Currently, there must be a minimum of 2 promoters to form a private limited company in Thailand. Company promoters are responsible for registering the company with the Department of Business Development of the Ministry of Commerce. The promoters must be individuals, not juristic persons or company and must be 12 years of age or older. They must be available to sign documentation during the registration process. But in case of online registration, they must complete the personal verification through Know Your Customer (KYC) system via DBD e-registration.
Each promoter is considered to be the company’s initial shareholders and required to hold at least 1 share of the company. They can transfer those shares to existing shareholders or third parties thereafter, if they would like, upon the company’s registration. The individual promoters are not required to reside in Thailand but they should have an address in Thailand in order to register the company.
As for liability, the potential legal liability of each promoter is generally limited to the par value of the shares that they will hold after the company registration is completed. The promoters are also responsible for the payment of expenses incurred in order to register the company. The company may then choose to reimburse the promoters for such expenses once the company registration is done.
Are you planning to register a limited company in Thailand soon? We at Thai Lawyers can assist and guide you through the registration process. Our services include consultation from the start until the company registration is completed.