Thailand: Long-Term Resident (LTR) Visa
Comments Off on Thailand: Long-Term Resident (LTR) VisaThis guide explores the Long-Term Resident Visa (LTR), a visa designed for high-potential foreigners who wish to reside in Thailand for an extended period. If you have any questions, please do not hesitate to contact us at [email protected]
Buying a House in Thailand – Handover Checklist
Comments Off on Buying a House in Thailand – Handover ChecklistWhen the owner of residential property changes, the last step after the visit to the land office and the receipt of the money is crucial: the handover of the keys; after this, the previous owner moves out, and the buyer moves in. At this point, all documents are handed over, a joint tour of the house is made, and meter readings and defects are noted. It makes sense to draw up a protocol for the handover of possession so that the sale of the house does not have any repercussions. We have summarized what you should pay attention to in the house handover protocol.
Summary of the most important things to remember in a handover:
As with a condominium, a house is handed over at an agreed time after the purchase contract has been signed, usually only after the money has been received.
The handover occurs under the agreed conditions, typically in a “bought as seen” condition.
Before the keys are handed over, the buyer and seller tour the property together.
Defects are noted in the handover protocol, including the “to do” list, who will take care of these, and by what date.
It also lists all the previous owner’s documents to be handed over to the new owner.
The handover protocol may also be referred to as the takeover protocol, as meter readings are recorded, and it is noted which inventory/furniture is being taken over.
The buyer and seller sign the handover protocol, and witnesses present also sign if necessary.
The goal of a handover protocol for a house or condominium is a smooth transition without legal disputes. It protects both sides: for example, the buyer can claim unlisted, missing, or required documents from the seller. If defects occur after the handover, which the seller neither concealed nor is responsible for, he does not have to pay for these to be resolved.
What should be included in a house handover protocol?
A good handover protocol checklist includes:
- Names and contact details of the parties
- Time of the inspection
- Property data (address, last renovation, service charges paid until)
- Meter readings (heating, electricity, water meters)
- Furniture/inventory per room
- Defects – including the basement, attic, garage, outdoor areas such as the garden, etc. Examples include a crack on a wall, a leaking roof, and faucets not working. A record is taken of who will remove the defects, by when, and at whose expense.
- Repairs that have already been ordered or are still being paid for by the previous owner.
- The number of keys from the mailbox to the tool shed.
- A list of the documents handed over. Of particular importance are:
- Building description
- Building plans, floor plans, sketches, and static calculations
- Building insurance
- Property tax assessment
- Craftsmen’s invoices (especially relatively recent, larger ones)
- Inspection records (especially fireplace inspections by the chimney sweep)
- Operating manuals for building services/heating etc.
- In the case of condominiums, the minutes of the last three owners’ meetings and the declaration of division should also be included.
- Place, date, and signature of all who are present*.
*Optional: If witnesses accompany you during the handover, name them in the handover protocol and have them sign.
For more information about our real estate services please visit www.franklegaltax.com/services/real-estate/
If you have any questions related to property transfers or real estate in Thailand, please contact [email protected]
How To Legally Rent Out A Property in Thailand
Comments Off on How To Legally Rent Out A Property in ThailandAs part of the steady economic recovery from the COVID-19 crisis, Thailand is gradually attracting tourists back into the country. Due to the increased number of visitors, short-term rentals through platforms such as Airbnb, including daily rentals, are in high demand, encouraging villa and condominium owners to set up short-term rentals by allowing tourists to stay in their properties. However, it is important to understand the legal implications of setting up short-term rentals in Thailand as a host.
Below, we classify three different property scenarios:
- Condominium Units
In most condominiums, daily rentals are usually prohibited as condominiums are not legally recognized as hotels under the law. As a result, condominium unit owners must check the rules and regulations of that particular condominium and the previous minutes from co-owner meetings before deciding to proceed with short-term rentals through Airbnb, booking.com, Agoda, or similar websites, as there may be certain restrictions.
2. Landed Property
Whereas for villas, short-term rentals are much more flexible as, in most cases, there are no rules and regulations applicable as in the case of condominiums. It must be noted that according to Article 1 of the Ministerial Regulation B.E. 2551 (2008), a hotel license is needed for villas or buildings with over four rooms and a capacity for over 20 guests. For most villas, this threshold for a hotel license is usually not met. Furthermore, Section 4 (2) of the Hotel Act B.E. 2547 states that the definition of “hotel” does not include accommodations established for the purpose of monthly rentals. As a result, if the villa qualifies as a hotel in terms of size and capacity, but the property is rented out monthly only, it will not be subject to the Hotel Act, which means that a hotel license or a notification of a non-hotel is not required.
3. “Non-Hotel” Notification
If the condominium units or villas qualify as a non-hotel through daily rentals by having less than four rooms and for a capacity of 20 guests or less, a notification must be submitted to the local district office using the following documents:
- Land title deed/unit title deed
- House registration book of the villa/condominium unit
- Villa building permit
- Villa floor plan
- Company affidavit and other relevant company documents (if a company is the villa owner)
- ID card/passport of the owner/authorized director of the company
It is important to note that the illegal operation of a hotel is subject to a jail sentence for up to one year or a fine of up to THB 20,000 and an additional fine of up to THB 10,000 a day throughout the period of violation, according to Section 59 of the Hotel Act.
If you have any questions related to property in Thailand, please do not hesitate to contact us at [email protected]
Applying for Thailand’s Long-Term Resident Visa (LTR): Requirements and Qualifications
Comments Off on Applying for Thailand’s Long-Term Resident Visa (LTR): Requirements and QualificationsThe Thai government recently announced that they are making some changes to the Long-Term Resident Visa (“LTR”) requirements intending to attract more foreign residents to come to Thailand.
Kindly note that although the Thai cabinet and the Board of Investment (BOI) approve of this new LTR visa, there still has not been any official announcement from the Immigration Department as yet. Therefore we are still awaiting final confirmation for the time being.
This article will detail some of the currently discussed criteria and requirements for different application categories to live, work, and do business in the country. There are four categories of eligible persons:
1. Wealthy global citizen
The following is required to be eligible as a “Wealthy global citizen”:
a. Personal Income of no less than $80,000 USD per year in the two years before applying for the visa.
b. Directly invest in Thailand as an individual investor no less than $500,000 in at least one of the below items before applying for the visa:
- Thai government bond issued by the Ministry of Finance with over five years of remaining maturity at the time of application.
- Investment in a limited company or public company registered under Thai law, and investment in a venture capital company registered with the Securities and Exchange Commission (SEC), Thailand, excluding investment in the Stock Exchange of Thailand (SET).
- Investment in real estate (condominiums)
c. The net asset value should be no less than $1,000,000 at the time of application (excluding assets without proof of applicant’s ownership and assets without reliable market appraisal evidence such as artworks, amulets, cryptocurrencies, or memberships).
d. Health insurance with coverage not less than $50,000 with a remaining maturity of no less than ten months at the time of application or valid social security benefits which insures for hospitalization and treatment in Thailand or a deposit not less than $100,000 in a bank account at least 12 months before completing the application.
2. Wealthy Pensioner
The following is required to be eligible as a “Wealthy pensioner”:
a. 50 Years of age or older and receives a regular pension income of no less than $80,000 per year.
b. In case personal income is less than $80,000 but no less than $40,000 per year, applicants must have an investment not less than $250,000 in any of the following categories:
- Thai government bond issued by the Ministry of Finance with over five years of remaining maturity at the time of application
- Investment in a limited company or public company registered under Thai law, and investment in a venture capital company registered with the Securities and Exchange Commission (SEC), Thailand, excluding investment in the Stock Exchange of Thailand (SET)
- Investment in real estate (condominiums)
c. Health insurance with no less than $50,000 coverage through the entire period of stay in Thailand or social security healthcare, which insurers hospitalization treatment in Thailand.
3. Work-from-Thailand Professional
The following is required to be eligible as “work from Thailand professional”:
a. Before applying for the visa, personal income should be no less than $80,000 per year in the past two years leading up to the application. In case annual personal income is less than $80,000 but not less than $40,000 in the past two years, applicants must have a master’s degree (or above) and own intellectual property.
b. Health insurance policy with no less than $50,000 coverage through the entire period of stay in Thailand or social security healthcare, which insures for hospitalization treatment in Thailand
c. At least five years of working experience in the relevant field to the current employment
d. The current employer must have one of the following types:
- a public company listed on the stock exchange in any country, or
- a private company that has been in operation for at least three years and has a total combined revenue of more than $150 million in the last three years.
4. Highly-Skilled professional
The following is required to be eligible as a “highly skilled professional”:
a. Highly skilled professionals working in business in targeted industries in Thailand.
b. Experts in targeted industries, working for a Thai government agency or a higher education institution, or a specialized training institution in Thailand
c. Personal income of no less than $80,000 per year in the past two years
d. In case annual personal income is below $80,000 but no less than $40,000 in the past two years, applicants must have a science and technology master’s degree or above or have particular highly-skilled expertise relevant to the job assignment in Thailand
e. No minimum personal income for experts working for a Thai government agency or a state-owned higher education institution, or a state-owned specialized training institution in Thailand
f. Heath insurance policy of no less than $50,000 coverage through the entire period of stay in Thailand or social security healthcare, which insures for hospitalization treatment in Thailand
g. At least five years of working experience in the targeted industries except for applicants working for a Thai government agency or a state-owned higher education institution or a state-owned specialized training institution in Thailand or applicants with a doctorate
For more information about our immigration or work permit services in Thailand, please visit www.franklegaltax.com/services/immigration-work-permits or contact us at [email protected]
Thailand’s long-term resident visa (LTR) fee to be reduced by 50%
Comments Off on Thailand’s long-term resident visa (LTR) fee to be reduced by 50%Thailand’s cabinet has decided to halve the long-term resident (LTR) visa fee, bringing it down to 50,000 baht. The visa is designed for foreigners who have “high capability or potential” and would like to live in Thailand for up to ten years. This means that eligible highly skilled foreigners can now apply for the visa and pay a one-time fee of 50,000 THB in order to stay in Thailand for up to 10 years.
For full details about the long-term visa offering, please read our article here: www.franklegaltax.com/thailand-to-offer-10-year-visas-targeting-wealthy-foreigners/
The visa targets four groups of foreigners, their partners, and at most four children who are 20 years old or younger. Included in the scheme are high-income individuals, foreign pensioners, people who wish to conduct their work in Thailand, and experts from specialist fields.
Based on the revised guidelines, groups included in the scheme, such as pensioners and wealthy foreigners, are required to hold insurance coverage that is at least US$50,000, which will cover medical fees, and is valid for at least ten months, or they may show a social security certificate that covers the individual’s medical expenses while residing in Thailand. Alternatively, the applicant may use a cash deposit of at least US$100,000 that has been held in a domestic or a foreign bank account for 12 months prior to applying for the visa.
Those in the high-income earner bracket must have an average annual income of US$80,000 for two years before applying for the visa.
In order to apply under the foreign specialist’s category, the applicant is required to produce an employment contract from a company in Thailand or abroad. They must also provide evidence that they have worked in the “targeted industries” for a minimum of five of the ten years before applying for the long-term visa.
There are for those who plan to work in Thai state universities, government research institutes, specified state training institutes, or applicants who hold a Ph.D.
If you have any questions related to relocating to Thailand or related matters, please get in touch with us at [email protected]
What is a Share Pledge, and What Does it Involve?
Comments Off on What is a Share Pledge, and What Does it Involve?The pledge provides security in terms of performance by transferring a movable property from pledger to pledgee. Therefore, anything considered movable property can be pledged, even an instrument. An instrument is a document in which the issuer promises payment or right to a specific person, such as a bill of lading, a bill of exchange, or a share certificate.
In the case of a share pledge, the share certificate is not pledged property but what is pledged is the right to that share. A share certificate is only a certificate that certifies the right over that share to the owner.
There are specific requirements for the share pledge as prescribed under the Civil and Commercial Code (“CCC”), including:
- The share certificate must deliver to the pledgee, and the shareholder must notify the company in writing. Otherwise, the pledge is void (Section 750 of CCC).
- The creation of the pledge must be registered in the company’s share registration. Otherwise, such a pledge cannot be set up against the company or other third-party persons (Section 753 of CCC). In other words, the pledgee cannot request for dividend payment, or if a third party has legally processed such shares, the pledgee cannot claim its right against him.
In practice, the share pledge is used as security for collateral. The Pledger gets the money, and the Pledgee gets the right over such pledged share. While the shares are pledged, the dividend is still paid to the shareholders.
Please do not hesitate to contact us if you have any questions at [email protected]
Thailand Launches New Flexible Plus Programme to Attract Wealthy Foreigners
Comments Off on Thailand Launches New Flexible Plus Programme to Attract Wealthy ForeignersThe Tourism Authority of Thailand (TAT) recently released the new “Flexible Plus Programme” under the Thailand Privilege Card scheme. This programme is designed to attract high-income foreigners to stay and invest in Thailand by giving them a work permit and other privileges.
The initiative offers valid cardmember privileges for at least ten years, and the minimum fee is one million baht. Under the programme, they offer three types of cards which are:
- Elite Ultimate Privilege (EUP)
- Elite Superiority Extension (ESE)
- Elite Privilege Access (EPA)
Members of this program must invest at least USD one million within a year of the approval of their membership. It should be noted that the investment options must be from one of the following categories:
- Real estate
- Stock in the Stock Exchange of Thailand (SET)
- A Public Limited Company or Limited Company
Moreover, this program also gives privileges to the cardholder by changing the type of visa from Privilege Entry (PE) to a Non-Immigrant (B). Including their spouse and children, the member can change their visa type to Non-Immigrant (B). The benefit of this is that a Non-Immigrant (B) visa allows cardholders to apply for a work permit lawfully.
It should be noted that the program does not provide any benefits related to property ownership by foreigners.
Any member who wishes to extend their “Flexible Plus Programme” must show evidence of investments made every year to the TAT. Otherwise, the status will only be valid for five years.
Please let us know if you have any questions by contacting us at [email protected]
Digital Asset Taxes for Cryptocurrency and Digital Tokens
Comments Off on Digital Asset Taxes for Cryptocurrency and Digital TokensThe revenue department’s announcement regarding taxing cryptocurrency has been in effect on 13 May 2018; however, investors continue to face confusion, controversy, and other difficulties.
In January, the department held a public hearing with representatives from the public and private sectors. To explore digital asset tax guidelines, representatives from the Bank of Thailand, the Securities and Exchange Commission (SEC), the Thai Digital Asset Association, the Fiscal Policy Office and investor groups met to arrive at a digital asset tax collection approach appropriate for the current situation.
The guidelines are under the Revenue Code Amendment Act (No. 19) B.E. 2561 (2018). The taxable transactions must be conducted through the digital asset exchange platform under the SEC only. These are as follows:
- Assessable income tax (net profit/capital gain) can be calculated so that the loss is the offsetting of losses against gains within the same tax year. If losses arise from any cryptocurrencies/digital tokens incurred in the same tax year, these can be offset against the profits. However, only transactions involving digital assets that are regulated by the Office of the Stock Exchange of Thailand and the Stock Exchange of Thailand are permitted.
- Withholding tax: if the payee cannot be identified and is unaware of the amount of income to be withheld, there is no requirement to withhold tax.
- The value-added tax (VAT) shall be an exemption for the transactions conducted through business operators or exchanges regulated by the SEC and on digital assets issued by the BOT.
The Revenue Department has classified cryptocurrency and digital token income earners who are expected to file personal income tax by submitting a personal income tax return (PND 90/91) by 31 March 2023 into five categories:
1.Exchange or disposal of cryptocurrencies or digital tokens
The income derived from trading, exchanging, selling, transferring, or disposal of cryptocurrency/digital tokens is regarded as assessable income under Section 40 (4) (g) of the Revenue Code Amendment Act (No. 19).
The income and profit from the sale, payment, transfer, or trading of the cryptocurrency and digital token shall be calculated as follows:
- The First In, First Out (FIFO) method assumes that cryptocurrencies or digital tokens purchased first are sold first.
- The moving average cost is the cost calculation for each type of cryptocurrency/ or digital tokens is determined by the average cost of the same type of cryptocurrencies/ or digital tokens at the beginning of the year as the cost of cryptocurrencies/ or digital tokens purchased during the year. This is calculated every time you buy cryptocurrencies/ or digital tokens.
Once a costing method is selected, it must be followed throughout the tax year. And the cost must include the necessary expense such as transfer fees and other expenses.
2.Cryptocurrency mining
As of the date of receipt of mining cryptocurrencies, they are not considered assessable income.
When the mined cryptocurrencies are sold, paid, transferred, or traded, they are considered assessable income under Thai Revenue Code Section 40(8) by deducting expenses incurred as necessary and reasonable. However, the miners must keep relevant documentation and prepare the cost accounting such as computer maintenance costs, employee wages, electricity bill and internet fees that occurred in the tax year, including expenses that are in the nature of investments in assets such as computers, which are gradually deducted from the property’s depreciation as required by law.
3.Getting paid in cryptocurrencies as salary or wages
The employees are paid a salary in cryptocurrencies as income, as employment is considered under Section 40 (1) assessable income.
The employees who received remuneration in cryptocurrencies are deemed as income whether from the job, or the position employees are employed. Whether a full-time or a part-time job, it is considered the recipient of the assessable income under Section 40(2).
If the employees are receiving a salary that is assessable income under Section 40 (1) and receiving wage which is assessable income under Section 40 (2) from the same employer, the recipient of the income must collectively present it under Section 40 (1).
4.Receiving cryptocurrencies as a gift, award, prize
Receiving cryptocurrency/digital tokens from giving or receiving as a gift is considered income under section 40 (8), for example, as a giveaway when participating in an event or receiving promotional rewards.
A digital cryptocurrency valuation can be made by calculating cost and revenue using its value at the time of acquisition or its average price on the date of purchase.
When receiving cryptocurrency/digital tokens and the value has been taxed, they can be used as a cost in calculating tax when sold.
5.Return on Investment from holding a digital token or cryptocurrencies such as Yield Farming or Staking.
Under Section 40 (4)(h), it is considered income: profit-sharing or similar benefits derived from holding digital tokens.
Both cost and revenue measurements for digital tokens are based on the value at the time of acquisition or the average price on the date of purchase.
In the case of receiving digital tokens and the value has been taxed, they can be used as a cost in calculating tax when sold.
If you have any questions, please contact us at [email protected] or +66 02 117 9131.
Government Regulations for Rental Business
Comments Off on Government Regulations for Rental BusinessDue to the increasing popularity of condominiums and apartments in the city, which comes with several issues related to rental and utility bills; as a result, the Contract Committee of the Consumer Protection Board has issued a new notification, the Stipulation of Residential Property Leasing as a Contract-Controlled Business B.E. 2562 (2019) (the “Notification”), published on 31 October, 2019, this new Notification has canceled the earlier Notification the Stipulation of Residential Property Leasing as a Contract-Controlled Business Contract-Controlled Business B.E. 2561 (2018).
Some of the key requirements under the new Notification are detailed as follows:
- Residential property leasing business means a business that leases (or subleases) five units of property or more to individual lessees, for residential purposes, for a fee charged by the business operator, regardless of whether the units are in the same building or not. This includes all types of residential property that are leased for residential purposes, except for dormitories and hotels, which are regulated with different regulations.
- Residential lease agreements must include a Thai version and certain information mandated by the Notification.
- The business operator’s right to terminate the agreement must be written in red or black letters, or in bold or italics, and underlined, or emphasized in other ways that make such terms more pronounced than the other content of the agreement.
- Invoices for the rental fee, public utility fee rates and service fee rates must be sent to the lessee at least three days prior to their due dates, and the lessee will have the opportunity to inspect the information on the invoices relating to the payments.
- Details of the physical condition of the property and its contents, inspected and acknowledged by the lessee, must be attached to the lease agreement.
- Show a calculation method of utility rates such as electricity bills, water bills, telephone bills.
- The security deposit must be immediately returned to the lessee at the end of the agreement unless the business operator must investigate any damage to ascertain whether or not it is the responsibility of the lessee. If the lessee is found not to have caused such damage, the security deposit must be returned within seven days from the end of the agreement and the business operator retaking possession of the property. The business operator is also responsible for any expenses incurred in returning the security deposit to the lessee.
- In case the agreement has a fixed duration, the lessee has the right to terminate the agreement before expiration, provided the lessee has leased the property for no less than half of the period specified in the agreement by providing at least 30 days advance written notice to the business operator, and must not be in default in respect to paying the rental fee or other expenses.
- The business operator can only terminate the agreement if the written notice has been given to the lessee to rectify the breach within 30 days of receipt and the lessee fails to do so. However, only 7 days advance notice is required if the cause of termination results from actions of the lessee that affect the livelihood of other lessees. No advance notice is required if the lessee does not comply with the law and the regulations relating to public order and good morals.
Under the new Notification, clauses that have the following effects shall be invalid.
- Waiving or restricting the liability of a business operator for breach of contract or wrongful acts.
- Requiring advance rental fees equivalent to more than 3 months of the monthly rent and security deposit combined.
- Entitling the business operator to change the rental fees, public utility fees, service fees, or any other expenses before the end of the agreement.
- Any provision that allows the business operator to seize the security deposit or advance rental payment without any fault on the part of the lessee
- Any term that allows the business operator, or its representative, to inspect the building or property without prior notice, unless an emergency situation exists that could cause damage or have an impact on the business operator or other lessees if the business operator does not conduct such an emergency inspection
- Any provision for electricity and water supply fees is higher than the rates set by the appropriate authorities.
- Any term allowing the business operator to prohibit or obstruct the lessee’s access to the property in order to take or remove the lessee’s possessions without exercising the right to legally terminate the agreement.
- Any term that allows the business operator to request any charge or expense in exchange for renewing the lease.
- Any term permitting the business operator to terminate the lease agreement without the lessee causing a material breach of the lease agreement;
- Any provision that holds the lessee accountable for losses resulting from normal wear and tear of the property’s contents and equipment.
- Any term that holds the lessee liable for damage to the property, contents, and equipment that occurred due to circumstances beyond the lessee’s control, such as force majeure.
- Any term that holds the lessee responsible for problems in the property, contents, and equipment that occurred as a result of normal wear and tear.
Conclusion:
The rental company has grown exponentially in recent years, and the consumer protection council has noticed a growing problem. As a result, a new notification has been issued to bring the legislation up to date. The major difference between this new notification and the previous version is the right of the lessee to terminate the contract and specifics related to the advance rental payment.
Feel free to contact us at [email protected] if you have any questions about the above information.
VAT on Foreign e-Service
Comments Off on VAT on Foreign e-ServiceOn February 10, 2021, the Royal Thai Government Gazette publicized the Revenue Code Amendment Act (No.53), which mainly stipulates that non-resident electronic service providers and electronic platforms are required to register for VAT under certain conditions and allows tax documents and evidence to be provided electronically.
What is an e-Service?
Section 77/1 (10/1) of the Revenue Code defines an e-Service as “services including incorporeal property which are delivered over the Internet or any other electronic network and the nature of which renders their service essentially automated and impossible to ensure in the absence of information technology.”
Here are some examples of electronic services:
- Software programs;
- Digital images, videos, and financial data;
- Digital music, films, and games;
- Distance teaching via a pre-recorded medium such as online courses;
- Electronic data management such as website supply, web-hosting, automated and digital maintenance of programmed;
- Providing or supporting a business or personal presence on an electronic network;
- Support services performed, via electronic means, for arranging and facilitating the completion of transactions, which may not be digital in nature, such as commission fees to intermediaries’ service fees to consumers and merchants for the sale of products through the electronic marketplace.
The authorities gave a non-exhaustive list of e-Services excluded from this new e-Service VAT rule:
- Telecommunication services;
- Payment channel or money transfer services;
- Electronic voucher delivered to the customer by e-mail or SMS to be redeemed for a meal, a hotel stays, or a theme park entrance;
- Live teaching services, where the course content is delivered by a teacher over the Internet or an electronic network;
- Professional services involving human intervention and the nature of which is not essentially automated, such as consulting services where advice from the consultant is communicated via e-mail or video call.
Criteria for VAT registration
Foreign electronic service providers and foreign electronic platforms providing e-Services from abroad and used in Thailand will now be required to register for VAT and will be liable to pay VAT when the following criteria are met:
- The services are used in Thailand by a customer that is not registered for VAT in Thailand, and
- Incomes from the services are above 1.8 M THB in a calendar year.
VAT registration
Non-resident electronic service providers and electronic platforms that provide electronic services to non-VAT registrants in Thailand must apply for VAT registration within 30 days of the day that income from such services exceeds THB 1.8 million. It will be possible to register for VAT with the Revenue Department by September 1, 2021.
The required documents for VAT registration vary, depending on whether the provider is a Juristic Person or Individual.
I. Juristic Person
- Certificate of incorporation, officially translated in English and containing entity name, date of incorporation, and country of incorporation. The document must be notarised by the Ministry of Foreign Affairs, notary public, or other agencies authorised to notarise documents based on the country’s law where the businessperson is incorporated.
- Certificate of tax residency in the country of incorporation (optional).
II. Individual
- A copy of the individual’s valid passport or a copy of the individual’s valid national ID card;
- Certificate of tax residency in the country where the individual is a tax resident (optional).
All documents must be submitted to the Revenue Department by uploading to the SVE on the Revenue Department’s website. When the VAT registration is complete, the VAT registrant will be notified of the VAT registration via SVE, and the list of VAT registrants on SVE will be announced on the Revenue Department’s website.
Please feel free to contact us if you have any questions at [email protected]
