You have finally decided to take the plunge and start your own company. Budding entrepreneurs are often quite anxious because they don’t know whether their project will be successful or not. However, if you are thinking of starting your own company, there are a whole host of different things that you need to take into account. In a country like Thailand, there are many people who eventually decide to leave their jobs and start their own companies. If you are one of those people, it’s important for you to make sure that you do not make childish mistakes that could end up costing you more money. Here are five important things that you should know about registering your own company in Thailand.
- Find an Administration Firm
The first and most important thing that you need to do is find an administration firm that can help you with the incorporation of your business. There are plenty of local companies that can help you with company registration in Thailand. There are a number of small matters that you will have to worry about, and it’s going to take a bit of time for you to figure out everything on your own. However, if you hire an administration firm to handle matters, they can do an excellent job for you in the long run.
- Prepare the Documentation
You have to prepare all the documentation as accurately as possible. The first thing that you will need to register your company is the memorandum of association. This is incredibly important because the memorandum of association includes information about the company in general, such as the nature of operations, the directors of the company, the type of company, and any other details that might be important. You have to prepare the documentation as carefully as possible, and it’s usually recommended that you get in touch with an administration firm. They might be able to guide you in a better way about what you are missing and what you need.
- Capital Accounts
Once the memorandum of association and the articles of association have been submitted, the next step is to open the capital accounts of the company. The capital accounts of the company must be registered in a local bank and should be done so on the name of the company, with authorized individuals mentioned who will have authority to take out the money from the banks. It’s recommended that you open the capital accounts quickly so that you can get started with trading.
- Certificate of Incorporation
Once all the basics have been completed, your company will receive a certificate of incorporation, which confirms that your business is now up and running, and your company has been incorporated in Thailand.
- Get Started!
Now, the only thing left to do is set up your registered office and get started. In some cases, you might also need the certificate of commencement of business, so it’s best if you talk to an administration firm.