BUSINESS CONSULTANCY SERVICE

If you want to start a business, first of all you are expected to set up a company, as foreigners are forbidden from conducting any business as sole traders. In short, to set up a limited liability company (L.L.C.)  you shall have to follow the following steps:

• Notify your company’s name
• Register your company’s corporate capital
• Create your company’s logo and official seals
• Notify your company’s registered office
• Register your company’s VAT number
• First meeting of the Board of Directors

Once your company is established, our professionals will draw up all the relevant documents required to obtain the trade and/or professional licenses required to carry on your intended business. With our support you will now be able to start your business, whatever its activity may be – a factory or an import-export firm, a restaurant or a hotel – without ever bothering to show up in person at any government department or being interviewed by a government officer, all occurrences that – due to language misunderstandings – quite often may slow down your application and in extreme situations even derail it. In fact, our professionals will provide our customers with all they need, with a minimum involvement on the customers’ part, so that they can devote all their time to start and develop their businesses.

Once the company is established and the foreign citizen has  obtained the required licenses and started his business, it is absolutely necessary to apply for a Work Permit, so that the foreigner who wishes to manage his company and work in it can do so legally and in compliance with all applicable laws. After obtaining his Work Permit, the foreigner can finally apply for a yearly visa and remain in Thailand without having to bother with the tiresome obligation to leave and re-enter the Kingdom every three months.

Once the company is incorporated and operational, most clients believe that the hardest part is over; on the contrary, it is from this moment onwards that it becomes necessary to maintain clear and honest corporate accounting with great care. Therefore, it is equally necessary for the accounting firm to operate in a transparent, professional, and correct manner.

By the fifth day of each month, the Thai government requires all companies to submit a monthly financial closing and pay the relevant taxes due. Perfect and clean accounting allows you to avoid the payment of fines and, in more serious cases, civil or even criminal problems for the Managing Director, a role usually held by our foreign client.

No later than the first week of April of the current year, the Thai government also requires the submission of the annual closing of the company’s financial statements; this further requirement was established by the government to give companies that have not correctly fulfilled their monthly tax payments the opportunity to remedy the situation and proceed with the payment of arrears, obviously with the addition of any late payment fines, which may vary depending on the specific case.

This phase is also of extreme importance because only through a specific type of annual balance sheet closing is it possible to ensure, on one hand, the ability to extend the work permit and the annual stay visa for an additional year easily and without extra costs or fines, and on the other, to avoid penalties that increase substantially over time.

For further information in Italian regarding timelines and costs, do not hesitate to contact us by email or mobile phone.