Ruchi Verma If you are planning to register your business in Thailand, you certainly wouldn’t be alone, as many westerners fall in love with this enchanted land and decide to relocate and register their business. Thailand is a land of opportunity for entrepreneurs. The country has a rapidly growing economy and is welcoming to foreign investment. There are many advantages to doing business in Thailand, including a well-educated workforce, low costs of living and doing business, and lively culture. And, with its convenient location in Southeast Asia, Thailand is an excellent base for regional operations.
The Thai government also offers foreign investors very attractive options – corporate tax exemption being just one. The first thing to do is take a look at the Thai Board of Investment website, where you will find information relating to the sectors that foreign companies can enter.
Corporate Income Tax
This is a tax levied on a company doing business in Thailand and by using experienced lawyers for BOI approval Thailand trusts, your company will be exempt from paying corporate income tax. As you would expect, the laws regarding foreign business ownership in Thailand are complex, which is why you need to enlist the services of an established English-speaking law firm based in Bangkok.
Thai Board Of Investment
The BOI was created way back in 1966 in accordance with the terms of the Industrial Promotion Act with a primary goal of managing and developing foreign investment within Thailand. There are certain sectors where foreign involvement is prohibited and providing your business fits into the category, you can enjoy many benefits when investing in Thailand. There are numerous types of business that you can register; a Representative Office is ideal for a foreign company that wishes to carry out market research in Thailand, while a private limited company offers unrestricted business activities.
The Importance Of Compliance
When you set up a business in a foreign country, it is crucial that you comply with the many rules, regulations, and laws, which is another reason to seek out an English-speaking BOI lawyer with extensive experience in helping foreigners set up businesses in Thailand. If you do this at the very outset, the lawyer can help you choose the right type of business to register, while also making you aware of all your corporate responsibilities. They can also source local office staff, should you have a need.
Long Term Visas & Work Permits
Of course, you need a visa to stay in Thailand and if you want to work, you need a work permit, which is issued by the Ministry of Labour. When you approach a BOI lawyer, they can assist you regarding your visa and work permit. The last thing you need is to be caught working illegally, which could lead to a fine, imprisonment, and even deportation. The lawyer will ensure that your tax returns are filed in good time and that the company is fully compliant.
Foreign Business Licences
Of course, in order to operate your business, you will need to apply for certain licenses, which is something else that the lawyer can apply for on your behalf. You might need a license to run a resort or sell alcohol, and these licenses can be applied for by your BOI lawyer.
Corporate income tax exemption is one of many benefits that you enjoy when you register your business with the Thai Board Of Investment, which can be facilitated by a local lawyer.
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Yea, Thailand is one of the most loved places for businesses. But as you mentioned , setting up a business on a foreign land comes with its own set of challenges and someone who understands those legal terms along with laws can make the entire process smooth.
It’s indeed helpful for thos who are planning to settle in Thailand. Coming to think of it, there should be awareness to let the people know that they should learn about all these before shifting
I have never been to Thailand but I have heard that starting a business in Thailand is relatively easy. After going through this post, I am tempted to think of setting up my medical business there myself.
Often entrepreneurs look to register their companies in countries that are more friendly wrt taxes. Thailand seems to be one such land. Quite an informative article.
Honestly dear I did not have much idea about finance or investment related matters. after reading your post, I got some idea. it seems Corporate income tax exemption is a great option for business owners when they register their business with Thailand board of investment.
You are right, one must understand the law and rule & regulations of a nation before investing. This is a very helpful post for all the business people looking to trade in Thailand.
India has tons of red tape while small countries like Thailand make investing simpler. I wonder when we will have a simple method of overseas investments. A country like Sri Lanka is chosen over India for Hollywood shootings as they invite filmmakers to their country. And the best thing is they shoot in Sri Lanka as India.
Thailand as I know.is land of opportunities. Not only being a tourist attraction bit also a great place for entrepreneurs. The post was insightful citing the benefits and most importantly about the corporate tax exemption which is a boon for investors