Comments Off on FRANK Legal & Tax listed on Lexology
We are pleased to share that we are now listed on Lexology, one of the leading sites for international legal updates, analysis, and insights. At FRANK Legal & Tax, we strive to ensure that you can connect with us through various quality legal channels. Explore our hub here: https://www.lexology.com/contributors/frank-legal-and-tax
If you have any questions about partnerships, please do not hesitate to contact us at [email protected] or call us at +66 (0)2 117 9131 or 2.
Comments Off on Changing a Last Will with a Codicil
A codicil, or addendum, is a legal document that changes certain provisions of a will but leaves all other provisions unchanged. You can change, update or even revoke your will completely at any time as long as you are mentally competent. In this article we will look at some scenarios based on our experience of when you could make a codicil or consider a completely new will.
When does a codicil make sense?
There are no written rules for when a codicil is required instead of a completely new will. Common sense dictates that it is best only for small changes, which are unlikely to be contested.
The consensus is that a codicil is sufficient if you want to make minor changes, such as adding or deleting certain bequests, changing who should serve as your personal representative, or updating the name of a beneficiary or your representative due to their marriage or divorce.
When does a new will make sense?
Consider making a new will if the changes you want to make are substantial, such as adding your new spouse as a beneficiary after a marriage. It is also a good idea in the case of other significant changes, such as:
Excluding a beneficiary;
Getting divorced;
Adding a newborn baby;
Changing distributions from family members to charity, or vice versa.
It is also important to clarify that your original will is revoked. Either destroy it, along with any copies that may exist or write “REVOKED” on each page with your initials or signature.
How to consolidate multiple codicils
What if you have made a series of three or four simple codicils over the years and now want to make another small change? Consider consolidating all your changes into a new will. It will prove helpful to the administrator of your estate, who will then have a single document to hand, rather than having to piece together the provisions of four or five separate documents.
It may also help the court recognize your will as valid because a new will spell out your final wishes instead of a conglomeration of provisions that may make your intentions seem unclear.
Note that a probate judge could declare your entire will invalid if the intentions appear uncertain, or they could decide to disregard some or all of your numerous codicils because the overall picture of your last wishes is confusing.
If a judge decides that your will is invalid, the result would be the same as if you died without leaving a will at all. Your estate would go to your next of kin under statutory provisions based on how closely related you are, even if this is not what you would have wanted. Your estate could go to the son or daughter from whom you have been estranged for years. In the absence of heirs, your assets could go to the state, even though you had intended them to go to charity.
Another concern is that the codicil could be separated from the will.
How to be sure that your codicil is legally valid
The codicil must be prepared under the relevant legal requirements, and the same formalities as for your original will must be followed. In Thailand, this means that two witnesses must be present and sign.
If you have any questions related to this matter, please do not hesitate to contact us at [email protected]
Fabian, a founding partner of FRANK Legal & Tax, is a German-trained lawyer with expertise in corporate/commercial and real estate law, and litigation, and has been living and working in Thailand since 2005.
Comments Off on DBD Certification: Verification System and Trustmarks
In this article we discuss the different types of verification marks of the Department of Business Development (“DBD”). It will look at the requirements for each verification mark and the purpose of the verification system based on our experience.
In line with current economic trends, e-commerce has become an important part of our lives, yet most e-commerce websites lack credibility in customers’ eyes. To address this problem, DBD established a verification system named “Trustmark Thai”. Trustmark Thai is a system for issuing a certification mark that helps e-commerce businesses gain credibility and customer trust.
It is noteworthy that the Trustmark Thai verification system is unrelated to the trademark registration system; furthermore, the verification system under the scheme should be distinguished from marketing and sales licenses.
Verification System Overview
“DBD Registered” Trustmark
The DBD registered certification mark is a certification that an e-commerce business can gain by registering with the DBD
“DBD Verified” Trustmark
In e-commerce, the “DBD Verified” trustmark should inspire confidence. It is issued to e-commerce operators to boost their credibility, by showing that the website has passed the DBD’s e-commerce business quality standards assessment.
DBD Verification System
“Silver Verified” Trustmark
The “Silver Verified” trustmark is issued to juristic persons who pass DBD qualifications as below:
Registered the business with DBD
Consecutively submitted financial statements.
“Gold Verified” Mark
Representing an excellent level, the DBD Verified Gold mark is available to juristic persons who meet the below DBD qualifications:
Registered the business with DBD for at least one year
Consecutively submitted financial statements for at least one year
Pass the following e-commerce quality standards
Disclosure
Fairtrade/service terms
Website Security
Privacy
Dispute resolution
“Platinum Verified” Mark
Representing outstanding level, DBD Verified Platinum Trustmark is available to juristic persons that pass DBD qualifications as below:
Registered the business with DBD for at least two years
Consecutively submitting financial statements for at least two years
Pass the following e-commerce quality standards
Disclosure
Fairtrade/service terms
Website Security
Privacy
Dispute resolution
The website has been awarded the gold level mark for two consecutive years.
After registration with the DBD, it will issue a letter of authorization to use the verification mark and verification code on the website, which will be valid for one year and must be renewed every year.
3. Conclusion
The DBD created five different trustmarks, each with its own set of requirements. The trustmarks serve the purpose of establishing credibility for the e-commerce industry. The DBD created three tiers of verified
Trustmarks to help customers decide which business is trustworthy. Furthermore, it should be noted that in order to operate an e-commerce business in Thailand, a sales and marketing license is still mandatory, such as a direct sales license.
Feel free to contact us at[email protected] if you have any questions about the above information.
Fabian, a founding partner of FRANK Legal & Tax, is a German-trained lawyer with expertise in corporate/commercial and real estate law, and litigation, and has been living and working in Thailand since 2005.
Comments Off on The “Khai Fah”– Updates Regarding the Sale with Right of Redemption in Thailand
Thai law provides a means of real security and an alternative to the mortgage, the so-called Sale with Right of Redemption (Thai: “Khai Fah”). It is governed by Sections 491 ff. of the Thai Civil and Commercial Code (“CCC”), and it involves a conditional transfer of ownership that can be redeemed under certain circumstances.
Recently, the legal provisions related to the Khai Fah have been revised under a new law called the Protecting Citizens when Entering to Khai Fah Agreement of the land for Agricultural or Residential Act (the “Act”). This is to control the Khai Fah Agreement for the land for agricultural and residential use, and to protect the seller, who usually has limited power in contract negotiations with the buyer.
Even if the ownership of the property sold passes to the buyer upon registration of Khai Fah, Section 12 of the Act states that “the seller has the right to possess, make use and benefit from the property sold for the purpose of agriculture or residence until the redemption has expired, without remunerating the buyer. Meanwhile, the seller shall take care of the property sold as a person of ordinary prudence would take care of his/her own property.” This means that the Khai Fah seller (that is, the borrower under the loan) may utilize the property during the Khai Fah period. The buyer or new owner may neither sell nor use the house for himself.
Section 10 of the Act provides that “the duration of the Khai Fah period of the land for agricultural and residential use shall not be less than one year or exceed ten years. Notwithstanding, the seller is entitled to redeem the Khai Fah at any time before the duration.”
Section 18 of the Act provides that “in case the seller cannot exercise the right of redemption with the buyer by a cause not attributable to the seller, he/she is entitled to make the agreed repayment and redeem the property sold to either the land office or deposit office within 30 days from the due date of redemption.”
The Khai Fah is a particular legal structure in the Thai legal system. Usually, the Khai Fah is set up in connection with a loan arrangement. The redemption takes place upon repayment of the loan. Characteristic of the Khai Fah is that a period of time is registered in which the borrower/seller has the opportunity to pay back the loan. If he does not succeed in raising funds for the repayment in time, he automatically loses the property to the lender/buyer. After the expiration of the Khai Fah period the ownership of the property cannot be redeemed anymore, the ownership remains with the lender/buyer unconditionally, and the ownership transfer automatically becomes final.
This is in contrast to the mortgage, which is not tied to a registered time period. The mortgage remains registered until it is redeemed, i.e. when the loan is paid back or until it is enforced by the lender. Certainly, there will be a time period for repayment stipulated in the loan agreement. But if such period expires, the lender still has to go through lengthy enforcement procedures, i.e. go to court, public auction, etc. In particular, given the rather slow court procedures in Thailand, this is much more burdensome and costly.
A Khai Fah for land or a condominium unit is registered on the title deed of that property. Such registration includes the names of seller and buyer and the date and duration of the Khai Fah.
In addition, a detailed contract between the seller and the buyer will be prepared to detail the terms of the loan and the right to redeem.
The duration of the Khai Fah period is limited to ten years in the case of immovable property.
If during the Khai Fah period, the borrower/seller uses the right to make the agreed repayment and redeem the property, he can pay the land department directly, i.e. the local officer in charge. Alternatively, he can pay to a “deposit office” according to Section 492 CCC. The land officer will then immediately void the previous ownership transfer to the lender/buyer without the requirement for his consent. Only after the redemption has been registered, the land officer will notify the lender/buyer.
Unless otherwise agreed by the borrower/seller and lender/buyer, the price of redemption shall be equal to the sale price.
Regarding official registration fees and taxes, the following cases need to be distinguished:
The transfer fees and taxes for the initial ownership transfer (the “sale”) from borrower/seller to lender/buyer are according to general rules, i.e. the same amounts as for a standard ownership transfer.
If the Khai Fah is not redeemed, i.e. the Khai Fah period expires without redemption, the borrower/seller will be obligated to pay additional income tax for the property during the Khai Fah period. It is payable as a part of the income tax for the year in which the Khai Fah expired.
In case of the redemption of the Khai Fah, i.e. the transfer back to the borrower/seller, no transfer fees and no specific business tax apply. However, withholding tax applies in the same amount as for a standard ownership transfer. The withholding tax is a prepayment of income tax, collected by the land office at the time of the transfer registration. The lender/buyer is obligated to pay this tax; the borrower/seller, however, is entitled to withhold and deduct the amount from the repayment to the lender/buyer.
Conclusion:
In our experience, the Khai Fah as a form of encumbrance is an excellent means for a lender to secure a loan in Thailand, and in certain cases, it can be a good alternative to registering a mortgage. The advantage is the very efficient enforcement, which is also viable for a private lender. A standard enforcement procedure, including a public auction, is completely circumvented, and an “automatic” final ownership takes effect upon the expiration of the Khai Fah period. For the borrower/seller in the Khai Fah arrangement, it is however important to note the rather high fees and taxes and to be aware of the drastic consequences of expiration of the Khai Fah period.
If you have any questions regarding the above, feel free to contact us at [email protected] or call us at +66 (0)2 117 9131-2.
Fabian, a founding partner of FRANK Legal & Tax, is a German-trained lawyer with expertise in corporate/commercial and real estate law, and litigation, and has been living and working in Thailand since 2005.
In this article, we provide a high-level overview of the taxes that could apply to foreign investors in Thailand based on our research.
The Thailand Revenue Code is the main body of law that codifies procedures regarding tax assessment and the collection of the various taxes in Thailand. Taxes are mostly collected under a self-assessment system, whereby taxpayers are responsible for correctly filing their tax returns and for paying taxes.
Thailand has entered into numerous Double Taxation Agreements (“DTAs”) with other countries.
The most important taxes that apply to foreign investors in Thailand are corporate income tax and personal income tax. However, there are other taxes and contributions to keep in mind, such as value-added tax, specific business tax, stamp duty, certain municipal taxes and social security payments.
1.Taxation of Individuals
Regardless of whether an individual is a Thai resident or not, if income is derived from employment or business conducted in Thailand, such a person is subject to Thai personal income tax. Furthermore, if an individual stays in Thailand for at least 180 days in any calendar year, he/she is considered a Thai tax resident. As a tax resident, if foreign-sourced income is brought into Thailand in the same year that it is earned, such income will be subject to Thai tax. There are certain deductions of allowances and expenses available, including standard allowances such as personal allowance, allowances for life insurance premiums, provident or pension funds, interest payments, and donations. Depending on the government’s policy each year, there may be other possibilities for tax allowances besides the standard allowances.
2. Taxation of Corporations
Companies and partnerships incorporated in Thailand, or foreign companies with a permanent establishment in Thailand, and a foreign company that derives income from Thailand are subject to Thai corporate income tax.
If the company is incorporated under Thai law, its worldwide income is taxable in Thailand. Whereas, a company that is established under foreign law but conducts business in Thailand will be taxed only on the income generated in Thailand. The general corporate income tax rate is currently set at a flat rate of 20 percent of the net profits, but certain reductions are in place for SMEs. Before calculating the net profit, expenses incurred to acquire profits or from conducting business in Thailand are deductible expenses.
Value-added tax, a consumption tax on goods and services, applies to all retailers, manufacturers, wholesalers, service providers, and producers. The VAT rate is currently 7 percent. VAT is inclusive of municipal tax. It must be noted that small businesses with annual gross sales of less than 1.8 million are exempted from VAT.
Furthermore, employers and employees must contribute 5 percent of the employee’s monthly compensation for social security until the legal monthly threshold of 750 THB is met. This obligation applies to companies incorporated in Thailand at the company registry of the Ministry of Commerce.
Feel free to contact us if you have any questions at [email protected]
Fabian, a founding partner of FRANK Legal & Tax, is a German-trained lawyer with expertise in corporate/commercial and real estate law, and litigation, and has been living and working in Thailand since 2005.
All goods that are imported into Thailand must be reported to the Thai Customs Department. The steps required to import products into Thailand legally are outlined below.
Step 1 – E-Customs system registration
As of January 1st, 2007, the procedures for importing goods into Thailand have been centralized into the online e-Customs system. In order to register for the e-Customs system, the importer must first obtain a “digital certificate” prior to registration. A digital certificate is an electronic signature file used to confirm the identity of the sender of electronic documents and the authenticity of said documents.
Once a digital certificate is obtained, the importer may then proceed to register for the e-Customs system. Companies can either register with the system directly (i.e. at their own office) or through an agent. If a company decides to register through an agent, the agent will handle all aspects of the registration process. If a company decides to register to use the e-Customs system directly, the following steps must be taken: e-Customs software must be installed on the company’s IT system, and digital certificates must be verified;
the importer must register with Thai Customs at one of the following places:
The Registration and Customs Privileges Sub-Division;
Customs Procedures and Valuation Standard Bureau;
or the General Administration Division at each Customs office;
the accuracy and readiness of message exchange with the e-Customs system must be tested;
once tests are completed successfully, the Communication and IT Bureau will issue an e-Customs registration ID, and the process is complete.
Step 2 – Review of controlled goods
Two separate checks must be made before goods are imported: first, products that require an import permit (if any) must be identified. A range of goods requires import permits issued by different agencies before the date of arrival. Second, it must be ascertained if products are considered ‘red line’ goods (as opposed to green line). Red line goods are goods found to be at high risk or requiring additional certification and verification upon arrival. When importing red line goods, it is necessary to provide the following supporting documents:
Bill of Lading (B/L) or Air Waybill
Invoice
Packing List
Import License (if required)
Certificates of origin
Other relevant documents (e.g. list of ingredients, technical standards certificates, etc.)
There is no definitive list of red line goods. However, the e-Customs system will inform the importer once the Import Declaration has been submitted (see Step 3) whether the goods are considered red line or green line. As such, it is crucial to ensure the correct paperwork is prepared for all imports in order to be prepared for a shipment being flagged as being red line.
Step 3 – Submission and verification of the declaration
Once all correct documentation is prepared, an Import Declaration can be submitted to the e-Customs system together with an arrival report with the information of the vessel carrying the shipment of goods. The e-Customs system will then check and verify the submission, identify any discrepancies, and specify whether the shipment is considered green line or red line.
Step 4 – Payment of taxes and duties
Thai Customs Tariff Decree B.E. 2530 (1987) stipulates that “goods imported or brought into, exported, or taken out of the Kingdom shall be chargeable with and liable to duty”. Some items are exempt from import duties.
For goods that are subject to import duties, payment can be made at either the Customs Department of the port of entry or via the e-Customs system’s e-Payment section.
Step 5 – Inspection and release
The final step before the imported cargo is released is the inspection of the goods. For green line goods, this is a simple online screening and will take only a few minutes. For red line goods, all the supporting documents will have to be presented, and the cargo must be physically examined by customs officials.
If you have any question regarding the Thailand’s Import Procedures, Feel free to contact us at [email protected] or +66 (02) 117 9131 – 2.
The Thai Revenue Department has raised its standard of tax auditing by joining the Tax Inspectors Without Borders (“TIWB”) program and requesting experts to share their know-how and exchange auditing experiences with Thai Revenue Officers. The purpose of joining this project is to close tax loopholes regarding multinational e-commerce businesses and newly established businesses, and to create fairness in paying taxes.
Mrs. Sommai Siriudomset, Spokeswoman of the Revenue Department, stated that “currently, every country is facing the problem of taxing foreign streaming or e-commerce businesses that have no permanent establishments in Thailand but are receiving income from Thailand. The Thai Revenue Department thereforeapplied to be part of the TIWB project, which is a project established under the cooperation between 2 international organizations, namely the Organization for Economic Co-operation and Development (“OECD”) and the United Nations Development Program (“UNDP”). The TIWB has the purpose of providing support, knowledge, and techniques to help improve the efficiency of tax auditing for developing countries and to strengthen international tax cooperation. There is a coordination of agencies in countries that are ready to send experts to share experiences or give advice to officers of the Thai Revenue Department through joint operations.”
The Spokeswoman of the Revenue Department added that “in addition to enhancing the ability of Thai tax authorities to track taxes from e-commerce businesses and new online businesses, joining the TIWB International Tax Auditor Programis also helping create fairness in tax collection between domestic operators and foreign operators providing services inThailand.”
In early June of 2020, the TIWB appointed Dr. Ekniti Nitithanpraphas, Director-General of the Thai Revenue Department, as a member of the Governing Board of TIWB as a result of his active participation in many international meetings, he was the first Asian to be appointed to this position.
If you have any questions regarding this matter, feel free to contact us at [email protected] or call us at +66 (0)2 117 9131-2.
Thailand became a party to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC), making Thailand the 137th state to become a party to the agreement. The MAC was established jointly by the Organization for Economic Co-operation and Development (“OECD”) and the Council of Europe in 1988 to promote tax transparency, fairness in tax administration, and to prevent evasion and avoidance of transnational taxes, which is in accordance with the international cooperation framework that Thailand is a party to.
Dr. Ekniti Nitithanpraphas, Director-General of the Revenue Department, stated that the MAC is an essential tool in helping tax authorities around the world cooperate in accordance with the framework of the OECD, the G20 group regarding Inclusive Framework on Base Erosion and Profit Shifting, which aims to prevent the migration of tax bases of multinational corporations, and the Global Forum on Transparency and Exchange of Information for Tax Purposes, which sets standards for the exchange of tax information between countries to allow the utilization of information that is exchanged under the MAC agreement by tax authorities. Thailand’s participation in the MAC agreement expands its network of parties in the exchange of tax information, from the previous 60 parties under the Double Tax Agreement (DTA) to more than 130 countries under the MAC, demonstrating Thailand’s commitment to international cooperation regarding tax matters.
The Director-General of the Revenue Department also added that the Revenue Department is in the process of bringing the signed MAC agreement to Parliament for consideration and ratification. Exchanging information under the MAC will help the Revenue Department obtain data to analyze the tax behavior and risk of multinational entrepreneurs and help promote tax fairness, such as through e-Service laws, which will lead to the increased competitiveness of domestic entrepreneurs and an expanded tax base, which will undoubtedly be beneficial for the country.
If you have any questions or require additional information, feel free to contact us at [email protected] or call us at +66 (0)2 117 9131-2.
On June 9th, 2020, the Thai Cabinet approved a draft amendment to the Thai Revenue Code which would impose a value-added tax (VAT) on foreign E-service providers and E-platform operators (with no permanent establishments in Thailand) that received payments from users located in Thailand. The new VAT requirement is expected to apply to all forms of qualifying international e-service providers and e-platform operators. These include but are not limited to websites, smartphone applications, and social media. The new amendment will apply to a variety of businesses, from hotel booking sites to streaming media platforms.
The new legislation aims to update Thailand’s tax guidelines to be in accordance with guidelines from the Organization for Economic Cooperation and Development (OECD) titled Mechanisms for the Effective Collection of VAT/GST where the supplier is not located in the jurisdiction of taxation, which has already been adopted by many countries. In addition to this, the amendment would allow Thais to see how much they spend on e-services and e-platforms provided by foreign operators.
According to this amendment, foreign e-service providers and e-platform operators which are not located in Thailand but receive more than THB 1.8 million in any given tax year from non-VAT registrant customers or users in Thailand, and that provide paid-for services within Thailand, must register for VAT with the Thai Revenue Department. This is the same rule that already applies to Thai operators of VAT-paying businesses. VAT registration (which can be done electronically) will result in foreign operators having to remit 7% VAT on income received from non-VAT registrant customers or users in Thailand, together with VAT returns, to the Revenue Department on a monthly basis. However, unlike ordinary Thai VAT registrants, foreign e-service providers and e-platform operators must not deduct output tax from the 7% VAT payable or issue tax invoices to Thai customers. Operators of e-platforms whose members provide e-services will have to pay VAT on behalf of those members.
The new amendment should not create any tax burdens for Thai consumers who purchase services from the offshore operators. Most Thai consumers are unaware that they must currently pay 7% VAT to the Revenue Department, and file the relevant VAT form, each time they pay foreign operators for services, on a self-assessed basis.
The amendment to the revenue Code will be sent to be approved by the parliament before it is published in the Government Gazette, and the Revenue Department is subsequently expected to issue ministerial implementing regulations and informational guides to the public. This should provide more clarity on specific unanswered questions such as the types of exempted e-services, enforcement mechanisms, penalties for non-compliance, and other issues.
If you have any questions, feel free to contact us at [email protected] or call us at +66 (0)2 117 9131-2.
Thailand is a country with many business opportunities for foreign investors; this includes the incorporation of partnerships and companies. There are two types of companies in Thailand, private limited companies and public limited companies. The main differences between the two is the governing law and the sale of shares. Private limited companies are governed by the Thai Civil and Commercial Code and sell shares privately. Whereas, public limited companies are governed by the Public Limited Companies Act B.E. 2535 (1992), and shares are traded on the Thai stock market.
For small businesses, setting up a private limited company is the most common way to start. There are specific requirements that should be met:
At least three founders holding at least one share each,
Value of a share should not be less than five THB, and
At least one appointed director.
The process for the registration for the company can be completed within one day. It must be noted that all information with regards to the directors, shareholders, and any changes in the company structure will be accessible to the public.
With regards to accounting, all juristic persons, including private limited companies, must submit financial statements every year, regardless of the company’s operation status. This means that if a company ceases to operate but has yet to go through the liquidation process, it must still comply with these legal requirements. All companies have the duty to start the accounting period from the date of the company registration.
A “Thai company” means that more than 50% of the total shares are owned by Thai nationals. Therefore, for the company to maintain its status as a Thai company, the amount of shares that foreigners can own must not reach 50%. If the amount reaches 50%, then the foreign company may – if no exemption is applicable – require a foreign business license (‘’FBL’’) to operate in Thailand. Due to restrictions imposed under the Foreign Business Act B.E. 2542,
the government official will consider various criteria before granting an FBL, such as the advantages and disadvantages to the nation’s safety and security, economic and social development, size of the enterprise, local employment, etc. The approval of the license depends on the profits that will be generated for Thailand, and if it promotes Thai interests. The entire process is rather time-consuming and often unpredictable.
Besides the FBL, Thailand also offers other incentives for foreign investors, such as through the Thailand Board of Investment (‘’BOI’’). The BOI was established pursuant to the Investment Promotion Act B.E. 2520 for the purposes of promoting certain foreign and domestic investments that are regarded as welcomed in Thailand. The BOI has discretionary authority to grant specific trade, taxation, employment, financial and other benefits. BOI incentives are divided into two categories, tax incentives and non-tax incentives. Tax incentives depend on many factors such as geographic location, nature of the business, and whether the output is intended for export or domestic sale, whereas non-tax incentives are available for all businesses
Company Registration Process:
The first step of the company registration process is name reservation. To reserve a name, a promoter is required to submit an Online Name Reservation Form to the Department of Business Development of the MOC.
After the name reservation has been approved, the company must then submit the application to register its Memorandum of Association (MOA) and to register the company formation which can be done at the same time.
The MOA must include the name of the company, the province where the company will be located, the scope of the company’s business, the capital to be registered, and the names of the promoters. The capital information must include the number of shares and their par value. At the formation step, the Articles of Association (AOA) (also called bylaws of the company), the director(s) and director(s)’ authority, company’s auditor and the authorized capital, although partly paid, must all be issued.
Although there are no minimum capital requirements for companies registered as Thai companies, the amount of capital should be reasonable and adequate for the intended business operation. Please note that if the company is to employ foreigners, certain minimum paid-up capital requirements for the visa and work permits may apply.
The official fees and stamp duty regarding company registration are as follows:
ฺMOA registration
500 THB
Company registration
5,000 THB
Certificate of registration
100 THB
Stamp duty for MOA
200 THB
Stamp duty for AOA
200 THB
Total amount is 6,000 THB.
An additional 50-baht document examination fee may also be charged.
A company that have one or more employee shall register for Social Security with the Social Security Office within 30 days after the first employment. A company that has a turnover in excess of 1.8 Million THB must also register for VAT with the Revenue Department within 30 days of the date the annual turnover exceeded that threshold.
If you have any questions regarding the business operation in Thailand, feel free to contact us [email protected] or call us at +66 (0)2 117 9131-2.
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