If you are one of the thousands of western expats who love living in a tropical paradise that is Thailand, you are probably planning creating a business to support your luxury lifestyle. Like most countries, the Royal Kingdom of Thailand offers attractive incentives for foreign business people, which can be found on the Thai Board of Investment website.
Here are a few tips to ensure a smooth transition when setting up a business in Thailand.
Examine All The Business Registration Options
For a foreigner who wishes to register a new business in Thailand, there are numerous options. You might be planning to carry out some market research before actually trading, in which case you should register a non-trading regional branch that allows you to carry out essential market research. You might prefer to set up a limited company, with your Thai spouse as the majority shareholder, which is ideal if you are planning to open a resort or restaurant.
Board Of Investment
Search online for a BOI registration law firm in Thailand, and they can explain the many benefits when you register a business via this organisation. The Thai government fully supports foreign investment, providing it falls within permitted sectors and the BOI lawyer can quickly tell you where you stand. While 100% foreign ownership is possible, you might prefer to partner up with a local, which brings with it many benefits and a local English-speaking lawyer can assist you by putting you in touch with potential local business partners.
The Right Visa Type
As with most countries, there are many types of visas for foreigners wishing to stay in Thailand and if you’re planning on working, you will need a work permit and corresponding non-immigrant visa, which the lawyer can process on your behalf. Working illegally is not something we advise you to do. There are serious penalties for this offence and a good lawyer will make sure you are always compliant.
Accounting & Bookkeeping
Of course, your business will have to file tax returns and if you hook up with a leading Thai law firm based in Bangkok, they can source 3rd party professionals. It is best to set this up at the very outset, then you avoid any issues. The lawyer will inform you about opening bank accounts and depositing Thai baht as your working capital.
Employing Thai People
If you are going to hire Thais to work in your business, your lawyer can facilitate this. You need to employ a minimum of four Thais in order to employee one foreigner, which is something to discuss with the English-speaking lawyer. There are certain requirements when you register a foreign business and the lawyer will ensure that you are in full compliance.
When you first arrive, Thailand can be a little overwhelming, which is why you need the services of an English-speaking law firm that has offices in Bangkok. They can help you in many ways and thanks to digital tech, the entire process can be completed remotely.