Buy or sell a business in Thailand
Thailand’s economy is booming. With the tourism industry at its greatest, there are many business opportunities in Thailand that investors can look into. With the increasing growth of travellers and backpackers visiting the country all year round, taking advantage of the many business opportunities in Thailand is a very convenient option to earn.
Thailand is currently one of the most important countries in the Southeast Asia. With Bangkok as its capital, it was able to currently position the country to be the most promising tourist destination in Asia. As such, Investments in Thailand are at its hottest. With tourists from different areas of the world signing up to spend vacations in this part of Asia, making Investments in Thailand is a great opportunity for many stakeholders.
Specific Business Tax, in accordance with the Revenue Code, is an indirect tax in Thailand imposed on consumption and has been enforced since 1992 together with Value Added Tax (VAT). Trading Tax was replaced by VAT which is imposed on goods or services. Specific Business Tax is only imposed on specific businesses, and not on trading businesses.
Both Thai nationals and foreigners who wish to invest in a Thailand business, specifically in a Thai company limited, can invest not only through money but also through assets or labor. As specified in Article 1026 of Thai Civil and Commercial Code (TCCC), “Each partner must bring a contribution to the partnership. Such contribution may consist of money or other properties or of services." The assets or properties could be movable property and immovable property ie.
Are you an expat that invested money in a Thai company or with a deposit account in a Thai bank? Are you worried that you will be made liable to pay enormous taxes for these investments?
There are many aspects of business entities you would need to consider if you wish to set up business in Thailand.
Once the business in Thailand is registered, it is considered as a juristic person. The Thailand company as an entity itself can not commit any transaction to the third party. It has to be someone who acts for the entity. Therefore, every company has to have a person who in charge to act on company’s behalf.
Some foreigners who are travelling to Thailand, or staying in Thailand for a certain period of time, are liable to file an application for a "Tax Pass" from the Revenue Department.
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