Export / Manufacturing Companies
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This category works best for companies seeking to sell goods produced in Thailand to foreign markets. While the registration process is similar to that of a limited company, this category allows businesses to be 100% foreign-owned.
Export/Manufacturing Companies summarized
These businesses can be 100% foreign-owned
A Foreign Business License is not required
Registration takes up to 1 week; around 3 months if a factory license is required
Income generated by companies fully owned by foreigners must only come from export or manufacturing activities
A minimum registered capital of 2 million Baht per work permit issued
Regular corporate income tax rates are levied
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How does company registration work? Easy.
- Company name registration
- Set up a corporate address
- Deciding the company’s registered capital
- Preparing necessary documents
- Sign all government forms with the corporate seal
- Company registration completed
- Registration with the Customers Department for import-export license
- Application for VAT with the Revenue Department as well as a corporate bank account
- Acquire a factory license
Notes on Thai Limited Companies
Registering an export/manufacturing company requires at least three shareholders who will act as promoters for the venture. They must be a natural person and will be in charge of signing the registration forms throughout the process. Once the company has been registered with the Department of Business Development, shares can be transferred to Thai or foreign individuals and juristic persons.
Unlike other limited companies, businesses running under this category can be fully owned by foreigners and are not regulated by the Foreign Business Act.
Shareholders must appoint at least one person to act as a director of the company. This person can be a promoter during the registration process and will be the primary signatory for all legal documents pertaining to the company. Foreign directors are required to obtain a valid visa and work permit in order to legally work in the company.
An export/manufacturing company shareholder’s liability is limited to their investment in the company. This, however, does not apply to directors during their tenure and within two years following their resignation.
The minimum required capital depends on how many foreigners will be involved in the company. Normally, the company must have a registered capital of 2 million Baht per foreigner working in the company to avail for a work permit.
On top of the company registration, an export/manufacturing company must also obtain other licenses relevant to their business, namely the import-export license and a factory license. The requirements for these licenses will depend on the nature of the business and the scale of operations.
Once the export/manufacturing company has been formed and is operational, the company must follow accounting procedures that comply with the Civil and Commercial Code, Revenue Code, and the Accounts Act. A balance sheet and a profit & loss statement are to be submitted after each accounting period as well as an external audit. Failure to comply will incur penalties and fines.
Moreover, export/manufacturing companies must only derive their income from manufacturing or exporting activities.