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Company registration in Phuket, Thailand. Service offer

Major forms of doing business in Thailand. A private limited company. Company name and structure. Company registration procedure. Corporate income tax. Fees.

Organizational and legal forms of doing business in Thailand

The Thai legislation offers the following major forms of doing business:

  • ordinary partnership;
  • limited partnership;
  • private limited company;
  • public limited company.

In most cases, the best option in Thailand is to register a private limited company.

To make the process easier and more cost-effective, we recommend registering a company in Phuket. If necessary, it is possible to register an additional address (office) in Bangkok or any another city of Thailand.

A private limited company in Thailand can be formed with one director and two shareholders. Shareholders can be foreign citizens, but with a minimum share of Thai shareholders of 51%.

As a simpler and quicker solution, we recommend registering a company where all shareholders and the director are Thai (upon incorporation) and subsequently transferring 49% of shares directly to foreign shareholders. In order to secure control over the company and to open bank account after the incorporation, the director should be changed to a foreigner – a client’s representative.

Company name

A Thai company name should meet the following requirements:

  • the name must be different from the names of other companies;
  • the name cannot contain words that do not correspond to the company’s business activity (for example “Investment”);
  • the name must end with “Limited”.

Company structure


  • A private limited company is managed by a director or a board of directors appointed by the general meeting of shareholders.
  • A company can have one or more directors who may sign documents jointly or individually.


  • The minimum Thai shareholding must be 51%. This could be Thai company(ies) or physical persons.
  • The minimum number of shareholders is 2 (for example, a Thai shareholder owns 51% and a foreigner owns 49%). When registering a company, we recommend using at least two Thai shareholders.
  • The liability of shareholders is limited to the value of their shares in company’s capital.
  • Shareholders are required to hold annual meetings.

Share capital and shares

  • The minimum share capital is THB 15 (~ USD 0.5).
  • Standard share capital for obtaining a work permit for 1–2 foreigners is from THB 2 000 000 to THB 4 000 000 (~ from USD 57 000 to USD 114 000).
  • If the company’s capital is less than THB 5 000 000, confirmation of its payment is not required.

Company registration procedure

1. Reserving the company name:

the client provides 3 names for the future company listed in the order of preference.

2. Drafting the Memorandum of Association

The Memorandum of Association must contain the following information:

  • approved company name;
  • company’s registered office address;
  • company’s business objectives;
  • number of shares to be issued;
  • details of promoters (initial shareholders) of the company;
  • details of business, etc.

3. Holding a meeting of founders

to approve the share capital structure and appoint auditors and directors of the company.

4. Incorporation of the company

5. Obtaining a tax number and a social security number

The entire registration can be done remotely, without the visit of business owners to Thailand. After receiving electronic company registration documents, one can proceed with a bank account at a local bank. In some cases, a formal account can be opened by a Thai nominee director, with a foreign director subsequently obtaining a work visa and replacing him as signatory to the account.

Administration of the Thai company


Corporate income tax

The standard corporate income tax rate in 2023 is 20%.

Businesses with profit under THB 3 000 000 are taxed at the rate of 15%.


The standard VAT rate is 10%. However, there is currently a reduced rate of 7% (applicable until 30 September 2023 unless the incentive is extended).

Withholding tax

Dividends paid to shareholders are subject to 10% withholding tax.

Accounts and audit

Financial statements

Thai companies are required to prepare financial statements and present them at the annual shareholders’ meeting. Financial statements are to be made in accordance with local standards (Thai Financial Reporting Standards).


Private limited companies are required to conduct an annual audit. The audit must be carried out by an appropriately licensed person.

Fees of a company registration in Thailand[1]

Fees (USD)
Company registration in Phuket
· 2 Thai nominee shareholders;
· Initial Thai director;
· Initial advice on registration and doing business.
from 2 000
Drafting of constitutive documents (including those restricting the rights of Thai shareholders and director)
from 1 500
Provision of registered office address
Registration with the tax office
Registration with the social security service
Change of local shareholders to foreign ones (transfer of 49% of shares)
Compliance fee*
from 350
Company registration total
from 5 350
Post-registration services (optional)
Obtaining a work visa for a foreign director
2 500
Assistance with opening a bank account (with director’s personal visit)
2 500
Total including post-registration services
8 350
Additional services
Arranging the rent of a physical office
1 000
Assistance in finding a Thai executive director (3–4 candidates are provided for approval, depends on the type of business activity)
1 700
Drafting agreements with the director and staff
Tax and other advice
350 / hour
Approximate monthly expenses for the company and office maintenance
Salary of the director
1 400
Salary of 2 employees
1 400
Accountant’s fees (depend on the scope of work)
from 700
Social security of 2 employees
Office of 30-50 sq.m, including electricity bills
1 000
Office expenses
from 4 900
Annual expenses (from the second year)
Company re-registration / stamp duty
Provision of registered office address
Thai nominee shareholders
2 000
Compliance fee*
from 350
Preparation and audit of annual accounts (depends on the scope of work)
from 3 000
Total (approximately)
from 6 600
*Compliance fee

Payable in the cases of:
- incorporation of a company in Thailand,
- renewal of a company,
- liquidation of a company,
- transfer out of a company,
- issue of a power of attorney to a new attorney,
- change of director / shareholder / beneficial owner,
- signing of documents.

350 (standard rate, includes the check of 1 individual)
+ 150 for each additional individual (director, shareholder or beneficial owner) or legal entity (director or shareholder), if such legal entity is administered by GSL
+ 200 for each additional legal entity (director or shareholder), if such legal entity is not administered by GSL
450 (rate for high-risk companies, includes the check of 1 individual)
100 (signing of documents)

[1]The fees are valid as of July 2024. The expenses for the company setup and maintenance are indicative.

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from USD 5 350
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