This article offers the reader useful information about how a foreigner can set up a private limited company in Thailand.
If you are a budding entrepreneur and you have a plan to set up a private limited company in Thailand, you have come to the right place, as this article outlines that process. The first thing you should know is the Thai Board of Investment, or BOI, which is an organisation that is designed to help foreigners who wish to invest in Thailand.
BOI Company Registration
You need to talk to experienced BOI application Thailand lawyers who know the process very well and can advise you regarding paperwork you need to prepare. Not every sector is permitted for foreign investment; you need to ask the lawyer to check that your planned business is permitted and if it is, the lawyer can help you with the application.
Business Sectors That Qualify for BOI
The following business sectors qualify for BOI registration:
- Alternative energy
- Automotive
- Bioeconomy
- Smart electronics
- Food
- Textiles
- Medical devices
- Digital economy and software
- Aerospace
- Bioplastics
If you would like to learn more about setting up a private limited company in Thailand, search online for an established law firm in Bangkok and book a free 30-minute Zoom call.
Opening Bank Accounts & Depositing Capital
Part of the registration process includes opening business accounts with one of the major Thai banks and depositing a specified amount of capital. Your lawyer will list all documentation that you need to prepare and keeps you informed at all stages of the process.
Application Evaluation
The application will be evaluated by the BOI officials, which does take time, then you are informed of approval/non-approval. The many incentives do depend on the category; consult with your lawyer for more information on incentives.
Business Licences
Of course, you will need to apply for relevant business licences, which the lawyer can facilitate on your behalf and your legal partner can inform you of the licences that you need to ensure there are no unnecessary delays.
Thai Partnership
There are specific advantages if you have a Thai partner who holds 51%, while you hold 49% of the company. Many foreigners make their Thai spouse a partner in the limited company. You could source a Thai partner who brings something to the table; the law firm would be able to connect you with Thai investors, should you wish to form a partnership with a Thai citizen.
Sound Business Advice
One thing you really need when setting up private limited company in Thailand is good advice and when you enlist the services of an English-speaking lawyer, that is exactly what you get. Applications need to be well prepared and with an experienced BOI lawyer in your corner, you can rest assured that you will have a positive outcome.
To conclude, the best way to proceed with the registration of a private limited company in Thailand is to make contact with an experienced BOI lawyer who can guide you through the process. With their help, you can proceed with your business plan, safe in the knowledge that your application is complete.