Register a Company in Thailand

A Comprehensive Guide

Thailand continues to be an attractive destination for entrepreneurs and investors looking to establish a foothold in Southeast Asia. Its strategic location, growing economy, and business-friendly policies make it an excellent choice for setting up a business. This guide provides practical steps to register a company in Thailand, updated for 2025, with accurate and current information tailored to foreign entrepreneurs.

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Why Choose Thailand for Your Business?

Thailand offers a unique combination of advantages:

  • Strategic Location: Positioned at the heart of Southeast Asia, Thailand provides access to markets such as Cambodia, Vietnam, and Malaysia, with robust logistics and trade networks.
  • Economic Growth: A diverse economy with consistent growth, supported by industries such as tourism, manufacturing, and technology.
  • Government Incentives: Initiatives like the Board of Investment (BOI) promotions allow 100% foreign ownership in approved sectors and provide tax breaks, reduced import duties, and other benefits.

Choosing the Right Company Structure

When registering a company in Thailand, selecting the appropriate business structure is crucial. Common structures include:

1. Thai Limited Company

The most popular option among foreign entrepreneurs.

  • Shareholders: Requires a minimum of two shareholders, reduced from the previous requirement of three.
  • Liability: Shareholders’ liability is limited to their investment in the company.
  • Flexibility: Suitable for a wide range of business activities.

2. BOI-Approved Companies

Businesses in certain industries, such as technology, renewable energy, and manufacturing, may qualify for BOI promotion, allowing:

  • 100% foreign ownership.
  • Tax exemptions and other incentives.

3. Representative Office

For non-revenue-generating activities like market research or regional liaison, a Representative Office is a good choice.

4. Companies Without Local Shareholders

Certain businesses that do not operate in Thailand or sell directly to the Thai market may register a company without local shareholders. This is often the case for companies focused on international trading, consulting, or IT services.

Requirements to Register a Thai Limited Company (2025)

To register a Thai Limited Company, you need to meet the following criteria:

  • Shareholders: At least two shareholders, who can be Thai or foreign nationals.
  • Directors: At least one director, who can be of any nationality.
  • Registered Capital: For foreign-owned companies, a minimum of THB 2 million is common, though higher amounts may be required for work permits.
  • Registered Address: A physical address in Thailand for the company’s headquarters.
  • Memorandum of Association (MOA): This document outlines the company’s name, objectives, and shareholder details.

Step-by-Step Guide to Registering a Company in Thailand

Here’s a practical breakdown of the process:

1. Name Reservation

  • Submit up to three preferred company names to the Department of Business Development (DBD).
  • Ensure the names comply with Thai regulations and are not already in use.

2. Draft the Memorandum of Association (MOA)

  • The MOA includes the company name, objectives, registered address, and shareholder details.
  • It must be filed with the DBD.

3. Hold a Statutory Meeting

  • Shareholders meet to approve the MOA, appoint directors, and establish the shareholding structure.

4. Company Registration

  • Submit the MOA, Articles of Association, and resolutions from the statutory meeting to the DBD.
  • Once approved, the company will receive a registration certificate.

5. Tax and VAT Registration

  • Register for a Tax Identification Number (TIN) and VAT if the company’s annual revenue exceeds THB 1.8 million.

6. Open a Corporate Bank Account

  • Use the company’s registration documents to open a Thai corporate bank account.

Documents Required

To register a company in Thailand, the following documents are typically required:

  1. Approved company name reservation form.
  2. Memorandum of Association (MOA).
  3. Articles of Association.
  4. List of shareholders with their identification details.
  5. Directors’ details and consent to act as directors.
  6. Proof of the registered business address, such as a lease agreement.
  7. Power of Attorney (if filing through a representative).

Timelines for Registration

The time to register a company in Thailand depends on the business structure and documentation. Typically:

  • Name Reservation: 1-2 business days.
  • MOA and Articles of Association: 1-3 business days.
  • Company Registration: 3-5 business days.
  • Tax and VAT Registration: 1-2 business days.

In total, the process can take 3 to 10 business days.

Next Steps After Registration

Once your company is registered, follow these steps to ensure smooth operations:

  1. Appoint or Hire an Accountant
  • Thai law requires accurate bookkeeping and adherence to Thai Financial Reporting Standards (TFRS).
  1. Apply for Work Permits and Visas
  • Foreign directors and employees need work permits and long-term visas to work legally in Thailand.
  1. Obtain Necessary Licenses
  • Some businesses require additional licenses, such as a Foreign Business License or specific trade permits.
  1. Set Up Corporate Governance
  • Establish policies for holding meetings, filing annual reports, and ensuring compliance with legal obligations.

Key Considerations for Foreign Entrepreneurs

  • Local Shareholder Requirements: Businesses that don’t operate in Thailand or sell to the Thai market can often register without local shareholders, avoiding the restrictions under the Foreign Business Act.
  • BOI Promotions: If your business qualifies for BOI incentives, you can benefit from full foreign ownership and significant tax advantages.
  • Regulatory Updates: Stay informed about changes in Thai laws to ensure ongoing compliance.

Conclusion

Registering a company in Thailand offers tremendous opportunities for foreign entrepreneurs, but navigating the process requires a clear understanding of the country’s regulatory framework. By selecting the right business structure and meeting the necessary requirements, you can establish a strong foundation for your operations.

Whether you’re setting up a Thai Limited Company or exploring BOI incentives, partnering with professionals ensures a seamless registration process. At Thai R Corp Accounting, we specialize in helping foreign businesses succeed in Thailand. Contact us today for expert guidance tailored to your needs.