Thailand Ranks 1st as the Best Place for Starting Business

The Department of Business Development accords that Thailand has again been voted as the best place to set-up business for the 2nd consecutive year.

The director-general of the department, Mr Wuthikrai Leeviraphan said that the country ranked 1st for the second years as the business set-up process is easy there and it takes only six days and five procedure to get everything done.

To this Mr Wuthikrai said that this year the department will try improving their services for the operators to begin business. They will try to shorten the time and procedures even more and will work in cooperation with artificial intelligence to better serve people.

Presently, to open a business in Thailand one needs to incorporate a juristic entity, commonly a Limited Thai Company. As per the business law it must have;

1. Shareholders — Minimum of 3 shareholders and during the incorporation stage it would have to be 3 natural people (of any nationality). Should you wish to have your offshore juristic entity (e.g. your offshore head office) to be one of the shareholders of this Thai juristic entity, this could be done after the incorporation of the company.

2. Director(s) — Minimum of 1 person

3. Address — An address in Thailand to be the registered address of the company

4. Objective(s) — A clear and detail objective(s)

5. License(s) — Some objective will require specific license(s) in order to operate (if required)