Business in Thailand

From a traditionally agricultural country, more than half of which consists of farmers, Thailand is sweeping towards industrialization, currently leaning heavily on agro-based industry, diversification of natural resources and exports (Prachimdhit, 1990). Adopting the Buddhist philosophy and policy of taking the middle path as its economic direction, Thailand has successfully achieved and balanced its three-fold objectives of growth, economic stability, and a fair distribution of incomes. It has earned recognition as one of the fastest growing and successful economies in the world. Its high GDP/PPP in the Southeast Asian region compares well with other newly industrializing countries and is expected to sustain that pace in the oncoming generation (Prachimdhit, 1990). These vigorous economic accomplishments have called much attention to Thailand as a favorable environment for business and investment. In embarking on promising entrepreneurship in Thailand, you will need to follow these simple steps: Choosing Your Type of Incorporation Thai laws allow four types to suit your goal. You may need to consult a local lawyer to deal with the complexity and the time required to set up your desired business or investment. We can recommend one to provide you with precise expertise and professionalism. The types are: Limited Company This

Documents needed when registering a company in Thailand Obtaining a Non-immigrant Visa If you want to work in Thailand, you need a work permit. However, before you can apply or be issued a work permit you must have a non-immigrant visa. This is required to apply for a work permit. Ideally, it should be acquired prior to your arrival in Thailand. Law firms like Siam Legal International can assist you in obtaining it in your home country or in a nearby country near Thailand. In addition, they can help you convert a tourist visa to a non-immigrant visa inside Thailand but it can take up to 1 or 3 months for this conversion process. Requirements for getting a non-immigrant visa outside the country: The applicant has been offered a job or starts a Thai company to employ himself/herself The company requests that the applicant be given a non-immigrant visa so the company may apply for a work permit for him/her The company knows the person to be dependable, upstanding, and law-abiding and that they will respect the laws and customs of the Kingdom of Thailand. You should apply for this visa within 30 days before you plan to depart your

Branches of Foreign Companies There is no special requirement for foreign companies to register their branches in order to do business in Thailand. However, most business activities fall within the scope of one or more laws or regulations which require special registration, either before or after the commencement of activities. Foreign business establishments must, therefore, follow generally accepted procedures. It is important to clarify beforehand what constitutes income subject to Thai tax because the Revenue Department may consider revenues directly earned by the foreign head office from sources within Thailand as subject to Thai taxes. As a condition for approval of an Alien Business License to a branch of a foreign corporation, working capital amounting to a total of five million baht in foreign exchange must be brought into Thailand within certain intervals over a four-year period. The branch may be allowed to operate for a period of five years, unless a shorter period is indicated in the application as a result of a contract to be performed in Thailand. Extension of the original duration of the license to operate may be granted, provided the working capital required to be brought into Thailand is met. A representative office of foreign