What are the steps for assembling a limited company?

The basic steps for registering a company are:
1: Register the name of the company with the Ministry of Commerce.
2: File a Memorandum of Association listing shareholders. (A minimum of 7 shareholders is required for a private limited company and 15 for a public limited company.)
3: Hold a statutory meeting.
4: Submit a company registration application with the Ministry of Commerce.
5: Obtain income tax ID card and number from the Revenue Department.

What is the registration application process like?

An application consisting of numerous documents must be submitted to the Commercial Registration Department of the Ministry of Commerce. Preliminary applications can be submitted via email. Once the Registrar agrees the application is complete and accurate the approved application can be printed, signed by partners and directors, and submitted to the Central Business Registration Section of the Commercial Registration Department. (The Thailand Ministry of Commerce requires many documents to be filed when registering a company. It should be noted that the bureaucratic process in Thailand is very thorough and requires a great deal of documentation.

How long does it take for company registration to be processed?

Processing times vary depending upon the type of business and the specific requirements necessary for each. In general, if no documents are returned and no additional documentation is required by the Ministry of Commerce the process can take as little as 17 days. Realistically however, the process involves coordinating the preparation of documents from at least seven shareholders, the company directors, and other individuals involved. Also the documents may not be submitted at one time, but have to be submitted in three stages. As a result, most company registrations take longer than 17 days.

What are the costs for setting up a business in Thailand?

The government fee for company registration is approximately 5,500 baht per one million baht of share capital. Under a new regulation, a foreign business is required to prove they can have a specific minimum amount of capital prior to approval. This can be done in several ways; by submitting a document evidencing a bank account containing the specified amount, or with a declaration from the company director that the capital has been collected from the shareholders, or with a declaration by the company director that the capital has been collected in cash and then providing the location of the capital.

The government fee for company registration is approximately 5,500 baht per one million baht of share capital. Under a new regulation, a foreign business is required to prove they can have a specific minimum amount of capital prior to approval. This can be done in several ways; by submitting a document evidencing a bank account containing the specified amount, or with a declaration from the company director that the capital has been collected from the shareholders, or with a declaration by the company director that the capital has been collected in cash and then providing the location of the capital.

Part 3