Frequently Asked Questions
At B-Corp, we understand that the prospect of approaching the legal and accounting aspects of business in Thailand can be daunting. Below are some of the questions that we frequently get asked.
Q. How do I set up a company?
Establishing a company in Thailand can be quite complex and there are a wide variety of business structures that are available. These include sole proprietor, an ordinary or limited partnership, a representative office, a regional or branch office, a joint venture, a limited company and even a foreign company. Depending on your own individual requirements, B-Corp can work with you to ensure that setting up the company is easy thanks to our expertise and experience.
Q. How long does company registration take?
Once again this will depend on the type of company that needs to be setup. The more straightforward Thai Limited Companies can take a matter of days, whilst more complex BOI companies, for instance, will take longer. Our team can discuss this with you after establishing the type of business that you will need to meet the legal requirements in Thailand.
Q. Why should I work with a legal firm?
The simple reason is that because we are professionals who deal with this on a daily basis. Through our extensive knowledge, we know the best course of action to make the entire process as straightforward as possible.
Q. What is Corporate Income Tax (CIT)?
Like in all countries around the world, businesses must pay tax on the profits that they make. In Thailand, this tax is known as Corporate Income Tax which commonly shortened to CIT. There are different rates that need to be paid depending on the levels of profit, type of business and in some cases, the location of the business. This is something that can be discussed in greater depth with one of our knowledgeable consultants.
Q.How do I get a Non-Immigrant B Visa?
All foreigners who work in Thailand require a Non-Immigrant B Visa to do so legally. This type of visa is normally issued initially outside of the country at a Thai Embassy or Consulate. The visa can then be extended at the Immigration Department once a work permit has been obtained. There are some cases where this can alter marginally and this can be discussed on an individual basis.
Q. How do I pay my taxes?
Taxes can be paid online or at the Revenue Department. Obviously, forms need to be completed correctly and in Thai language. This is something that here at B-Corp we can assist you with.
Q. What is Corporate Secretarial?
Corporate Secretarial is professional assistance with the administration side of the business. This may include, change of directors, increasing the amount of capital or changing the company’s objectives. These are all things that can be quite complex, especially if it is an area that you aren’t familiar with.
Q. How do I get a Work Permit?
To get a Work Permit in Thailand you must first have a valid Non-Immigrant B visa. Other restrictions are also imposed such as capital requirements, the employment of Thai nationals and the business sector. The Work Permit is issued by the Thai Labour Department.
Q. Can I have full ownership on my company
The good news to this question is ‘yes’ you can but not in all circumstances. Branch or Regional Offices, for instance, can be fully foreign owned whereas a Thai Limited Company can’t. Once again, this is something that could be discussed once you own circumstances are understood.
Q. How long does it take to get a Work Permit?
This will depend on your circumstances but using a company such as B-Corp will mean that the process is significantly faster. As a ‘one-stop shop’ type of office, we will make sure that all requirements are met and the paperwork is completed correctly. Naturally, this speeds up the process.
Q.What is BOI?
BOI is the Board of Investment. It is a scheme that offers a variety of incentives to foreign companies to invest in the Kingdom. These incentives include tax-breaks, reduced Thai national number requirements as well as further assistance with running your business. There are restrictions on which business sectors can apply for BOI status.