What’s next… after register a company in Thailand?

There are responsibilities that you need to handle after starting a business in Thailand. we have listed some of them to help you proceed ahead confidently:

1. Obtaining a Tax ID number
2. Obtain necessary business licenses and permits for your specific industry.
3. Hire employees and register with Social Security.
4. Open a company bank account.
5. Keeping accurate financial records and submitting regular financial reports to the Thai government.
6. Obtain a work permit for foreign employees.
7. Register for value-added tax (VAT) and corporate income tax.
8. Complying with Thai laws and regulations, including tax laws and labor laws.
9. Maintaining a registered office address in Thailand and registering changes in company information, such as changes in directors or shareholders.
10. Holding annual shareholder meetings and filing annual returns with the Thai government.

Regulations and requirements may vary depending on the type of company and industry, it’s always recommended to consult with local lawyers or business consultants.

Get to know about corporate tax (Thailand):

1. Corporate tax rate: The standard corporate tax rate is 20% for companies with taxable income over THB 1.8 million.
2. Taxable income: The taxable income of a company in Thailand is calculated based on its net profit, which is determined by subtracting allowable expenses from total revenue.
3. Tax filing: Companies are required to file an annual tax return, with the deadline for filing typically being March 31 of each year.
4. Double Taxation Avoidance: Thailand has double taxation avoidance agreements with several countries to prevent companies from being taxed twice on the same income.
5. Tax incentives: Certain types of businesses, such as companies engaged in promoting investment and exports, may be eligible for tax incentives and exemptions.
6. Penalties: Failure to file tax returns or pay taxes on time may result in penalties and fines.

The information above is general and subject to change, it’s always recommended to consult with local tax advisors or accountants for the most accurate and up-to-date information.

Get to know about Accounting and Tax filing:

1. Accounting standards: Companies in Thailand are required to follow Thai Financial Reporting Standards (TFRS), which are based on International Financial Reporting Standards (IFRS).
2. Bookkeeping: Companies must maintain accurate records of their financial transactions, including invoices, receipts, and bank statements.
3. Audit: Companies with more than THB 40 million in paid-up capital or THB 200 million in annual revenue must undergo an annual audit by a registered auditor.
4. Tax filing: Companies must file an annual corporate income tax return and pay taxes based on their taxable income. The deadline for filing is typically March 31 of each year.
5. Value-Added Tax (VAT): Companies with annual sales exceeding THB 1.8 million must register for VAT and charge VAT on their sales. VAT returns must be filed and paid on a monthly or quarterly basis.
6. Social Security and Health Insurance: Companies must make contributions to the Social Security Fund and the National Health Insurance Fund for their employees.

Again the regulations and requirements for accounting, tax filing, and social security in Thailand may change over time.

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