Starting a business in Thailand can be a lucrative endeavor, given the country’s strategic location, burgeoning market, and favorable economic conditions. However, navigating the legal and regulatory landscape requires expert guidance to ensure compliance and smooth operations. At OneTheVisa, we offer a full spectrum of services tailored to assist entrepreneurs and investors in establishing and running a successful business in Thailand. Below, we detail each of our services to provide you with a clear understanding of how we can support your venture.
1. Company Registration with the Department of Business Development (DBD)
Registering your company with the Department of Business Development (DBD) is a fundamental step in the business setup process. This involves submitting the necessary documentation and fulfilling regulatory requirements to officially incorporate your business in Thailand. Our team will guide you through the registration process, ensuring that all forms are accurately completed and that your company complies with Thai legal standards.
2. Monthly Accounting
Maintaining accurate financial records is crucial for business operations and regulatory compliance. Our monthly accounting services encompass a comprehensive range of tasks to ensure your business adheres to Thai accounting standards and tax regulations. Specifically, we handle:
– Preparation of Financial Statements: Regularly compiling and reviewing financial statements, including balance sheets, income statements, and cash flow statements, to reflect the financial health of your business.
– VAT Filing and Compliance: Ensuring timely submission of VAT returns using Form **PP36** by the 15th of each month. This form details VAT collected on sales and VAT paid on purchases, supporting accurate VAT reporting and claiming of input tax credits.
– PND 91/PND 1: Submission of monthly withholding tax returns for salaries and wages paid to employees. It details the income paid to employees and the amount of tax withheld. Filing of the annual personal income tax return for individuals who earn income in Thailand. It applies to both Thai residents and non-residents with income derived from Thailand.
– Corporate Income Tax Prepayment: Managing half yearly prepayments on corporate income tax by filing Form P.N.D. 51. This form estimates the income tax liability for the year based on monthly income and expenses, helping to spread the tax burden throughout the year.
– Corporate Income Tax Annual: Payment of P.N.D. 50 or the corporate tax paid annually.
–Specific Business Tax (SBT): Certain businesses, such as financial institutions and real estate companies, may be subject to Specific Business Tax instead of VAT. This tax is calculated based on gross receipts and must be filed monthly using Form P.N.D. 53
– Withholding Tax VAT (P.P. 30): You are required to calculate and file withholding tax returns for income. This includes submitting Form PP30 to report taxes withheld on salaries and service fees, and issuing withholding tax certificates to employees and contractors using Form **P.P. 36**.
– Social Security Contributions: Preparing and submitting monthly reports and payments related to social security contributions for employees. This involves filing Form **SSO 1-10** with the Social Security Office to report and pay contributions.
– Bookkeeping and Record Keeping: Maintaining accurate and up-to-date records of all financial transactions, including receipts, invoices, and bank statements. This documentation supports accurate financial reporting and ensures compliance with Thai accounting standards.
3. Visa and Work Permit Applications
Navigating the visa and work permit application process can be complex. We offer comprehensive assistance with obtaining the necessary visas and work permits for yourself and your foreign employees. Our services include:
– Visa Applications: Preparing and submitting visa applications for you and your foreign staff, ensuring compliance with Thai immigration laws.
– Work Permit Applications: Handling the application process for work permits, including liaising with immigration authorities and ensuring that all required documentation is in order.
4. Providing Shareholders
For certain types of businesses, especially those with foreign ownership, it is often required to have Thai shareholders. We can assist in providing shareholder services, ensuring that you meet the legal requirements while maintaining control over your business operations. Our services include identifying or providing suitable shareholders and drafting necessary agreements to safeguard your interests.
5. Providing Thai Staff
For a Thai Limited Company to apply for work permits and visas for foreign employees, it is required to employ at least four Thai nationals. We understand that meeting this requirement can be challenging, especially for newly established businesses. Our firm can assist in addressing this need by facilitating the management of Thai staff, ensuring your business meets regulatory requirements while enabling a smooth application process for work permits and visas.
6. Yearly Audits
Annual audits are required by Thai law to ensure that your company’s financial practices are accurate and compliant with regulatory standards. Our firm provides thorough audit services, including the examination of financial records, preparation of audit reports, and recommendations for improvements to meet regulatory requirements.
7. Company Address
A registered company address in Thailand is a legal requirement for all businesses. We can assist in providing a business address, which is crucial for official correspondence, legal notices, and establishing a professional presence in Thailand.
8. Thai Bank Account Opening
Opening a Thai bank account is a key step in managing your business finances. Our firm facilitates the process of setting up a corporate bank account, including preparing the necessary documentation and ensuring compliance with local banking regulations.
9. Social Security Registration
Compliance with social security laws is mandatory for all businesses employing staff in Thailand. We handle the registration process for your company with the Social Security Office, ensuring that all contributions are correctly calculated and submitted.
10. VAT Registration
If your business meets the criteria for VAT registration, our team will assist in the registration process with the Revenue Department. This service includes preparing and submitting the required documentation and ensuring that your business complies with VAT regulations, including invoicing and reporting requirements.
Establishing a business in Thailand involves various legal and administrative steps, each of which is critical for ensuring compliance and operational efficiency. At [Your Law Firm’s Name], we provide expert guidance and comprehensive services to support you throughout this process. Our goal is to simplify the complexities of business setup and enable you to focus on growing your enterprise in Thailand.