Also in the news...
Foreign travel advice The Gambia
Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Ferry services between Banjul and Barra have been suspended until further notice; The Islamic Summit of the OIC (Organisation of Islamic Cooperation) will be held in Banjul on 4-5 May; road closures and delays at Banjul International Airport ('Safety and security' page).
Foreign travel advice China
Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Updated information on flooding (‘Safety and security’ page).
Guidance Living in South Korea
Information for British citizens moving to or living in South Korea, including guidance on residency, healthcare, driving and more.
Guidance Living in Nigeria
Information for British citizens moving to or living in Nigeria, including guidance on residency, healthcare and passports.
Paul Beare Wins IR Global Member Of The Year
Paul Beare has been named Member of the Year at this year’s IR Global Conference in Amsterdam.
Doing Business In Thailand: 3 Key Things To Follow In 2016
In 2015, the key change for companies operating in Thailand was the regulation on accounting and legal firms not to disclose registered addresses to clients. Here, let’s take a look at some new requirements that are likely to affect the way business is done in 2016.
1. New bank requirements
Thailand entered into Model 1 Intergovernmental Agreement (IGA) in substance of the Foreign Accounts Tax Compliance Act (FATCA) in June 2014.
Under the FATCA regulations, financial institutions in Thailand are now only required to report information to the Thai Revenue Department and all bank signatories are required to be present at the banks in Thailand.
2. Registered capital
In March 2015, the Central Partnership and Company Registration Office revised its rules for partnerships and companies with registered capital of more than THB 5 million.
Companies with registered capital or increasing capital of over THB 5 million are now required to submit the letter of evidence issued by the bank to the Ministry of Commerce within 15 days from the registration date of incorporation. This shall be linked to the bank account opening which normally takes more than 15 days.
3. Unpredictable regulations and immigration requirements
Unpredictable regulations and immigration requirements shall affect the application for the extension of stay permits in Thailand for expatriates.
As stated in our briefing paper on The challenges of HR administration and payroll in Asia Pacific published in November, foreigners are not permitted to work in Thailand on any type of visa, unless they are granted a work permit. Those who intend to work in the country will need an initial visa (non-immigrant visa), which must be obtained before entering Thailand.
Talk to us
Thailand is a complex market that is constantly full of uncertainty and unpredictability. Working with a local partner with the right expertise and people on the ground who understand all of the local rules and regulations, can help to make sure you stay compliant while your business aspirations thrive.
Get in touch with the Thailand team to learn more.