Legislation of Thailand

Service packages Legislation Tax System

List of laws and regulations

Act name
Scope of law
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Tax Exchange Information Agreement (TEIA)

List of state regulatory authorities

Corporate info

Legal system
civil law
Types of entity
sole proprietor; general partnership; limited partnership; private limited company; public limited company; foreign branch; representative office; regional office; joint venture.
Shelf companies permitted
Yes
Incorporation timescale for a new company
1 day
Company suffix
Limited
Sensitive words
investments, bank and related words, words associated with names of the royal family, ministries and other governmental units
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
registration book of shareholders; accounting books
Seal required, type of seal
optional
Redomiciliation (to, from) permitted
permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
No
Directors’ meetings/frequency/location
No requirements
Disclosure to local agent
Yes
Disclosure to public
No
Company secretary required
No
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
3
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
Yes / annually / no requirements
Disclosure to local agent
Yes
Disclosure to public
Yes
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
No requirements
Minimum issued share capital
No requirements
Minimum paid share capital
25%
Authorized capital payment deadlines
Before registration
Issued capital payment deadlines
Before registration
Standard currency
THB
Standard authorized share capital
1000000
Standard par value of shares
5
Shares with no par value permitted
No
Bearer shares permitted
No

Taxes

Personal tax
0-35%
Min. rate for corporate tax
20%
Corporate tax (in detail)
The standard income tax rate is 20%
Capital gains tax
Regular rate
Capital gains tax. Details
All capital gains earned by a company are treated as ordinary revenue for tax purposes
VAT
10%
VAT. Details
The standard VAT rate is 10% (temporarily - until September 30, 2021 - reduced to 7%)
Withholding tax
10%/15%/15%
Other taxes
Social Contributions, Property Tax, Inheritance Tax
Exchange control
Yes
Government fee
No
Stamp duty
1 Baht

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
Yes
Publicly accessible accounts
Yes
Requirement to file Annual Return
No
Publicly accessible Annual Return
No
Audit required
Yes

General information shortly

Location
Southeastern Asia, bordering the Andaman Sea and the Gulf of Thailand, southeast of Burma
Total area
513.120 sq. km
Population
69.523.971 (2022)
Capital
Bangkok
National currency
Baht
Conditional reduction of currency
THB
Against USD
0,029 (2022)
Climate, average max and min t°
humid tropical and subequatorial. Rainy season usually starts in May-June and may last till November; avg. maximum temperature (April) +36°; avg. minimum temperature (December) +15°
Time difference from Moscow
+ 4 hours
Dialing code
+66
State language
Thai
Ethnic groups
Thai 80%, Chinese 10%, other 10%
Literacy rate
93,8% (2018)
History
History of Thailand traces back to the Kingdom of Sukhothai, established in 1238. Thailand was heavily influenced by the culture and religions of China and India. Thailand is the only country in Southeast Asia, that has never been colonized. However, Thailand had to leave three southern provinces which later became northern states of Malaysia. It was caused by the interests of Great Britain which took efforts to conquer Thailand. In 1932, a bloodless revolution brought the country a constitutional monarchy. Known before as Siam, in 1939 Thailand got its modern name which was finally confirmed in 1949. In 2006, there was a military coup d'etat in Thailand. In 2008, the power transitioned to the new government headed by Prime Minister Samak Sundaravej, who was removed by the court’s order. At present, the country is governed by the King Bhumibol Adulyadej.
Credit rating
BBB+
Government type
Constitutional monarchy
Executive branch
Government of Thailand (the Cabinet) headed by Prime Minister
Legislative branch
National Assembly: the Senate and the House of Representatives.
Judicial branch
Court of Justice (Court of First Instance, Court of Appeal and Supreme Court of Justice), Administrative Court, Constitutional Court
Unemployment
2,0% (2020)
GDP per capita rank
81 (2020)
Corruption perceptions index rank
35 (2021)

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