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Thai Corporate Structures

The following article is written as a sort of overview for those researching Thai corporate structures for conducting business in the Kingdom of Thailand.

Each year, many foreign nationals travel to Thailand. In some cases, such travelers opt to remain in the Kingdom. Sometimes, people wish to stay in Thailand in order to study the Thai language. In some cases, such people may be able to obtain a Thai education visa for this purpose. Meanwhile others opt to remain in Thailand on a retirement visa. Finally, some travelers try to make Thailand a platform for business activity. Those wishing to do business in Thailand are well advised to use a Thai business visa for such purposes.

Incorporating a business in the Kingdom of Thailand is an endeavor unlike anything undertaken in the United States of America or elsewhere around the world. It should be noted that Thai law does not allow so-called "shelf companies". Therefore, those conducting business in Thailand through a Thai limited company are required to maintain bookkeeping initiatives and retain an accountant in order to file audited financial statements and balance sheets.

In Thailand, there are a great many companies which claim to specialize in legal matters. In many ways, choosing the right professional to assist in incorporating a Thai company can be the most important decision made by a person preparing to do business in Thailand. Those seeking professional assistance are well advised to ascertain if a firm is registered with the Thailand Lawyers Council.

Contrary to other jurisdictions which allow so-called "Limited Liability Companies" the Kingdom of Thailand has maintained virtually the same system of incorporating Limited Companies for many years. These entities look much the same as incorporated business entities in the United States or United Kingdom. That said, although Thai limited Companies may look similar to the layman at first glance Thai law operates very differently from any other location in the world so the assistance of Thai corporate counsel can be highly beneficial for those wishing to setup a Thai Limited Company for the purpose of conducting business in the Kingdom.

The law in Thailand might provide some legal benefits to juristic persons which will be used by individuals and groups of a certain nationality. For example, the United States-Thailand Treaty of Amity permits American Citizens to own virtually 100% of specified types of businesses. Meanwhile, the provisions of the Japanese-Thai Free Trade Agreement and the Australian-Thai Free Trade Agreement may offer benefits to foreign nationals in Thailand of Australian or Japanese extraction. Finally, Thailand's Board of Investment can provide many types of concessions to companies and individuals wishing to do business in Thailand.

Benjamin W. Hart is an American attorney and the Managing Director of Integrity Legal (Thailand) Co. Ltd. Contact: 1-877-231-7533, +66 (0)2-266-3698, or info@integrity-legal.com. See: http://integrity-legal.com/legal-blog/thailand-business/westlaw-business-reports-increased-risk-in-certain-sectors-in-thailands-economy/ or http://www.integrity-legal.com/company-thailand/amity-treaty.html


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