The first thing you have to remember – foreign citizens are not allowed to control all the 100% of shares. In this case, you have to find trusted people with the great knowledge about the Thai domestic market or certain part of it. Some investors prefer to trade through the local citizens: such way simplifies the procedure of registration, gives your company several tax privileges and makes it easier to withdraw profits.
Trust is the cornerstone
There is one more attractive option for businessman who has relatives in Thailand. It is hard to find a reliable partner fast enough, but if you have Thai husband/wife or partner you might save a lot of money because you will not have to pay the layer and the translators. Relations is the great background of successful business. Even if your partner is not actually the citizen of Thailand, but his or her parents are, applying for citizenship is the best option. Obtaining of trading spot in this way is extremely popular among US investors.
All you have to do to register a business under a Thai person is to have your Thai partner head over to the governmental agencies with basic information such as type of business. Then you will need proper paper-works of where you will be doing business so a contract with a landlord is required. Then your partner will need to deal with a governmental agency involved with taxes and acquire any necessary business licenses. Believe me this isn’t as hard as it sounds and depending on the establishment the process is very quick and easy for Thais. And if you will be setting some type of street side restaurant you will need to have your Thai partner head over to local police precinct and agree on rent payments, which is really not much, depending on size and establishment.
- Contracts that was concluded in Thailand has more legal power than foreign analogues. You may be surprised, but even using of Thai language will give you an advantage.
- Do not try to create the contract on your own. Even in Thailand there are a lot of international legal advisors, so it will be just a question of time. Remember that every legal act should be registered in proper way.
- In trading questions, let your Thai partner to be a leader. Local people do not trust foreigners so much, that is why it would be better for you companion to conduct negotiations.