Guide Starting a Business

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Private limited companies are able to claim tax deductions in many categories. If you move some of your personal expenses to company expenses, they may tax-deductible. For example: training, research and development, entertainment expenses, donations, wear and tear, etc. Doing business inside and outside of Thailand can be made easy by registering your company here, where associates can see your official status as a sign that your business deals are trustworthy and backed by company liability.

Paperwork, registration, accounting services — all of these costs must be taken into account when planning to start a company. A reasonable estimation of the cost of setting up a company with 2 million bath of registered capital and 1 foreigner working with a work permit could be about ,THB for the first year. This is simply an estimate, and companies set up in different ways and with more or fewer employees could be looking at somewhat lower or higher costs. If not, your company will be defined as a foreign company and foreign companies need permits and licenses, which can be expensive depending what you want to do.

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However, there are ways to keep control. You can also institute a quorum, a minimum assembly of shareholders for any meeting or decision. You can also have them sign over power of attorney or create other contracts to ensure that you keep control.

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Note that all of these rules must be initially established when setting up the company, so your Thai partners need to agree to them from the start. They can grant many benefits to foreigners wanting to invest large sums in the Land of Smiles, including special permission to start a company that is majority-owned by you. It takes time to incorporate and then time to run and operate a company no matter where it is. It takes also time to get a work permit, sometimes up to a couple of months.

There are many rules to learn and it will take you time to adjust and adapt yourself to Thai business practices. If you make a mistake, it might cost you additional time or fees.

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For example, if you forgot to submit a yearly tax report, your company will be fined. The Process of Setting Up a Company. If you have a great business idea, have found that the pros outweigh the cons, and have everything you require for setting up a company, then the next step is action. Here is the basic process you need to follow to set up a Private Limited Company in Thailand:. The name is reserved only for 30 days, so you must complete registration before this time or start again. Also share distribution and value must be described. At this time, the board of directors is selected as is an auditor.

Minutes from this meeting must be recorded and used for the registration application. Register your Company. Directors are responsible for submitting paperwork and signing the application to register with the Commercial Registration department. Register With the Revenue Department. This entails obtaining a tax number and corporate tax identity card. There are other steps depending what you want to do with your company.

As a final note, all official paperwork must be submitted in Thai, so this may be a change from how you would normally like to run things. Good luck with creating your company in Thailand! Sample Sidebar Module. Rules, Regulations, Guidelines Starting a Thai company.

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Search our Site. A Name, In Thai By law, your company name has to be written in Thai, though you can certainly use the English or other-language equivalent for day to day business. An Address You need to have your company registered at a physical address in Thailand. Company Objectives In essence, you need to define what your will do and what it will be for. Pros Juristic Person. Cons Costs. Latest News. Areas of Practice. Quick Links. Get directions on the map. Is the demand going to be great enough in the future, not just for a year or two? Once you're completely convinced you have the virtual better mousetrap, then you can proceed.

With the dozens of business-plan-in-a-box resources available online, there is no longer an excuse not to write not think, write a business plan before you launch your business. Why write a plan even if you are the only person who works in the business? Because it forces you to answer critical questions that you must not ignore if you want to have a strong chance of success. It doesn't have to be long. Make it a single page if you don't have the patience to do more. But it should answer these questions:.

According to small business CPA Michael Hanley, "The foundation for tax planning begins even before your first day of business operations. Of all the decisions a business owner will make, very few will have as great an impact as entity selection. Deciding whether to become a Sole Proprietorship, a Partnership, a traditional Corporation , an S-Corporation , or a Limited Liability Company LLC will have a long-lasting effect on the future tax implications of your business.

You can learn about the benefits and tradeoffs of each plan in a number of places and there are excellent, brief books on the subject, too. While your team consists mainly of employees, think more broadly. You may want to consider hiring a Virtual Assistant who's experienced in startups to handle the administrative tasks that come with launching a business. Along with starting a business come a variety of paperwork requirements that can't be overlooked, including:. No matter what type of business you start—selling physical products, offering up your services on a contract basis, building a digital product, or launching a startup—there are going to be ups and downs.

When going into business for yourself, it's incredibly important to set realistic expectations so that you're not winding up disappointed with your progress after the first few months of growing your customer base. Do your homework on your industry, gain momentum on the side before quitting your full-time job, and launch once you're already generating revenue for your business.

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Then, you'll be poised to grow from there. The Balance Small Business uses cookies to provide you with a great user experience. By using The Balance Small Business, you accept our. Entrepreneurship Entrepreneurship By Mitchell York. What is the purpose of the business? Who are my customers? How will I price, position, market and support my product?

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What are my financial projections for the business for the next years? Filing for applicable licenses and registrations from your state's government. Get guidance from your state's Office of Taxation website on which forms you will need to complete.

If proprietary intellectual property is an important asset to your business, you need to protect it immediately.