Annually, Thailand attracts thousands of global entrepreneurs, courtesy of its government’s forward-thinking foreign policy. This policy aims to create a setting that supports steady economic growth and keeps Thailand’s respected position in the world. With this in mind, establishing a company in Phuket is your chance to join Thailand’s thriving business community and personally experience the myriad benefits of this forward-thinking move.
Thailand’s investment appeal: key benefits for international businesses
Thailand’s beneficial location offers seamless access to various markets in the region, which makes it an excellent choice for businesses about to expand in Southeast Asia. The Thai government’s supportive stance on foreign investment, through attractive incentives, enhances its appeal as a business destination even further.
The key benefits of establishing a company in Thailand are highly appealing:
- Economic Growth: As ASEAN’s second-largest economy, Thailand is on an upward trajectory, with its diverse opportunities for entrepreneurs.
- Market and Infrastructure: A vast domestic market and sophisticated infrastructure lay the groundwork for one-of-a-kind business ventures.
- Taxation: The country boasts a flexible tax regime with competitive rates and specific exemptions that contribute to a favorable business environment.
- Registration Ease: Procedures to register a company are clear-cut, with options including limited liability companies (LLC), subsidiaries, and foreign company representative offices.
- Talent and Resources: Abundant local talent and resources, coupled with advanced infrastructure and technology, support business operations.
- Ownership Flexibility: There are no residency requirements for business stakeholders, which lets both local and foreign entities establish companies with full foreign ownership, subject to certain industry-specific share distribution regulations.
Company formation in Phuket: ease your entry
At International Wealth, we strive to simplify company registration in Phuket, Thailand for you. The process requires an authorized capital of THB 4,000,000. A company may obtain work permits for up to 2 foreign employees without the need for special licenses. It must employ at least 1 resident director and have 2 Thai founders during the registration period, as well as 1 permanent truecancel resident shareholder. When reserving a company name, you’ll need to provide 3 names that are easy to pronounce, and you can expect approval within 7 days. The total cost for registration is set at THB 45,000.
To proceed with the non-residential office premises setup, you are required to compile these documents:
- An office map
- A copy of the lessor’s ID card or the leasing company’s documents
- A copy of the Chanot land paper
- A copy of the house book
Post-receipt of a work permit, the company is allowed a single alteration to its directors and shareholders, i.e., an amendment to the founding documents. This modification’s registration fee is a part of the comprehensive service charge for company formation in Thailand.
Should there be a necessity to execute agreements or set up a corporate bank account before the acquisition of a work permit, our services include the appointment of a Thai resident as an interim second company director. These procedures may be completed 16 days after the company’s incorporation.
International Wealth also provides a range of extra services to help with your business activities in Thailand. Here’s a breakdown of what we offer:
- Opening a Corporate Bank Account: This can be accomplished within 3 days for a starting fee of THB 5,000.
- Registration of Document Changes: After the initial amendment, each subsequent change in the constituent documents costs THB 10,000.
- Non-B Visa Acquisition: A 3-month Non-B visa from a consulate abroad takes 3 weeks to obtain and is priced at THB 45,000.
- Non-O Visa Document Preparation: For family members, we’ll need a marriage or birth certificate translated into English, which takes 3 weeks and costs THB 5,000.
- Thai Work Permit: The process lasts 3 to 5 weeks and its costs are in the company registration fee.
- Director and Shareholder Changes: It is possible to substitute up to 49% of directors and shareholders to foreign entities 7 days after receiving a work permit, which is a part of the registration fee.
- Non-B Visa Extension: For a 1-year extension, the procedure involves a 30-day stamp followed by an 11-month visa, costing THB 45,000.
- Non-O Visa Extension: Extending a family member’s Non-O visa for 1 year is available for THB 15,000.
Designed to make your transition into the Thai business landscape as seamless as possible, these services guarantee a smooth and compliant market entry.
To secure a work permit, you must submit the necessary documents within 30 days of receiving the Labor Department’s letter. Failure to do so will necessitate a resubmission of your visa documents.
For an 11-month visa extension, you are required to be in Thailand and hand over your passport to us 5 days before your current stamp’s expiration. The extension process lasts up to 2 weeks, during which your passport will be held by the immigration service, and you must remain in Thailand until completion. Every 90 days following the issuance of a long-term visa, you are obligated to report your thetechsstorm presence in Thailand to the immigration authorities. This is a responsibility you will fulfill independently.
Work permits and visas
Entrepreneurs must personally verify the consulate’s requirements and schedule an appointment for document submission well in advance, as consulates do not accept documents without a scheduled meeting.
Take a look at the essential requirements to meet:
- Photographs: Make sure you have photos that meet the specified dimensions.
- Consular Fees: Prepare approximately USD 100 to cover consular charges.
- Application Form: Complete the application accurately.
Should you need help, International Wealth’s staff can fill in the application form for you. The service costs THB 500 and is completed within one business day. Please note that photographs must be taken at our office, which requires your physical presence. The service is deemed fulfilled once the document package is handed over to you. NB: In the event of visa denial by the consulate for reasons outside our control, no refunds are provided.
Seize the business opportunity in Thailand
For those keen on launching a business and establishing a company in Thailand, we invite you to connect with International Wealth pros using any contact methods that are listed on our website. Supported by our team, you will enjoy thorough help during each step of the process!