Foreigners Doing Business in Thailand Need English Speaking Thai Accountants
Foreigners doing business in Thailand need Thai accountants who speak good English to be able to communicate with them and consult with them for the best use of accounting and tax planning and avoiding costly mistakes. Because of being naive, many foreigners in Thailand trust their Thai accountants even though they cannot communicate with them efficiently. Many more just want to go the cheap way because they think accounting does not make money and they choose non English speakers for they charge lower fees. If you are a foreigner doing business in Thailand or thinking of establishing a business in Thailand, you really want to consider the popular saying; you get what you pay for. The truth is accounting and especially knowledgeable Thai accountants who speak good English can help you save a lot of money down the road especially by tax planning and making sure you pay your tax due correctly to avoid hefty but unnecessary interests and tax fines.
One of our clients just referred one of his friends to us, who has a manufacturing business in a rural area of Thailand. His company has been having tax problems with the Thai tax authority and the court has ordered the company to pay millions of Thai Baht in taxes and fines. The root of the problem is that their accountant is not knowledgeable and the client could never tell because the accountant does not speak enough English. When he found out the mistakes he made, he could not communicate the problems in English to the management who could have otherwise made better decisions on how to deal with the problems. He chose to fix things in his own way which later on proved to make the problems worse and more costly. This client will have to sell his manufacturing facilities and property to pay for the taxes and fines. The lesson learned here is that foreigners doing business in Thailand need English speaking Thai accountants as part of their successful business undertaking.
MSNA is a English speaking Thai accounting firm based in Bangkok, Thailand, who works with foreign businesses from all over the world. Our Thai accountants are knowledgeable and speak English fluently. Please contact MSNA Ltd. for accounting and tax services.
Visa for Getting a Work Permit in Thailand
Today Thai Work Permit Expert discusses Visa for getting a work permit in Thailand.
Foreigners wanting to apply for a work permit in Thailand must enter the country with a non-immigrant “B” visa. Here are the documents you need to obtain a non-immigrant “B” visa from a Thai embassy or consulate if you are going to work for a company in Thailand.
- One completed and signed visa application form with application fee (please check with the embassy in the country you are applying for the visa to see the current fee schedule.)
- One recent passport-sized photograph (3.5 x 4.5cm)
- Passport (valid for no less than 6 months)
- Invitation letter from a company in Thailand (the letter must be typed on the company’s letter head and signed by authorized director(s) of the company) attached with these documents:
- Company’s registration documents in Thailand (or Company Affidavit)
- List of shareholders
- Business registration and business license
- Company profile
- Details of business operation
- List of foreign workers stating names, nationalities and positions
- Map indicating the location of the company
- Latest year’s audited financial statements
- Latest year’s corporate income tax return
- Latest year’s VAT returns
- Valued Added Tax registration paper
(Copies of company documents must be signed by authorized director(s) and affixed the company seal)
Minimum Capital to Register a Thai Company
Thai Business Expert is asked very often about the minimum capital to register a Thai company and whether it needs to actually be paid or not. We need to take into consideration a few factors.
If you are a foreigner, we assume that you will need a work permit to run the day-to-day operation of the Thai company, you will need at least THB 2M as the registered capital for each work permit your company will sponsor. However, if you have a Thai partner who will be the authorized director who signs to bind the company, and you will not want a work permit for any foreigner, then the capital can be as little as THB 5 per share and because a company needs at least 3 shareholders, the registered capital can be as low as THB 15. However, the fee to register a company in Thailand is the same for THB 15 capital or THB 1M.
The capital has to be at least 25% paid up. However, if you need a work permit, it has to be paid up at least THB 2M for each work permit. In case the foreigner who requires a work permit is married to a Thai national, the capital can be THB 1 M for the work permit of that foreigner.
Regarding the question about whether or not you have to actually pay up the capital, you will have to in the beginning and later the company can lend the money that it has left to its directors or shareholders or any third parties.
Contact MSNA for Thai company registration or work permit services.