Why do you need a Business consultant in Thailand to register a company?

Even though it is an amazing country with plenty of wonderful destinations, Thailand is also a good place where to set up a company. Here, millions of tourists arrive annually making the economy flourish. This fact attracted the attention of many foreign investors and not only.

People who came to Pattaya as tourists have been amazed by Thailand’s potential for doing business and opened their own companies here. People who moved to Thailand also decided that opening a business was the easiest way to earn money. It is certainly the best thing to do as a foreigner in Thailand. 

Now, it is your turn to start a business and enjoy the financial benefits. If you have a business idea, go for it, but take into consideration that registering a business in Thailand is far to be an easy process. You will need vast knowledge about the laws, restrictions, approval conditions, and much more. You can lean on specialists in business consultancy. J & E Concierge is the best business consultant in Thailand for foreigners who intend to open a company.

We will help you to better understand the country’s legislation and the steps you have to take to develop your business plans. Working closely with the immigration department, we detain all the necessary information about how to register a company in Thailand, Pattaya. 

If you are interested in this subject, look closely because we are about to share it with you. Discover the business operating licenses you need and how to register a company in Thailand from the article below. You will conclude that you will surely need us as business consultants for your future company. 

Thailand is divided into 77 provinces. Each of them has specific laws, cost structures, and approval criteria. So, you will have to pick carefully the business location considering the territory’s conditions for foreigners. Nevertheless, you will have to investigate which locations suit the most your type of business. If you are not familiar with Thailand, you will certainly need a specialized advisor and a business consultant for this. Fortunately, we are here to guide you with valuable information and advice so you can open a business easier in Pattaya, Thailand, with no stress, or complications.

 In Thailand are 7 business forms for companies:

– Partnership – a type of business where two financial entities or partners unite their capitals, and then carry together business activities. Partnerships are popular in Thailand because they are very easy to set up. On the other hand, foreigners may cause complications as foreign partnerships are very restricted within the country. 

– Limited company – it is the most recommended business structure for foreigners. It is formed with capital divided into equal shares and is usually conducted by directors, promoters, and shareholders. 

– Joint venture – these represent business arrangements within parties, where the joint venture party has rights and obligations the same as shareholders of the company.  

– Representative office – is an important form of business organization in Thailand that is concerned with helping foreigners with the import and the export of goods with non-income related activities. The presence of such a business doesn’t need a Foreign Business License.

– Branch offices – a type of foreign company that works as an extension of its foreign head office. 

An international headquarters is a type of Thai company that provides activities to its branches and associated enterprises. 

– Regional office – a business structure whose presence in Thailand is bound to a parent company. 

Each type of business offers both advantages and disadvantages that you should consult before registering your company. The most common type of business foreigners usually set up in Thailand is the limited liability company. This is a private company that includes a Memorandum of Association and Articles of Association.

 Other particularities of this type of business are:

– Its shares cannot be offered to the public;
– There are no minimum or maximum shares capital requirements;
– The company is managed by a board of directors and needs at least 3 shareholders;
– The directors of the company must hold regular meetings each year to get shareholder approval of the company’s audited financial statements.

Read more: Open a small business in Pattaya, Thailand

If you want to invest in opening a business in Pattaya, Thailand as a foreigner, you should also know that for instance, you have the right to own only 49% of the company. But, don’t worry, you can get 100% ownership as well. All you have to do is to obtain the following:

– Foreign Business License;
– Promotion from the Board of Investment (BOI);
– Register through the Treaty of Amity (optional).

 We want you to know that to register a business in Pattaya, Thailand, you will need a lot of permits, documentation, and licenses. Another important aspect of opening businesses is the imposition of taxes. Companies are obliged to deduct monthly withholding income tax from employees’ salaries and send it to the Revenue Department, then pay the 7% VAT.

 Annually, at the end of each fiscal year, limited companies must prepare audited financial statements to be approved by shareholders. Therefore, you will have to allocate money and a lot of time within this process. With the help of professional business consultants, you can learn how to register a company in Thailand. So, go for opening that business with no stress that you will encounter mistakes, difficulties, or problems. 

You have to consider all the country’s laws regarding foreign business. There are specific rules and restrictions for each business. Without the minimum knowledge about the conditions to register a business, you won’t be able to succeed.

Private companies must obey the legal rules regarding accountancy as they are specified in the Civil and Commercial Code, the Revenue Code, and the Accounts Act. Often, the accounting procedures are the most challenging. Luckily, we are by your side in this process and are open to help you open a business and gain 100% authority over it. J & E Concierge can help you start a business faster, easier, and without problems. 

Even though the process of registering a business in Thailand may scare you a bit, know that Thailand is very open to supporting foreign investments. You may indeed need a bit of help with the business operating licenses in Thailand. But companies are always receiving a good welcome. Thailand is a very friendly and promising country to foreigners. New companies get encouragement and support to develop themselves. That’s why, in the past decades, more and more foreign investors moved their business here.

 In business, owners must know how the audit and the revenue work. Every limited company in Thailand annually must audit its financial statements. Such an audit report consists of preparing and submitting annual balance sheets. The better you will manage them, the more you will increase your company. The Thai government rewards companies that keep their accounts in good shape. Therefore, you can obtain lower annual costs for the company.

If you have no experience with business accounting, you will need someone able to take care of this activity. We are the business consultants who provide you with professional services of accounting and auditor. By choosing us, you will receive the best accounting services and more time for you to take care of your business.  

Read more: Thailand accounting company in Pattaya

Depending on the type of your business, you will need specific licenses. Making the submissions to Thai authorities can be difficult if you are not familiar with the Civil and Commercial Code of Thailand.

To better understand what you need to prepare, let’s take some examples. If you are about to operate a restaurant, you will need a food license. For serving drinks that contain alcohol, it is required another specific permit -an alcohol license. Both of them are available for 1 year, then must be renewed. The Thai government requires specific license certificates for each industry. Registering a company also requires acquiring a license and even a work permit for business activities.

The application for registering a business in Thailand is usually very complex and time-consuming. Doing business in Thailand is also very complicated. It may take several weeks to finish these processes. You will surely need someone who knows the registration procedures, how to proceed with the required documents, and also someone able to communicate in Thai. This will simplify your work and will save you from making any costly mistakes. 

Your accounting in Thailand must be handled by experts in this domain. When it comes to business operating licenses in Thailand, J & E Concierge is the best company you can choose. Our team is composed of specialized accountants who speak fluent English and are driven to enhance your company’s success. 

Always up-to-date with Thailand’s regulatory requirements, our experts will help you get the best results effortlessly. We provide you with accurate and actualized financial reporting about your business every month and every year.

Just contact J & E Concierge for help. We offer a variety of services in the business domain, such as Company Registration, Business Visas, Work Permits, Business Operating Licences, Trademark Registration, Company Financial Reports, Accountancy Assistance, and Auditing Services. With us, foreign investors can open foreign business structures in Thailand and even obtain ownership of the company.

If you are a foreigner wishing to work, conduct business, or undertake investment activities in Thailand, do not hesitate to get in touch with us. We have valuable knowledge about business accounting and can offer you professional financial accounting services. Our company administration services are exactly what your company needs to increase its profit and lower its costs.

Read more: How to set up a business in Thailand, Pattaya?

Here is a list of our services regarding Thai accounting for businesses:

– Balance sheets;
– Income statements;
– Aging schedules of accounts receivable and payable;
– Fixed assets and depreciation registration

Do you need any of these services? Give us a sign and we will contact you back as soon as possible!