an office is variable: most expensive rent are to be find in the Sathorn and Silom districts. You will sign a one-year lease and will deposit equivalent to two months’ rent.
6- To open a business bank account in Thailand you will make an initial deposit of 10,000 THB and pay about 200 THB for your checkbook.
7- Since 1 July 2008, the number of partners to create a Limited Company in Thailand was reduced from 7 to 3. However no change in the distribution of shares that may be held by an alien juristic or natural person (49%) thus 51% of the shares to owned by a Thai.
8- A company with a capital of 2,000,000 THB will ensure the right to a non-immigrant visa and a work permit B (still getting paid).For each farang employed by the company (starting with you) you will have to hire four Thais and increase capital by 2,000,000 THB.s.
9- The Board Of Investment is the organization that is responsible for support and accompany foreign investment in Thailand. BOI also has the power to grant exemptions or subsidies to companies that request it (ex: funding for projects developed in Isaan or waiver of the 49% rule, etc …)
10- For a farang, it is commonly accepted that the average cost to launch a coherent business is between 15,000 and 20,000 USD.
- Thailand Board of Investment (BOI)
555 Vibhavadi-Rangsit Rd, Chatuchak, Bangkok 10400
Tel: 02 537 8111-8555
Fax: 02 537 8177
- Department of Business Development
Tel: 02 547 5050
Fax: 02 547 445
- Department of Revenue
90 Soi Phaholyothin 7, Phaholyothin Road, 10400
Tel: 02 272 8000
- Ministry of Commerce
44/100 Nonthaburi 1 Rd., Amphur Muang, Nonthaburi
Tel: 02 507 8000
Fax: 02 507 7717