What is a Thai Limted Company? |
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A Thai limited company, particularly a Private Thai Limited Company is the most popular form of business structures in Thailand. Due to the fact that not only are the Shareholders’ liabilities limited to the amount of the shares they possess, but a Thai private limited company also allows separation between investor’s body and managerial body.
Section 1096 of the Thai CCC has provided that “A limited company is that kind of which is formed with a capital divided into equal shares, and the liability of the shareholders is limited to the amount, if any, unpaid on the shares respectively held by them”
A Private Thai limited company requires a minimum of three promoters and must file a memorandum of association, convene a statutory meeting, register the Private Thai limited company, and obtain a company income tax identity card.
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They must also follow accounting procedures specified in the Civil and Commercial code, the Revenue Code and the Accounts Act. A balance sheet must be prepared once a year and filed with the Department of Revenue and Commercial Registration. In addition, companies are required to withhold income tax from the salary of all regular employees. |
Brief procedures to register a Thai company |
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- Reserve your proposed company name:
The Thai limited company name reservation must follow the guidelines of the Business Development Office in the Ministry of Commerce amongst other guidelines.
- File a Memorandum of Association
The Memorandum of Association of the Thai limited company must to be filed with the relevant Thai authorities.
- Convene a statutory meeting
The Thai limited company must convene a statutory meeting to make all the appointments.
- Company Registration
To establish the Thai limited company it has to be registered with the Thai government.
- Tax registration
All companies in Thailand have to be registered for tax purposes
Thai limited companies are the most common form of business registration in Thailand. We are a full service Thai law firm. Let our Thai lawyers or any of our foreign lawyers provide you with guidance when registering your limited company in Thailand. At Siam Legal we pride ourselves on not only offering you the best legal service, but as a full service law firm we also offer tax advice and an accounting service.
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