Effective from 1 April, 2012, businesses that have projects with government agencies are required to prepare and submit the “Revenue and Expense Accounts” to the Revenue Department according to the Notification of National Anti-Corruption Commission Concerning Principles and Methods of Preparing Revenue and Expense Accounts of Project between Individual/company and Government Agencies B.E.2554 (A.D. 2011). […]
In Thailand, a factory means a building, place or vehicle which uses a machine from five horse powers or an equivalent thereof or more or which employs seven workers or more with or without any machine for manufacturing, producing, assembling, filling, repairing, maintaining, testing, improving, altering, transporting, keeping, or destroying anything in accordance with the […]
According to Section 86 of the Land Code, a foreigner may purchase land in Thailand only by virtue of the provision of a treaty providing him with the right to own immovable property. Obtaining such acquisition is subject to the provision of the Land Code and the Ministerial Regulations issued under the Code, and the […]
When an employer company in Thailand wants to terminate an employee, they need to give an advance notice in writing before or on the date the salary payment is due for the termination to take effect on the next salary payment due date. If the employer terminates an employee and wants the termination to take […]
In order to help improve the performance of small and medium enterprises (SMEs), which are defined as entities with no more than Baht 5 million of paid-up capital and sales revenues of no more than Baht 30 million per annum, the Thai government has approved the following tax measures: Corporate income tax exemption on income […]
Thailand BOI has announced that it would allow 101 companies registered with the Ministry of Labour to continue hiring unskilled foreign workers until 31 December 2012, extended from 31 May 2012 as per an earlier announcement. In addition, incentives for machinery and technology improvement for increased production capacity will also be extended until the end of […]
The provision of services rendered within Thailand is generally subject to 7% VAT. However, if the provision of services is considered as “exported” under Section 80/1(2) of the Revenue Code, zero-rated VAT treatment can be applied in line with the procedures and conditions as specified under the following Notifications: – Notification of the Director-General on […]
The fees involved in setting up a Thai limited company if you hire a full service professional firm are as follows: Professional fees: 1. Setting up a new company inThailand, including getting a tax ID and VAT registration – Professional fee – Baht 40,000 – 100,000 2. Getting a foreign business license (or certificate to […]
A dormant company is a registered company with no trading activities for a certain period. It is possible to register a limited company then keep it inactive since there is no time limit for keeping a company in dormant status (some refers to it as “shelf company”.) Thus, you may choose to put your company […]
How to close a Thai limited company? Some company owners decide to close down their Thai registered company either for the purpose of opening a new company or permanently cease doing business in Thailand. Whatever reasons you have for closing your Thailand business, legal, accounting and auditing assistance are required to ensure that the company […]