NewsCase StudiesEvents

Doing Business In Thailand: 3 Key Things To Follow In 2016

Also in the news...

New immigration system: what you need to know

The UK has introduced a points-based immigration system.

Preparing for the Customs Declaration Service

Find out what you need to do to prepare for making declarations on the Customs Declaration Service.

Online Business Set-Up: 5 Tips to Help Your Website Rank in the UK

If youíre setting up a new online business, having a user-friendly website and sound SEO strategy thatís tailored to your target market is important. And if youíre targeting British consumers, there are a few SEO boxes you can tick to ensure you rank well on UK-based searches and drive the right traffic back to your website.

Check if youíre established in the UK for customs

Find out whether you're established in the UK for customs purposes.

Carry out international road haulage

What UK goods vehicle operators need to do to carry out international road haulage.

Doing Business In Thailand: 3 Key Things To Follow In 2016

Back to News

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, letís 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.

You are not logged in!

Please login or register to ask our experts a question.

Login now or register.