{"id":6088,"date":"2019-03-19T10:26:51","date_gmt":"2019-03-19T10:26:51","guid":{"rendered":"http:\/\/localhost\/test_manager\/expand-your-business-in-thailand\/"},"modified":"2019-07-09T06:38:10","modified_gmt":"2019-07-09T06:38:10","slug":"expand-your-business-in-thailand","status":"publish","type":"post","link":"https:\/\/managersoffice.net\/el\/expand-your-business-in-thailand\/","title":{"rendered":"Expand your Business in Thailand"},"content":{"rendered":"<p><strong style=\"font-size: small; color: #000033;\">GATEWAY TO ASIA<\/strong><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">Thailand enjoys a strategic location and serves as a gateway into the heart of Asia \u2013 home to what is today the largest growing economic market. The country also offers convenient trade with China, India and the countries of the Association of Southeast Asian Nations (ASEAN), and easy access into the Greater Mekong sub-region, where newly emerging markets offer great business potential.<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">Thailand is attractive to foreign investors and is a major investment base in the ASEAN region. According to official data, within the first seven months of 2012, the amount of foreign direct investment to Thailand was THB 3,322 billion, which is 62% more than for the same period of 2011.<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">Though Thailand\u2019s investment regulations are quite liberal, there are some restrictions for foreign investments in certain segments of economy.<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">In order to attract more foreign investors, the Thai government cut corporate income tax from its maximum rate of 30% in 2011 to 23% in 2012, and to 20% from 1 January 2013.<\/span><\/span><\/p>\n<div><\/div>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">Thailand has many factors in its favour which make the country an attractive location for foreigners to invest, including the following:<\/span><\/span><\/p>\n<ul>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Thailand\u2019s economy is well diversified with strong manufacturing sectors such as automotive, electronics, gems and jewellery, chemicals and the agricultural sector<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Inflation in Thailand is no higher than in the EU and GDP is growing<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Thailand is ranked as the 17th easiest country to do business in around the globe and Thailand\u2019s economic freedom is ranked 10th out of 41 countries in the Asia-Pacific region, with its overall score higher than the world and regional averages<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Repatriation of capital, profits, interests and dividends from Thailand is not restricted<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">There are no limits for the amount of foreign currency that may be brought into Thailand<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">The workforce cost is still low, even when compared with other South-eastern Asian countries, while the quality of Thai goods and services is high<\/span><\/span><\/li>\n<li><span style=\"color: #000033;\"><span style=\"font-size: small;\">Thailand\u2019s infrastructure is one of the most developed in the whole of Asia.\n<p><\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">SETTING UP A BUSINESS<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">As in most countries, there are three kinds of business organizations in Thailand: Sole proprietorships, partnerships, and limited companies. The most popular form of business organization among foreign investors is the private limited company. Private limited companies require a minimum of three promoters and must file a memorandum of association, convene a statutory meeting, register the company, and obtain a company income tax identity card. They must also follow accounting procedures specified in the Civil and Commercial code, the Revenue Code and the Accounts Act. A balance sheet must be prepared once a year and filed with the Department of Revenue and Commercial Registration. In addition, companies are required to withhold income tax from the salary of all regular employees.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\"><strong>TYPES OF BUSINESS ORGANIZATIONS<\/strong><\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">Thailand recognizes three types of business organizations: partnerships, limited companies and joint ventures.<\/p>\n<p><\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">PARTNERSHIPS<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">According to the Civil and Commercial Code (CCC), partnerships can be divided into 2 types:<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">(1) Ordinary Partnerships<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">(2) Limited Partnerships<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">\u00a0<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">ORDINARY PARTNERSHIP<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">In an ordinary partnership, all the partners are jointly and wholly liable for all obligations of the partnership. An ordinary partnership may or may not register as a juristic person.<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">Therefore, an ordinary partnership can be divided into 2 types:<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">(1) Non-registered Ordinary Partnership &#8211; has no status as a juristic person and is treated, for tax purposes, as an individual.<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">(2) Registered Ordinary Partnership &#8211; is registered with the Commercial Registrar as a juristic person and is taxed as a corporate entity.<\/p>\n<p><\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">LIMITED PARTNERSHIP<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">Limited partnerships can take two forms:<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">(1)One or more partners whose individual liability is limited to the amount of capital contributed to the partnership, or<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">(2) One or more partners who are jointly and unlimitedly liable for all the obligations of the partnership.<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">Limited partnerships must be registered and are taxed as a corporate entity.<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">\u00a0<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">PARTNERSHIP REGISTRATION<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">When two or more people agree to invest in one of the aforementioned types of partnership, the appointed managing partner is responsible for registering the partnership with the commercial registration office of the province that the head office of the partnership is located in.<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">A limited partnership must be only managed by a partner with unlimited liability.<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">The fee for registering a partnership is 1,000 baht for every 100,000 baht of registered capital. The minimum fee is 1,000 baht and the maximum fee is 5,000 baht.<\/p>\n<p><\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">LIMITED COMPANIES<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">There are two types of limited companies: private limited companies and public limited companies. The first is governed by the Civil and Commercial Code and the second is governed by the Public Limited Company Act.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">PRIVATE LIMITED COMPANIES<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">Private Limited Companies in Thailand have basic characteristics similar to those of Western corporations. A private limited company is formed through a process that leads to the registration of a Memorandum of Association (Articles of Incorporation) and Articles of Association (By-laws) as its constitutive documents.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\"><strong>CORPORATE INCOME TAX<\/strong><\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">Corporate Income Tax (CIT) is a direct tax levied on a juristic company or partnership that is established under Thai or foreign law and carries on business in Thailand or derives certain types of income from Thailand.<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">The term \u201cjuristic company or partnership\u201d (hereinafter called \u201ccompany\u201d) means a limited company, a limited partnership, or a registered ordinary partnership incorporated under<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\">Thai or foreign law as well as an association or foundation engaged in revenue producing business. The term also includes any joint venture and any trading or profit-seeking activity carried on by a foreign government or its agencies or by any other juristic body incorporated under a foreign law.<\/span><\/span><\/p>\n<p><span style=\"color: #000033;\"><span style=\"font-size: small;\"><strong>Manager\u2019s Office<br \/>\n<\/strong><\/span><\/span><span style=\"color: #000033;\"><span style=\"font-size: small;\"><strong>Financial Dept<\/strong><\/span><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Thailand is ranked as the 17th easiest country to do business in around the globe and Thailand\u2019s economic freedom is&hellip;<\/p>","protected":false},"author":1,"featured_media":7580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[153],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Expand your Business in Thailand - 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