Child Support in Thailand

Child Support in Thailand

Child Support in Thailand. When Thai parents separate or divorce, the issue of child support often arises. Thai law emphasizes both parents’ responsibility to financially support their children until they reach the age of 20. Here’s an overview of child support in Thailand:

Shared Responsibility:

Thai family law mandates that both biological or adoptive parents are financially obligated to support their children. This ensures the child’s well-being and reduces the financial burden on the custodial parent.

Reaching an Agreement:

The preferred approach is for parents to reach a written agreement on child support amount and payment methods. This agreement should outline the child’s needs, such as food, shelter, education, and healthcare, and determine a fair contribution from each parent. Consulting a lawyer can ensure the agreement is comprehensive and legally sound.

Court-Ordered Support:

If parents cannot reach an agreement, the child’s custodial parent can file a lawsuit for child support. The court will consider the following factors when determining the amount:

  • Child’s Needs: The child’s essential living expenses, education costs, and any special needs will be factored in.
  • Financial Ability of Parents: The court will assess each parent’s income and earning potential to determine a fair contribution.
  • Standard of Living: The child’s accustomed standard of living before the separation will be considered.

Special Considerations:

  • Out-of-Wedlock Children: The biological father of a child born outside of marriage isn’t legally obligated to pay child support unless he acknowledges paternity through court-ordered legitimization.
  • Payment Methods: Child support is typically paid in regular installments, though the court might order alternative arrangements in specific cases. Support payments cannot be directly deposited into a child’s bank account unless they are 15 years old or older.

Seeking Legal Help:

Child support issues in Thailand can be complex, especially in cases of disagreement or out-of-wedlock children. Consulting a lawyer specializing in family law is highly recommended. They can guide you through the process, ensure your rights are protected, and represent you in court if necessary.

Conclusion:

Ensuring financial support for your child is a priority in Thailand. By understanding the legal framework and considering an amicable agreement, parents can navigate child support arrangements and prioritize their child’s well-being.

US-Thailand Treaty of Amity

US-Thailand Treaty of Amity

US-Thailand Treaty of Amity. The United States-Thailand Treaty of Amity and Economic Relations, often shortened to the Treaty of Amity, stands as a cornerstone of the economic relationship between the two nations. Signed in 1966, this treaty grants specific privileges to American businesses operating in Thailand. Let’s delve into the history, key provisions, and ongoing debates surrounding this treaty.

A Historical Context

The Treaty of Amity originated in 1833, reflecting a desire for friendly relations and trade between the then-Kingdom of Siam (present-day Thailand) and the young United States. The 1966 iteration aimed to bolster economic ties during the Cold War era.

Key Provisions: Benefits and Limitations

The treaty offers significant advantages to US businesses in Thailand. Here are some highlights:

  • Ownership Rights: American companies can hold majority ownership (over 50%) of businesses in Thailand, unlike the usual restrictions imposed by Thai law.
  • Business Scope: The treaty allows US businesses to operate in a wider range of sectors compared to the limitations set by Thailand’s Foreign Business Act.
  • National Treatment: US businesses are entitled to treatment similar to Thai businesses concerning taxation and certain regulations.

However, the treaty also has limitations:

  • Restricted Sectors: Certain sectors like communications, banking, and land ownership remain off-limits for majority US ownership.
  • Thai Sovereignty: Thailand retains the right to amend its laws and regulations, potentially impacting treaty benefits.

A Treaty in Flux: The Debate Continues

The Treaty of Amity has sparked debate in recent years. Some argue that it gives unfair advantages to US businesses, hindering Thai competitiveness. Thailand opted not to renew the treaty in 2005, although existing privileges continue under a grace period. Negotiations for a revised agreement are ongoing.

Conclusion: A Complex Legacy

The US-Thailand Treaty of Amity has undeniably shaped economic ties between the two countries. While it offers substantial benefits to US businesses, questions about fairness and its alignment with Thailand’s economic goals remain. As negotiations for a revised agreement progress, the future of this historic treaty holds significant implications for the economic partnership between the US and Thailand.

Property Purchase in Thailand

Property Purchase in Thailand

Property Purchase in Thailand. Thailand’s captivating beaches, delicious cuisine, and rich cultural heritage make it a dream destination for many. But for some, the dream extends beyond visiting – it’s about owning a piece of paradise. While foreign ownership of land in Thailand is restricted, there are still pathways for foreigners to invest in property.

Understanding these options is crucial for making informed decisions. Here’s a breakdown of the key aspects to consider:

Condominiums: The Straightforward Choice

For most foreign buyers, condominiums offer the most straightforward path to property ownership. You can purchase a freehold unit, granting full ownership of the apartment itself. There’s also the option of a leasehold agreement, which provides the right to use the unit for a set period, typically 30 years with renewal possibilities. Keep in mind that foreign ownership within a condominium project is capped at 49% of the total units.

Alternative Options: Villas and Leaseholds

While land ownership is restricted, foreigners can purchase a house or villa built on leased land. A long-term leasehold agreement, typically 30 years with extensions, grants you the right to use the property and the house itself. This option provides more space and privacy compared to a condo but requires careful consideration of lease renewal terms and potential limitations on modifications.

Setting Up a Company: A Complex Route

For those seeking land ownership, a more complex option exists: establishing a Thai limited company. The company can then purchase the land, essentially giving you indirect ownership. This route involves ongoing legal and administrative costs and comes with stricter regulations. Consulting with a lawyer is essential to ensure you understand the full implications.

Important Considerations: Due Diligence is Key

Regardless of the property type, thorough due diligence is paramount. Verify land titles, research the developer’s reputation for condos, and understand any potential limitations or fees associated with the property. Working with a reputable real estate agent and lawyer experienced in foreign property transactions can safeguard your investment.

Embrace the Journey: Owning Property in Thailand

Buying property in Thailand can be an exciting venture, but it’s not without its complexities. By understanding the ownership structures, conducting due diligence, and seeking professional guidance, you can navigate the process with confidence and build your dream Thai haven.

Thailand Board of Investment

Thailand Board of Investment

The Thailand Board of Investment (BOI) is one of the most important economic organizations in Thailand. It promotes foreign direct investment and leads economic growth. The BOI was established to encourage and assist with investments, and it is an essential component of Thailand’s progress in the fields of technology and manufacturing. The article talks into detail regarding the Thailand Board of Investment’s worth, duties incentives, and application process. It shows the significance it is for business to advance and grow.

I. The Beginnings of the Thailand Board of Investment

The Thailand Board of Investment is a government body that works under the Office of the Prime Minister. It was founded in 1954. It was made to help and support investment in Thailand’s most important businesses from both inside and outside the country.

II. What the BOI wants to do

A. Getting people to invest: The BOI’s main job is to get people to invest in businesses that help Thailand reach its economic growth goals.

B. Making the economy more competitive: The BOI wants to make Thailand’s businesses more competitive on the world stage by giving them a variety of benefits.

C. Supporting Technological Progress: To boost industrial growth and efficiency, the BOI promotes the use of new technologies and innovations.

III. Supporting investment and focusing on key industries

The BOI divides businesses into different groups and offers different types of incentives to bring in capital. Manufacturing, farmland and the agro-industry, mining, and services are some of the priority businesses.

IV. Investment Incentives from BOI

A. Tax Breaks: Depending on the business and location, the BOI offers tax breaks or lower rates on company income tax for a certain amount of time.

B. No Import Duty or Lower Import Duty: Projects that are eligible may not have to pay import taxes on machinery, raw materials, and necessary parts.

C. Ownership and Use Rights of Land: Foreign owners can get the right to own land for activities that are supported, which isn’t possible otherwise.

D. Permission for Foreign Workers: The BOI tells foreign experts, techs, and skilled workers they can work in Thailand.

V. The Process of Application

A. Eligibility and Project Proposal: Investors must meet the requirements to be eligible and send in a detailed project proposal that explains how they plan to spend.

B. Sending the application to the BOI: The application and all the necessary papers are sent to the BOI.

C. BOI Review and Approval: The BOI looks over the application and gives the business project BOI promotion rights if it is approved.

VI. BOI and the Growth of the Economy

The BOI has been very important in bringing in a lot of foreign direct investment, which has helped Thailand’s industries grow, its technology improve, and new jobs are created.

VII. Problems and Plans for the Future

The BOI has been very important to Thailand’s economic growth, but it is always changing to meet new challenges and take advantage of new business possibilities around the world.

In conclusion

The Thailand Board of Investment is still an important part of Thailand’s economy because it encourages investment, technology progress, and industrial growth. By providing a variety of benefits, the BOI continues to attract investors from both inside and outside of Thailand. This helps Thailand remain competitive in the global market. The BOI is set to be very important to Thailand’s future economic growth as it adjusts to new business environments and supports new industries.

Representative Office in Thailand

Representative Office in Thailand

Representative Office in Thailand. Companies looking to grow their worldwide footprint have found Thailand to be an appealing destination due to its dynamic economy, business-friendly legislation, and strategic position in the heart of Southeast Asia. It is possible for foreign enterprises to investigate potential prospects in Thailand by setting up a Representative Office. To help you understand the idea, advantages, eligibility requirements, and procedures of establishing a Representative Office in Thailand, this article attempts to offer a thorough guidance.

I: What Is A Representative Office?

Established as an extension of its parent firm, a Representative Office is a legal organization that a foreign corporation can use to engage in non-profit activities. Market research, information gathering, and product promotion for the parent company’s offerings are its principal functions.

II: Eligibility and Activity Scope

A. Eligibility: The parent firm has to have been operating for a minimum of one year, have solid financial footing, and not be involved in any illegal activities according to Thai legislation in order to set up a Representative Office in Thailand.

B. Purpose: A Representative Office can only do non-profitable operations such as communicating with local partners, conducting market research, promoting parent company products or services, and gathering business information; it cannot generate income.

III: The Advantages of a Delegated Authority

A. Market Research and Analysis: For better strategic decision-making, a Representative Office may help you have a better grasp of the local market, customer behavior, and industry trends.

B. Networking and Partnering: It may help you connect with other area companies, people who may become customers, and possible business associates.

C. Increased Exposure to the Parent Company’s Brand: The Representative Office works to raise awareness of the parent company’s brand in Thailand and to aid in its establishment there.

IV. The Method of Application

A. Gathering Necessary Documents: Your application must be accompanied by the following: a letter of purpose from the parent business, financial statements of the parent company, a letter of appointment for the chief representative, and a letter of intent.

B. Thai Government Submission: The application is sent to the Ministry of Commerce’s Department of Business Development.

C. Approval Procedure: After submission, the application is reviewed. When everything checks out, a registration certificate is handed out.

V. Reporting and Compliance

A. Legal Obligations: All Representative Offices must adhere to all Thai legal requirements, particularly those pertaining to taxes and labor.

B. Annual Reporting: This organization is required by Thai law to provide the government with an annual report outlining its operations.

VI: The Constraints on a Representative Office

A. Earning Money Is Illegal: Employees of Representative Offices are not authorized to participate in any endeavor that might result in financial gain.

B. Existence Period: Usually, they get a license for two years, and it can be renewed if needed.

In summary

If a foreign company wants to learn about the Thai market and set up shop there but isn’t interested in making money just yet, they might consider opening a representative office there. Companies may confidently engage on this venture by knowing the qualifying requirements, perks, and application procedure. This will open doors to new prospects and collaborations in the dynamic Thai business sector.

Notary Public in Thailand

Notary Public in Thailand

Notary Public in Thailand. In the realm of legal and business transactions, the role of a Notary Public is pivotal in ensuring the authenticity and legality of documents. Thailand, a hub for international business and commerce, has its own system of Notary Public services, playing a crucial role in certifying and validating various legal documents. This article explores the significance, functions, and the process of notarization in Thailand.

I. Understanding the Notary Public in Thailand

A. Definition:

  1. A Notary Public in Thailand is a qualified legal professional authorized to authenticate documents, administer oaths, and witness signatures.
  2. Notaries in Thailand play a crucial role in verifying the legitimacy of documents for use both domestically and internationally.

B. Appointment and Authority:

  1. Notaries in Thailand are appointed by the Ministry of Justice and operate under the authority of the Ministry.
  2. Their authority extends to witnessing signatures, certifying copies of documents, and administering oaths or affirmations.

II. Functions of Notary Public in Thailand

A. Witnessing Signatures:

  1. Notaries witness the signing of documents, verifying the identity of the signatory.
  2. This function is crucial for legal documents, contracts, and affidavits.

B. Certifying Copies:

  1. Notaries can certify copies of original documents, affirming that they are true and accurate reproductions.
  2. This is often required for academic transcripts, passports, and other vital records.

C. Administering Oaths and Affirmations:

  1. Notaries administer oaths or affirmations to individuals making sworn statements.
  2. This is common in affidavits, statutory declarations, and legal affirmations.

D. Notarization for International Use:

  1. Notaries in Thailand often notarize documents intended for use in international transactions.
  2. This includes documents for business transactions, real estate deals, and legal proceedings.

III. The Notarization Process in Thailand

A. Document Preparation:

  1. Ensure all documents are prepared and reviewed before seeking notarization.
  2. Documents must be clear, complete, and in compliance with Thai legal standards.

B. Personal Appearance:

  1. The individual seeking notarization must appear in person before the Notary Public.
  2. This is to verify the identity of the person and witness the signing of documents.

C. Verification of Identity:

  1. The Notary Public verifies the identity of the person signing the document through government-issued identification.
  2. This is a crucial step to prevent fraud and ensure the authenticity of the signature.

D. Notarial Certificate:

  1. After the document is signed, the Notary Public attaches a notarial certificate, affirming the authenticity of the signature.
  2. The certificate includes the Notary’s seal, signature, and relevant details.

E. Record Keeping:

  1. The Notary Public maintains a record of the notarized documents.
  2. These records are kept for a specified period and can be used for verification purposes.

IV. Importance of Notarization in International Transactions

A. Acceptance in Foreign Jurisdictions:

  1. Notarized documents are widely accepted in foreign jurisdictions.
  2. This is crucial for international business, legal proceedings, and cross-border transactions.

B. Legalization and Apostille:

  1. Notarization is often a prerequisite for further processes like legalization or obtaining an Apostille for international use.
  2. These additional steps ensure the document’s validity in other countries.

V. Conclusion

In Thailand, the role of the Notary Public is fundamental in upholding the integrity of legal documents and facilitating smooth international transactions. Whether for business agreements, real estate transactions, or legal affirmations, notarization adds a layer of authenticity that is recognized and respected globally. Understanding the functions and the process of notarization is essential for individuals and businesses engaged in cross-border activities, ensuring the legality and acceptance of their documents in the international arena.

Power of Attorney in Thailand

Power of Attorney in Thailand

In the intricate landscape of legal and business dealings, the Power of Attorney (PoA) emerges as a valuable legal instrument, granting an individual the authority to act on behalf of another. Thailand, with its dynamic business environment and international engagements, recognizes and regulates the use of Power of Attorney. This article navigates through the nuances of Power of Attorney in Thailand, elucidating its significance, types, and the process of execution.

I. Understanding Power of Attorney in Thailand

A. Definition:

  1. Power of Attorney is a legal document that authorizes an individual, known as the “agent” or “attorney-in-fact,” to act on behalf of another person, the “principal.”
  2. The authority granted can be broad or specific, and it may be temporary or enduring.

B. Importance in Legal Transactions:

  1. Power of Attorney is a crucial tool for facilitating various legal and business transactions, especially when the principal cannot be physically present.

C. Types of Power of Attorney in Thailand:

  1. General Power of Attorney: Grants broad powers to the agent, allowing them to perform a range of actions on behalf of the principal.
  2. Specific Power of Attorney: Limits the agent’s authority to specific actions or transactions defined in the document.
  3. Limited or Special Power of Attorney: Grants the agent authority for a specific purpose and a limited time frame.
  4. Durable Power of Attorney: Remains valid even if the principal becomes incapacitated.
  5. Non-Durable or Ordinary Power of Attorney: Becomes invalid if the principal becomes incapacitated.

II. The Power of Attorney Process in Thailand

A. Drafting the Document:

  1. The principal or their legal representative must draft the Power of Attorney document.
  2. The document must clearly specify the powers granted, the scope of authority, and any limitations.

B. Choosing the Agent:

  1. The principal selects a trustworthy individual to act as their agent.
  2. The agent should be someone with the capability to fulfill the responsibilities outlined in the Power of Attorney.

C. Notarization and Certification:

  1. The Power of Attorney document must be notarized by a Notary Public in Thailand.
  2. Notarization ensures the authenticity of the document and is often required for legal recognition.

D. Translation (if applicable):

  1. If the Power of Attorney is drafted in a language other than Thai, it may need to be translated into Thai.
  2. The translated document should be attached to the original for legal validity.

E. Legalization (if applicable):

  1. For international use, the Power of Attorney may need to be legalized by the Ministry of Foreign Affairs or obtain an Apostille.
  2. Legalization ensures the document’s recognition in other jurisdictions.

F. Registration (if applicable):

  1. Certain types of Power of Attorney, especially those related to real estate transactions, may need to be registered with the local Land Office.
  2. Registration adds an additional layer of legal validity.

III. Uses of Power of Attorney in Thailand

A. Real Estate Transactions:

  1. Facilitating the purchase or sale of property on behalf of the principal.
  2. Signing contracts, obtaining permits, and handling related transactions.

B. Financial Matters:

  1. Managing bank accounts, conducting financial transactions, and handling investments.
  2. Dealing with tax matters and filing on behalf of the principal.

C. Legal Representation:

  1. Representing the principal in legal proceedings, litigation, or negotiations.
  2. Signing legal documents and agreements on behalf of the principal.

D. Business Transactions:

  1. Acting on behalf of the principal in business negotiations, partnerships, or contractual agreements.
  2. Handling corporate matters, signing contracts, and making business decisions.

IV. Conclusion

Power of Attorney in Thailand is a powerful legal tool that empowers individuals to navigate legal, financial, and business matters efficiently. Understanding the types, process, and uses of Power of Attorney is crucial for individuals and businesses engaged in diverse transactions. Whether facilitating real estate deals, managing financial affairs, or representing someone in legal matters, a well-executed Power of Attorney ensures that actions are taken with the legal authority and consent of the principal. It stands as a testament to the legal sophistication of Thailand, providing a framework for secure and effective delegation of authority in various aspects of life and business.

marriage-in-thailand

Getting Married in Thailand

Getting Married in Thailand. Thailand, with its stunning landscapes, vibrant culture, and warm hospitality, has become an increasingly popular destination for couples seeking a unique and memorable wedding experience. The country offers a perfect blend of natural beauty, exotic charm, and rich traditions, making it an ideal place to exchange vows. In this article, we will explore the process, requirements, and cultural nuances of getting married in Thailand, providing you with a comprehensive guide to ensure your dream wedding becomes a reality.

1. Legal Requirements:

Before planning your wedding in Thailand, it’s essential to understand the legal requirements involved. Non-Thai nationals must comply with specific regulations to ensure the validity of their marriage. These requirements include:

  • a) Documentation: Couples must present their passports, birth certificates, and a document affirming their single status (usually an affidavit or letter of affirmation) issued by their respective embassies or consulates in Thailand.
  • b) Translations and Legalization: All documents not in the Thai language must be translated into Thai and certified by an authorized translator. The translations, along with the original documents, must be legalized at the Ministry of Foreign Affairs in Thailand.
  • c) Registration: The marriage ceremony must be registered at the District Office (Amphur) in Thailand to be legally recognized.

2. Thai Wedding Traditions and Ceremonies:

Thailand’s rich cultural heritage offers couples the opportunity to incorporate traditional elements into their wedding celebrations. Thai wedding ceremonies often involve the following customs:

  • a) Khan Maak Procession: This is a traditional parade where the groom, accompanied by family and friends, presents gifts and pays respect to the bride’s family.
  • b) Sai Monkhon: This is the formal engagement ceremony where the couple exchanges rings and offers blessings to each other.
  • c) Rod Nam Sang: During this ritual, the couple’s hands are joined, and the elders pour blessed water over their hands as a symbolic gesture of unity and blessings.
  • d) Buddhist Blessing: Many couples choose to have a Buddhist monk bless their union by performing a ceremony at a local temple.
  • e) Water Pouring Ceremony: The bride and groom pour scented water on the hands of their elders as a sign of respect, seeking their blessings and good wishes.

3. Choosing the Wedding Venue:

Thailand offers a wide array of stunning wedding venues, ranging from pristine beaches to lush gardens, luxurious resorts, and historical temples. Popular destinations include Phuket, Koh Samui, Bangkok, Chiang Mai, and Krabi. Consider factors such as budget, guest capacity, ambiance, and desired location when selecting your wedding venue.

4. Wedding Planners and Legal Assistance:

Engaging the services of a professional wedding planner can alleviate the stress of organizing a destination wedding in Thailand. A reputable wedding planner with local expertise can guide you through the legal requirements, assist with venue selection, handle logistics, and ensure a smooth execution of your special day.

Additionally, seeking legal assistance from a qualified attorney or a wedding coordinator familiar with Thai marriage laws is advisable. They can help navigate the legal procedures, translations, and document legalization, ensuring that your marriage is valid under Thai law.

5. Post-Wedding Legalization:

After the wedding ceremony and registration at the Amphur, it’s important to follow up with the necessary steps to legalize your marriage in your home country. This typically involves having your marriage certificate translated and authenticated by the Ministry of Foreign Affairs in Thailand and then submitting it to your embassy or consulate for further legalization or registration.

Conclusion:

Getting married in Thailand offers couples a truly enchanting experience, surrounded by the country’s natural beauty and immersed in its

vibrant cultural traditions. By understanding the legal requirements, incorporating Thai wedding customs, and seeking professional assistance, couples can ensure a seamless and memorable wedding celebration in the Land of Smiles.

marriage-in-thailand

Marriage in Thailand

Marriage in Thailand. As long as you comply with the regulations and take the right measures, processing a marriage in Thailand can be simple. Here is a summary of what you should know:

  1. A Certificate of Freedom to Marry must be obtained from your country’s embassy or consulate in Thailand if you are a foreigner getting married in Thailand. This certificate, which declares that you are free to get married, normally has a three-month expiration date.
  2. Translation of the Certificate You must have the Certificate of Freedom to Marry translated into Thai once you acquire it. You can accomplish this at the Ministry of Foreign Affairs’ translation service desk in Bangkok or at one of its regional offices.
  3. Register the Marriage: The District Office (Amphur) where the ceremony will take place is where the marriage must be registered. You must bring your passport, a translated copy of the Certificate of Freedom to Marry, and any other required paperwork, such as a divorce decree from a prior union or income documentation.
  4. Ceremony: The marriage must be performed by a registrar at the district office. You can choose to have a traditional Thai wedding or a Western-style ceremony. You need two witnesses, and if you don’t know Thai, you might want to bring a translation.
  5. Marriage Certificate: Following the ceremony, you will be given a Thai marriage certificate. The Ministry of Foreign Affairs or a translation agency can provide an English translation of this certificate.

Note that based on your particular scenario, there can be additional needs or steps. For more information, it is advised that you speak with a lawyer or the embassy or consulate of your home nation in Thailand.

Company Registration in Thailand

Company Registration in Thailand

Company Registration in Thailand. A private limited company in Thailand is an ideal structure for most foreign businesses. It is a legal form with directors, shareholders (both Thai and foreign), promoters, and limited liability.

A limited company is an ideal way to protect individual investors from excessive financial risk as they can only lose the capital they invested in the company. However, the company must be registered first to ensure that it meets all legal and regulatory requirements.

Company Registration in Thailand

If you are interested in registering a company in Thailand, there are several types of business structures that you can choose from. These include Limited Liability Company (PLC), Joint Venture, and Partnership.

The process of registering a private limited company is regulated under the Civil and Commercial Code of Thailand. It is a popular business structure among foreign investors, as it provides flexibility and allows you to engage in many activities.

The process of registering a company in Thailand involves choosing a name for the company and submitting the required documents to the Department of Business Development. Once the company is registered, it can open a corporate bank account and make use of internet banking.

Memorandum of Association (MOA)

The Memorandum of Association (MOA) is a legal document that the founders of the company must prepare before applying for company registration. It must be signed by all the directors and members of the proposed company.

It contains the name of the company, its registered address, and the act under which it is formed. It must also specify whether the company is limited by shares, or limited by guarantee, etc.

It should also mention the authorized capital or nominal capital and how it is divided into preference share capital and equity share capital. It also specifies the number of shares that are to be issued and the value.

Shareholders

A limited liability company is Thailand’s most popular business structure. It’s similar to a Limited Liability Company (LLC) in other countries and can be established quickly and easily online.

Shareholders can be individuals, corporate entities or organizations that own a share of stock in the company. They have the right to receive dividends, request an extraordinary shareholder meeting, control the company’s transactions and sue for damages.

Typically, a limited company is formed by a minimum of three founders who are required to subscribe to shares and pay up the company’s capital. They can also choose to issue preference shares which gives them additional voting and dividend rights.

Directors

One of the most popular approaches for foreigners to do business in Thailand is to set up a limited liability company. This is a flexible business structure that allows you to control your own assets and pay less in taxes than you would as a C-corporation.

A Thai limited company consists of a minimum of three shareholders and is managed by a director. In addition to the basic rights of shareholder participation, the directors have fiduciary duties to both the shareholders and the company.

The law imposes certain requirements as to the powers of the directors to bind the company in a legal sense by affixing their signatures in conjunction with the company seal. This can include a sole signature or joint signatures from a majority of the signatories.

Accounting

Accounting is a necessary part of any business. It helps to determine the financial state of the company and the shareholder’s list. It also lets third parties such as banks and private money lenders know that the business is reliable.

In Thailand, there are three main types of business organizations – partnerships, limited companies, and joint ventures. These differ in the liability of partners.

The most popular type of business is the Limited Liability Company because it offers a great deal of flexibility. In addition to limiting individual partner liabilities, the company itself is liable only to the amount of its capital. This makes it an attractive option for foreign investors.