Our job is to be your personal troubleshooter, and nowhere is that more important than during company setup. After the devastating 1997 Asian financial crisis. Thailand has implemented incentives for foreign investment, which are working well. However, starting a business in any foreign country generates red tape, complex regulations and cultural challenges. Some of the key problems that we can help you manage include:
- Business Startup
Thailand has some complex startup requirements that take about a month to complete. These include registering the company name, depositing funds and obtaining a corporate, which are just a few of the initial steps.
- Sole Ownership
If you want to own 100 percent of a Thailand business, you usually need to start it under the auspices of the BOI. Apart for US citizens, who enjoy the benefits of the US Treaty of Amity, there’s no other way to start a sole proprietorship if you’re a foreigner. However, our BOI service can provide many benefits if your business model meets the current mandates for foreign-investment promotion.
- Limited Ownership
As a foreigner, you can only own 49 percent of a corporation, but you can raise funds from locally based venture capitalists. You might qualify for 100 percent ownership based on treaties or qualifying for BOI promotions.
- Language Barriers
There are always language barriers when dealing with a foreign government. We can help to ensure that there are no misunderstandings.
- Thai Accountant Requirement
Your company is required to hire a Thai accountant to handle all communications, tax filings, etc. Fortunately, our team at Jinda offers full accountant services and help managing your staff and personal relocation issues.
- Cultural Issues
We can help you understand the Thai culture. It’s important to understand the common rules and customs of doing business in Thailand to succeed.
- Differences in Banking
Thailand banks often won’t open a checking account until you’ve demonstrated financial responsibility. You can request checks, and the bank will write them, but that can be an unwieldy process. Loans are hard to get, and your company will most likely have to operate on cash, global bank accounts and bank transfers. ATM cards are not issued.
Our Jinda team of accountants handle all your startup issues from creating a legal entity to opening bank accounts locally or internationally. We handle issues such as establishing a virtual office, managing escrow-related services, obtaining a lease, registering with local governments and providing information for shareholders.