A limited Company, especially a private Thai Limited Company, is one of the most common types of business structures in Thailand. Its key highlights are as follows.
- Shareholder’s liability is limited to the amount left unpaid on his/ her shares.
- There is a difference between the management and the owners.
According to Segment 1096 of the Thai CCC (Civil and Commercial Code) “A constrained organization is that sort of which is shaped with a capital partitioned into equivalent offers, and the risk of the investors is restricted to the sum, assuming any, unpaid on the offers separately held by them.”
Private Limited Company incorporation needs the following.
- At least three promoters
- A minimum of one director
- An auditor
- Memorandum of association
- A statutory meeting
- Registration of the incorporation documents.
Adherence to the accounting procedures as mentioned in the Civil and Commercial, the Revenue Code, and the Accounts Act is imperative. It is necessary to prepare an annual balance sheet and it must be filed with the Department of Revenue and Commercial Registration. Moreover, companies should also retain income tax out of the salary of their regular employees.
What are the Brief Procedures to Register a Thai Limited Company?
- Hold the Name of the Proposed Company
- Name reservation of the Thai Limited company must adhere to the guidelines of the Business Development Office in the Ministry of Commerce amidst all the other guidelines.
- Document a Memorandum of Association
- The Memorandum of Association of the Thai Limited organization must be documented with the concerned Thai authorities.
- Arrange a Statutory Meeting
- The Thai Limited organization must arrange for a statutory meeting to make all the appointments concerned with the organization.
- Organization Registration
- It is imperative for the Thai Limited Company to be registered with the Thai Government.
- VAT or SBT Registration
- Based on the business the organization is in and based on the business activities involved, the Thai Limited Company may be required to register for Specific Business Tax or Value Added Tax.
Thai Limited Company is one of the most well-known types of business registrations in Thailand. BLS is a full-fledged Thai law firm, offering comprehensive registration services. Our team of Thai lawyers would help you with the required guidance while you register your company in Thailand.