Many entrepreneurs are spreading around the world, thanks to the developing digital tech that we currently enjoy and in this short blog, we aim to offer useful information for those who are relocating to Thailand and wish to set up a business.
Table of Contents
Types of business registration
There are 3 main types of business entity that you can register:
- Representative Office – This is ideal for a foreign company that wishes to open an office in Bangkok; a non-trading entity that enables market research and is quite easy to set up.
- Private Limited Company – If you partner up with a Thai or Thais and they hold 51% of the company shares, while you hold the remaining 49%, then you have a trading entity that is subject to local laws. You can also obtain a work permit and long-term visas as you are a business owner.
- Branch Office – Perfect for a foreign company or corporation that wishes to open an office in Bangkok.
We advise you to seek out an English-speaking Thai lawyer who can advise you regarding your options, plus he or she can scan the small print.
Bangkok accommodation
Find a condo for rent in Bangkok and stay there until you find a property you would like to buy; many foreigners prefer to stay with rentals, as you are never tied for longer than 12 months. There are good real estate agents where you can find the best listings and they know the rental process inside out and can facilitate private viewings for any properties that interests you.
Outsource essential business services
Of course, you want a professional-looking website and the good news is, you can find a single provider for all your IT needs. They can design, build and host your platform and should you wish them to run the site, they can do that. Hire a local bookkeeper and accountant to ensure you are in compliance with the many laws relating to commerce. Cyber-security is another essential service you need.
Hiring local employees
There are recruitment agencies that can screen all applicants and provide you with a shortlist of candidates to interview; make sure you have a lawyer draft employment contracts and you can manage your workforce if you have a work permit. Outsourcing means you don’t have any employer liabilities, which suits many entrepreneurs, plus you can terminate the service at a minute’s notice.
Check out the Thai Board of Investment website that offers a lot of information for foreigners wishing to set up business in Thailand, which we recommend you read. When you think you are ready to go ahead with the business registration, make contact with an international law firm with offices in Bangkok. The legal professional can guide you through the process.
We hope that this article helps you to gain a deeper understanding of setting up a business in Thailand.
