Changes to Registering Companies and Partnerships in Thailand

There have been changes in the registration process of the companies and partnerships in Thailand. Do you know about these changes? Don’t worry we at Sunbelt Asia Legal Advisors are here to help you. We have comprehensive knowledge about the new and old rules and practices of law. All our professional consultants have experience and are highly-skilled.

For many years the registration of the partnership and a company has been very simple and easy. The foremost step is to get registered with the Department of Business Development. They can get registered with the Ministry of Commerce of Thailand. Then necessary licenses must be applied for before starting their operations.

But a new regulation was passed by the Office of Registration of Partnerships and Companies. On 29th June 2015, the new regulation related to the business objectives of the legal entities was passed. This regulation came into effect on 1st July 2015. It stated that the license must be obtained from the relevant government agencies. This must be done before registering with the Department of Business Development. This means that before registering the companies must get a license.

Objectives of The Business

The business objectives of the companies that are registering with the Department of Business Development must not:

• Contradict the law, order or common practice of the public.
• Use the terms and sentences that are not clear and don’t mention the business activities clearly.
• Be involved in the business of banking, insurance, securities, asset management, credit foncier or storage. Permission can be obtained from the relevant agency before.
• Have a recruitment business unless approval is obtained to manage such a business.
• Be involved in the business of pledging assets except specified without accepting deposits from the public. They must not use such funds as well.
• Be included in the activities like brokerage, sales agency for many business or agency. Except if it is mentioned that they are exempted from the insurance business.
• Work as an insurance broker except having a prior approval from the Office of Insurance Commission.
• Working in the tourism industry unless permission is granted by from the Tourism Department.
• Be operating a shares business that is commonly practiced in Thailand.
• Purchase commodity in advance except they have approval from the relevant government organization.
• Be involved in the buying, selling and exchanging of the foreign currency. They must not be included in providing education like running a school or institute. An exception can be given that should include the words upon receiving permission from the responsible government agency.

However, it might take the time to before business above mentioned can register their company. They are required to get appropriate licenses for recruitment business or business related to the tourism. This is because they can have their legal entity before registering with the Department of Business Development.

We at Sunbelt Asia Legal Advisors will help you through the process. We will also help you get the right license before registration. We can help you fill the form and collect all the documents that are required. Our experts will help you register your company as well. If you need more information contact us on (+66) 02-662-7004.