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Doing Business in Thailand

Doing Business in Thailand. Economy Overview. Region : East Asia & Pacific Income Category : Upper middle income Population : 66,785,001 GNI per Capita (US$) : 5,210 City Covered : Bangkok – Central Chiangmai – North Phuket – South Kon Kean – North East Chonburi – East

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Doing Business in Thailand

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  1. Doing Business in Thailand

  2. Economy Overview • Region : East Asia & Pacific • Income Category : Upper middle income • Population : 66,785,001 • GNI per Capita (US$) : 5,210 • City Covered : Bangkok – Central Chiangmai – North Phuket – South Kon Kean – North East Chonburi – East Kanchanaburi - West

  3. Investment Promotion“Incentives” “Guarantees” “Protection” Incentives Tax Incentives: Exemption of juristic person’s income tax and dividends. A 50 percent reduction of the juristic person’s income tax. Double deductions from the costs of transportation, electricity and water supply. Additional 25 percent deduction of the cost of installation or construction of facilities. Exemption of import duty on raw or essential materials for use in production for export.

  4. Non-Tax Incentives: • Permit for foreign nationals to enter the Kingdom for the purpose of studying investment opportunities. • Permit to bring into the Kingdom skilled workers and experts to work in investment promoted activities. • Permit to own land. • Permit to take out or remit money abroad in foreign currency.

  5. Guarantees • The State will not nationalize the activity of the promoted person. • The State will not undertake a new activity in competition with the promoted person’s. • The State will not monopolize the sale of products similar to the promoted person. • The State will not impose price controls on the products of the promoted person’s. • The State will grant permission to export at all times. • The State will not allow any government agency, government organization or state enterprise to import any kind of the productbeing produced by the promoted person into the Kingdom by granting import duty exemption.

  6. Protection 1. To charge extra import fees into the Kingdom on products similar to those produced by the promoted person at a rate not exceeding 50 percent of the price of overseas insurance and freight charges, effective for a period of not more than one year. 2. In the case of where the Board is of the opinion that No.1 is inadequate for protecting the activity of promoted person. It will increase the measure by banning the import of products similar to the local productions. 3. In the case where the promoted person encounters any problem or obstacles in the course of carrying out the promoted activity, the Chairman will have the power to render any appropriate assistance.

  7. Thailand’s Advantages • Gateway to Asia • Hub of ASEAN • Social and Political Stability • Growing Economy • World Class Medical Tourism • FDI Policies • Government Support and Incentives • Long-Established and Newly Emerging Industries. • Friendly and Rich Culture • Education and Healthcare Services

  8. What You Need to Know About Setting up a Business in Thailand The following is an overview of establishing a business in Thailand • Proprietorships • Partnerships • Limited Companies

  9. Company Establishment: • Forming a Company • Procedures for Establishing a Company 2.1 Company Registration 2.1.1 Promoters 2.1.2 Timing 2.1.3 Filings

  10. 2.2 Registration Process 2.1.1 Corporate Name Reservation 2.1.2 Filing a Memorandum of Association 2.1.3 Convening a Statutory Meeting 2.1.4 Registration 2.1.5 Registering for Tax Documents

  11. Accounting and Financial Reporting Requirement • Books of Accounts and Statutory Records • Accounting Period • Reporting Requirements • Accounting Principles • Auditing Requirements and Standards

  12. Types of Business Organizations • Partnerships • Ordinary Partnership • Limited Partnership • Partnership Registration • Limited Companies • Private Limited Companies • Public Limited Companies • Scrutinization of Thai Shareholders in Limited Companies • Other Forms of Corporate Presence

  13. Scope of Representative Office Activities “International trading business” means activities concerning: • Sourcing of goods or services for head office • Checking and controlling the quality and quantity of goods purchased or hired to manufacture in Thailand by the head office • Giving advice concerning goods of the head office sold to agents or consumers in Thailand • Dissemination of information concerning new goods or services of the head office • Reporting on business trends in Thailand to the head office

  14. Fees for Representative Office Application fee (non refundable) is THB 2,000. If The application is approved, the government fee Will be set at the rate of THB 5 for every THB 1,000 or a fraction thereof the registered capital, With a minimum of THB 20,000 and a maximum Of THB 250,000

  15. Regional Operation Headquarters (ROH) A Regional Operating Headquarters (ROH) is a juristic company or partnership organized under Thai law to provide managerial, Technical, or other supporting services (see below) to its associated companies or its domestic or foreign branches.

  16. TAX Privilege • Reductions/exemptions on Corporate Income Tax. • Accelerated Depreciation Allowances • Expatriates

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