I want to live and work
in Thailand for long term, how should I start?

1.Define the nature of your business
2.Register your business
3.Evaluate the necessity of a visa associated with your business:
4.Complete the registration process for your visa and work permit
5.Submit tax documents and annual financial statements as required


To open a limited company in Thailand and apply for visa, work permit registration, what is required?

1. Registration of company capital of 2,000,000 THB
2. Registration of 4 Thai staffs

What is registered capital?
The registered capital of a company is the amount of money that the founders or shareholders agree to invest when registering the company with the Department of Business Development. This registered capital is then specified in the company's certificate and is governed by the law, which states that there must be at least 3 founders or shareholders, and the registered capital will be divided into shares, with each share having a minimum value of 5 Baht.
The importance of registered capital for a company lies not only in legal compliance but also in its impact on the company's credibility in securing business opportunities. In larger-scale projects, hiring a company with higher registered capital can instill more confidence compared to a company with lower registered capital. This is because, in the event of any issues requiring legal action and compensation, a company with higher registered capital would have more resources to cover damages than a company with lower registered capital.

It is not mandatory to have real money for the initial registered capital, but it is strongly recommended to have it at a later stage.

Thai Staffs Registration
The employing company is required to have four (4) Thai employees for each work permit.

Corporate Tax Filing and annual financial statement
Compliance with Thai tax laws is crucial. If your company is VAT registered, it is essential to submit monthly VAT filings and an annual financial report at the close of the fiscal year. This practice is vital to prevent complications related to visa and work permit extensions.

Corporate income tax rate in Thailand
Company with registered capital below 5 million baht is considered a SME company

Business Visa and work permit registration

• Individuals planning to work in Thailand should begin by securing an initial 90-Day Non-Immigrant B visa , specifically under the employment category.
• During the initial 90-day period granted by the initial visa, the application for a work permit takes place. Upon obtaining a valid work permit, the applicant can proceed to apply for a 1-Year Non-Immigrant B visa extension of stay at the local immigration office within Thailand.
• Visa holders under this category are required to report their address to the Thai Immigration Office every 90 days. If the applicant intends to travel outside of the country, a re-entry permit is necessary.
• Furthermore, the visa renewal process can be completed within Thailand.

Personal Income Tax Filing
Ensuring compliance with Thai law, it is essential to file your personal income tax. This practice is crucial to prevent complications in extending your visa and work permit, and to avoid potential fines from the Revenue Department at a later stage.

Personal Income and Tax Rate
1-150,000 (Exempt)
150,001-300,000 (5%)
300,001-50,000 (10%)
500,001-750,000 (15%)
750,001-1,000,000 (20%)
1,000,001-2,000,000 (25%)
2,000,001-5,000,000 (30%)
5,000,001 and over (35%)

VALUE ADDED TAX (VAT)
VAT Tax rate in Thailand is 7%. If a person or entity in Thailand consistently sells goods or offers services with an annual turnover above 1.8 million baht, they are required to pay VAT. For services, it doesn't matter where the service is used; if it's performed in Thailand, VAT applies, even if the usage is elsewhere. In VAT terms, taxable goods encompass all kinds of property, whether tangible or intangible, regardless of their purpose (sale, personal use, etc.). This definition extends to articles imported into Thailand. Services, on the other hand, involve activities performed for the benefit of an individual or entity and do not fall under the category of goods.

Should my company be registered with VAT?
Please refer to our article here.