Thousands of entrepreneurs from across the globe visit Thailand on an annual basis thanks to the progressive foreign policy course of the Thai government that is aimed at creating conditions that will contribute to the stable economic development and preservation of the country’s high reputation in the international arena. Set up a company on Phuket to become a part of Thailand’s business community and appreciate all the advantages of this decision by yourself.
Why Thailand?
Thailand’s advantageous geographical position provides easy access to other regional markets. The government encourages foreign investments by offering various incentives. This is an ideal place for business with a prospect of expansion to neighboring markets in Southeast Asia.
Advantages of company registration in Thailand:
- This is ASEAN’s second-largest economy. Thailand’s economy is enjoying an upward trend, and it offers a wide range of possibilities to entrepreneurs.
- It has a large domestic market and a well-developed infrastructure, which serve as a basis for unique business opportunities.
- Flexible taxation policy. Competitive tax rates, benefits, and exemptions for some kinds of business.
- Straightforward company registration procedure. There are several types of companies you can register, including limited liability companies (LLC), subsidiaries, and representative offices of foreign companies.
- Access to local talents and resources. A large amount of workforce and resources may be useful for businesses. In addition, the country offers a well-developed infrastructure and access to advanced technologies.
- No requirements for the residency of business participants. Both residents and foreign applicants can incorporate a company in Thailand. Businesses with 100% foreign capital are allowed.
Please keep in mind that many kinds of activities have limitations as to share distribution between residents and non-residents.
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Check the list of required documents, and get the details of the process, terms, and costs.
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Company Registration on Phuket
Our aim is to simplify the registration of a company in Phuket, Thailand.
General Information
| Requirements for authorized capital | THB 4,000,000 |
| Number of work permits | Up to 2 foreign employees |
| Permitted kinds of activity | No special licenses |
| Requirements for residents employed in the company | At least one resident director, two Thai founders for the period of registration, and one permanent resident shareholder |
| Company name reservation | You will need to provide three names that are easy to pronounce, the approval term is up to 7 days. |
| Cost of registration | THB 45,000 |
You will need to provide the information about the office premises (non-residential housing). Here are the documents you will have to prepare:
- Office map
- A copy of the lessor’s ID card or documents of the leasing company
- A copy of the Chanot land paper
- A copy of the house book
After you have received a work permit, you can change the composition of directors and shareholders (that is, modify the constituent documents) only once. The cost of modification registration is included in the total cost of the service of company formation in Thailand.
If the company needs to sign agreements or open a corporate account with a bank before receiving a work permit, we will help you by appointing a resident as a second company director. Such actions can be performed 16 days after company registration.
Cost of Our Additional Services:
| Service | Terms of provision | Cost (THB) |
| Opening a corporate account with a bank | 3 days | from 5,000 |
| Each subsequent registration of changes in the constituent documents (except for the first one) | 10,000 | |
| Obtaining a Non-B visa for 3 months in a consulate abroad | 3 weeks | 45,000 |
| Preparation of documents to obtain a Non-O visa for a family member (we will need a marriage certificate or a birth certificate along with translation into English) | 3 weeks | 5,000 |
| Obtaining a Thai work permit* | 3-5 weeks | Included in the cost of company registration |
| Changing directors and shareholders (49%) to foreign ones (3 business days) | 7 days after obtaining a work permit | Included in the cost of company registration |
| Non-B visa extension for 1 year. Procedure: 1) A stamp for 30 days. 2) A visa for 11 months**. | Non-B visa extension for 1 year | 45,000 |
| Non-O visa extension for a family member for 1 year | 15,000 | |
*FYI: you will need to submit the documents to obtain a work permit 30 days from the date of obtaining a letter from the Labor Department. Otherwise, the visa documents will have to be submitted once more.
**You will need to be present in Thailand and transfer the passport to us to extend the visa for 11 months 5 days before the stamp expires. The extension procedure may take up to 2 weeks. Your passport will be in the immigration service during this period, and you will have to stay in Thailand until the process is over. A foreigner is required to independently submit a report on his presence in Thailand to the immigration service every 90 days from the date of receiving a long-term visa.
ATTENTION! Non-B and Non-O are Single category visas. If you want to leave Thailand, make sure to receive a Re-entry stamp before you exit the country or you will get an entry stamp when you return to Thailand and your Non-B and/or Non-O visa will be canceled!
How to Obtain a Visa at the Consulate
The entrepreneur has to independently read the requirements of the consulate he or she is going to address and make an appointment to submit the documents. Keep in mind to book a meeting in advance as the consulate will not accept your package of documents on any random day.
Requirements to comply with:
- Photos of a required size
- Funds to pay the consular fees (about USD 100)
- A duly completed application
Our employee will fill out the application form if necessary. The cost of this service is THB 500, and it takes 1 business day. Photos are made in the office upon arrival – that is, you will have to be present in person. The services shall be considered duly provided from the date on which the package of documents is transferred to the customer. If the consulate refuses to issue a visa to the customer for reasons beyond our control, no refund shall be made.
KEEP IN MIND THAT the documents to be submitted for the visa are valid within 30 days from the date of their issuance. Otherwise, you will need to obtain them one more time.
Annual Expenses
Balance sheet. Term: primary documentation should be transferred no later than 3 months after the end of the reporting year | THB 20,000 |
| Work permit extension for 1 year | THB 22,000 (+ THB 3,000 if the company rents out cars, motorcycles, and real estate and has no office and 4 Thai employees per one foreigner) |
| Work permit extension for 2 years | THB 25,000 (+(+ THB 3,000 if the company rents out cars, motorcycles, and real estate and has no office and 4 Thai employees per one foreigner) |
| Non-B visa extension for 1 year | THB 45,000 |
| Non-O visa extension for a family member for 1 year | THB 15,000 |
| An office on Phuket | from THB,70 000 |
| Total approximate annual expenses per 1 person | THB 157,000 |
| Total approximate annual expenses per 4-member family | THB 203,000 |
Monthly Expenses
| Monthly maintenance (before registration as a VAT payer) | from THB 4,000 |
| Monthly maintenance (after registration as a VAT payer) | Up to THB 5,000 (the cost does not include processing and analysis of the documentation transferred by the customer) |
| Payroll tax | For EU citizens— from THB 1,800 |
| Deductions to the Social Insurance Fund | THB 1,100 — 1,500 per each Thai employee except for the director THB 1,500 per each foreign employee except for the director |
| Total approximate monthly expenses on the employment of one foreigner | THB 8,860 |
| Total approximate monthly expenses on the employment of two foreigners | THB 15,220 |
The prices do not include additional services:
- Translation of documents
- Participation in negotiations
- Interpretation
- Search for goods/services
- Search for suppliers or partners
- Drafting and checking agreements (lease agreements, employment contracts, etc.)
- Staff recruitment
- Search for office and warehousing premises
- Keeping primary documentation (drafting invoices/receipts, agreements with customers)
- Sending correspondence
- Courier services
- Consular fees
- Travel expenses, etc.
All prices exclude VAT.
How to Register a Company in Phuket, Thailand
If you are interested in an opportunity to start a business in Thailand and set up a company here, please get in touch with our experts using the communication channels specified on the website. Our professionals will provide overall support at all stages of the process.
