If you are one of the many digital nomads that are planning to relocate to Thailand this year, you definitely aren’t alone; Bangkok was voted top digital nomad destination in the few years prior to the pandemic and now that borders are opening up again, you can expect to see an exodus from Europe. Of course, it makes total sense to relocate your business if you are planning a long stay in Thailand, and with that in mind, here is some useful info on setting up a business in Thailand.
One-Stop Business Registration
Those who are looking for a law firm can hook up with a specialist who offers a one-stop solution; not only can they process your business registration, you need a work permit in Thailand in order to manage your business. The Thai Board of Investment (BOI) offers attractive incentives for foreign business investors and the lawyer can help you take advantage of this.
Online Solutions
You’ll be happy to hear that the entire business registration process can be completed online; the lawyer would inform you of the relevant documentation to prepare, plus you will need to open Thai bank accounts and deposit the required amount of capital (2million baht). Everything else is handled by the law firm and with a long-term visa, you can book your flight to Bangkok, knowing that you are an official business owner.
Free Online Consultation
Once you are ready to start the ball rolling, make contact with a leading Thai law firm, one that has extensive experience helping foreigners to set up business in Thailand. They would be happy to have an informal video call to assess your needs and as they have a good working relationship with the authorities, everything goes without a hitch. If you are planning to bring foreign employees, the lawyer can facilitate work permits and if you need local staff, they would be able to put you in touch with a recruitment agency. Let’s not forget to carry out risk assessment, which is essential for any new business venture.
Local Partner
Many expats set up a limited company, with their Thai spouse holding 51% of the shares while holding the remaining 49%. This enables you to acquire real estate under the company name (foreigners are not permitted to own land in Thailand), and if you need a Thai partner, the law firm can assist. As is the case with most countries, business laws in Thailand are complex and without legal assistance, you would find it hard to navigate your way to legal compliance. If you qualify, why not opt for the Elite Visa?
It is obviously paramount that you are in full compliance when working in Thailand; working without a permit is a serious offense that could lead to arrest and deportation, which is why you need the services of a local immigration specialist who can facilitate everything you need to be fully compliant and legal.
