Nowadays, people are very ambitious in starting their own business. They want to have an idea of doing a business. Moreover, they are attracted to the profit that they can make from their own business. However, the big question is where to do a business? Where can you get a good profit? The answer is Thailand.
According to research, around 50% of Thailand’s occupation is based on tourists. Annually more than 40,000 tourists visit Thailand to spend their weekend. Moreover, the government has made numerous efforts to help you register your company in Thailand. Therefore, you could imagine how much profit you can make if you register your company in Thailand.
Basic Requirements before starting a legal corporation in Thailand
Starting a business in Thailand is very easy. The main problem is the things that come before settling a business. Therefore are you thinking of starting your own business? Are you confused about what to do and where to start? Don’t worry; we will help you out in this article about what you want to know before starting a legal corporation in Thailand.
- Identify the type of business.
The primary thing before starting a business is to understand which type of business you want to start. The reason behind this is, Board of Investments or the BOI of Thailand offers numerous schemes that can be useful for you to start a business. However, if the BOI clears you, you must have 49% of shareholders as Thai; the remaining 51% can be foreigners.
However, there are numerous benefits that BOI provides. Some benefits include tax exemption. BOI provides tax exemption up to 13 years and up to 50% of tax reduction for five years. Moreover, BOI offers an exemption on import duties, including materials and research equipment.
- Apply for international permits
You have to submit a Business Visa if you are trying to register your company in Thailand. The business visa will confirm that you are a working citizen of Thailand. Nowadays, a Smart Visa Program has started, which has targeted all the investors, skilled people, and startup business people. People who have a smart visa are granted to live in Thailand without any tax for four years. However, if you want to apply for a Smart Visa, you should have all the required documents. There are certain criteria laid down by the BOI for you to apply for a Smart Visa that you should fulfill.
- Company registration
The last thing that you should do is to register your company. By company registration, you will be provided with all the benefits that are provided by the BOI. However, you have to prepare all the necessary documents, applications, and other details required to submit for registering your company.
Registering your company in Thailand is not an easy task. You have to go through all the necessary details laid down by the Thai Government to make yourself eligible for doing business in Thailand. However, there are numerous options available in Thailand in which you can start your business.