Client update October 22
A closer look at the way in which…15/10/2022
Expand your business in Thailand?
Many organizations have seen major disruption and slowdown over the last 12-24 months thanks to the global pandemic, some have rapidly adjusted to digital platforms and others have thrived due to the business they have and marketplace needs.
What is clear, however, is that doing business internationally, and extending your global footprint is not just a major growth strategy for many clients across the world, it is also becoming an essential and pragmatic business practice.
Investors can start to register businesses in several types in Thailand including:
Company limited is one of the most registered types in Thailand. It is a kind of business entity which is formed with a capital divided into equal shares, the liability of the shareholders being limited to the amount unpaid on the shares respectively held by them.
1. Must have at least 3 natural persons (the promoter) signing together in order to
prepare Memorandum and then register.
2. The promoters must arrange for all the company’s shares to be reserved and purchased.
3. When all the shares are reserved, the promoters must without delay hold a General Meeting of share subscribers which shall be called the statutory meeting.
The business to be transacted at the statutory meeting:
a. The adoption of the regulations of the company, if any.
b. The ratification of any contracts entered into and any expenses incurred
by the promoters in promoting the company.
c. Fixing the amount, if any, to be paid to the promoters.
d. Determining the number of preference shares, if any, to be issued, and
the nature and extent of the preferential rights accruing to them.
e. Determining the number of ordinary shares or preference shares to be
allotted as fully or partly paid up otherwise than in money, if any, and
the amount up to which they shall be considered as paid-up. The
description of the services or property in return for which such ordinary
shares or preference shares shall be allotted as paid-up shall be
expressly laid down before the meeting.
f. The appointment of the first directors and auditors and the fixing of their
respective powers. No resolutions of the statutory meeting are valid unless passed by a majority including at least one half of the total
number of subscribers entitled to vote, and representing at least one
half of the total number of shares to such subscribers.
4. The promoters shall hand over the business to the directors.
5. The directors shall thereupon cause the promoters and subscribers to pay forthwith upon each share and payable in money, such amount, not less than twenty-five percent of the share’s value. (The shareholder (subscriber) is required to pay for their share as per director’s request.)