A lot of small businesses will outsource their company secretarial in Thailand, as the country is home to a large population of immigrants who are familiar with office tasks. These workers can help your company save time and money while still maintaining your statutory obligations. Fortunately, there are a number of things that you can do to run your business efficiently in Thailand. Here are some of the main ones:
Keep Your Company Registered
Running a business in Thailand involves a number of administrative and compliance requirements that must be complied with. One of these is keeping your registered company name up to date. This is critical if you want to continue trading and if your employees are having trouble contacting you by phone or email.
Comply With The Law
All businesses operating in Thailand must have the correct paperwork in place in order to comply with local laws and regulations. This includes registering with the tax authority so that you can declare your income and pay your taxes. Failing to do this could result in fines and penalties that can cripple your business and prevent you from growing in the future.
Maintain Your Office Space
Maintaining your office space in Thailand is essential, otherwise, you may find yourself unable to trade. This can involve ensuring you have the correct licenses and permits in place, as well as having sufficient electricity, water and internet connections. If you fail to keep your property in good condition, you could be fined or banned from operating your business in the country.
Know The Law
It is possible for foreigners to own 100% of a company in Thailand, however, this depends on the company’s activities. If the company is involved in manufacturing or trading goods, it will be classed as a local entity and will be required to register with the local tax authority and submit annual reports. If the company provides services such as accounting or consultancy, it is classified as an export-oriented business and can operate under an exemption certificate. However, the company must not have any substantial change in its ownership. If you plan to open a company in Thailand, you should hire an experienced lawyer who can advise you on your legal rights and obligations. Contact a reputable law firm today to learn more about how you can protect your business in Thailand.