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Incorporation
How to Get Your Company Name Approved in Thailand
07/12/2022
Choosing a name for your company is a significant step for a new business. It is also one of the first steps to be completed when incorporating a company in Thailand. While it may seem like a simple thing to do, companies need to be aware of the specific restrictions and requirements they must follow in order to reserve a company name.
This article will explore what companies need to be aware of when choosing their company name.
Key points
- A company name cannot be the same as that of an existing company.
- Company names must also end with the word Limited.
- The name must be reserved with the Department of Business Development (DBD).
- The name must be reserved in Thai, even if the name is in English.
Choosing a suitable company name
When choosing a company name, you must first check whether your chosen name is available. This is important because the name of a company must not be identical or the same as other pre-existing companies.
The following names and terms are cannot be used as part of a company name in Thailand:
- Names similar or the same as ministries or government departments
- Names associated with the royal family
- Names similar to other companies
- Names that are misleading
- Names violating public morals
- Terms prohibited from being used in a company name, such as investment
Furthermore, company names cannot contain the term investment, but capital can be used.
Company names must also end with the word Limited.
Companies may use the same name for several companies, as long as the name is accompanied by a different figurative word, for example, XXX Holdings Ltd, XXX Capital Ltd, or XXX Trading Ltd.
Once a company has chosen a suitable name and checked that it is available, the name must be reserved with the Department of Business Development (DBD) of the Ministry of Commerce.
It is recommended to submit three different company names to increase the chances of your company name being reserved.
Please note that the name must be reserved in Thai, even if the name is in English.
Approval usually takes one business day. After approval has been granted the company name will be valid for 30 days, with no option of extension.
Can I change the company name?
Yes, it is possible to change a company’s name after it has been registered. The new name will need to follow the requirements listed above.
The following documents are required to change a company name:
- Amendment for VAT registration (form porpor.09) and the original and one copy of the VAT certification (porpor.20) (if the company is registered with the VAT)
- Three copies of the VAT registration (porpor.01)
- Passport and ID card copy of the director
- Company affidavit
- Copy of the director’s house registration
- Updated company documents from the DBD
- Power of attorney
What is the process for changing a company name?
If decide to change your company name you must make sure the following has been completed:
- Inform the Revenue Department and other government offices must be notified about the change.
- Update the company corporate seal.
The process for doing so is as follows:
Step 1- reserve a new company name with the DBD (following the same process as listed above).
Step 2- Arrange and hold a shareholder’s meeting. After the meeting has been completed and the shareholders have approved the new company name, the change must be registered with the DBD within two weeks of the meeting.
How can Belaws help?
If you need more information about starting a business in Thailand, why not talk with one of our experts right now?
Please note that this article is for information purposes only and does not constitute legal advice.
Our consultations last for a period of up to 1 hour and are conducted by expert Lawyers who are fluent in English, French and Thai.
Consultations can be hosted via WhatsApp or Video Conferencing software for your convenience. A consultation with one of our legal experts is undoubtedly the best way to get all the information you need and answer any questions you may have about your new business or project.
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Frequently asked questions
Can a foreigner open a company in Thailand?
Yes it is possible for a foreigner to open a company in Thailand. There are also options available which allow 100% foreign owned companies as well.
How much does it cost to set up a company in Thailand?
The official fees for registering a company in Thailand are THB 7,500.
How do I start a limited company in Thailand?
- Step 1: Choose and register a company name.
- Step 2: Draft and file the Memorandum of Association.
- Step 3: Call and hold a Statutory Meeting of the shareholders
- Step 4: Register the Company with the Ministry of Commerce.
- Step 5: Register the company for Value-Added Tax (VAT) and Income Tax
Is it good to start a business in Thailand?
Thailand is an attractive option for those wishing to start a business. Thailand has a great infrastructure in place and scheme such as the BOI provide great incentives for companies to take advantage of.
How much money do you need to start a business in Thailand?
Typically, it costs between THB 40,000 to THB 60,000 (excluding VAT and Government fees) to start a business in Thailand.The official fees for registering a company in Thailand are THB 7,500.
How can a foreigner start a small business in Thailand?
Yes, foreigners can start a business in Thailand. However, certain business activities are restricted by the Foreign Business Act and in order for businesses to undertake them they must obtain a Foreign Business Licence/Certificate which can be time consuming and complicated.
What is the biggest problem in Thailand?
The biggest problem facing foreign owned companies is being able to undertake their desired business activity as a 100% foreign owned company. Many business activities are protected by the Foreign Business Act and in order for a company to operate in these protected industries, they will be required to be majority owned by Thai Shareholders (unless a BOI promotion has been obtained).
Why is it hard to do business in Thailand?
The Foreign Business Act limits to the business activities a 100% foreign owned company can undertake. This means Thai Shareholders will need to be sought or a BOI promotion obtained in order for a company to legally operate.
Can I own a company in Thailand?
Yes, foreigners can start a business in Thailand. However, certain business activities are restricted by the Foreign Business Act and in order for businesses to undertake them they must obtain a Foreign Business Licence/Certificate which can be time consuming and complicated.
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