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The Legal Requirements of Doing Business in Thailand

June 07, 2012 | Comments: 0 | Views: 241

Thailand is one of the emerging economic tigers of the Asian economic renaissance. In fact, Thailand is said to be a viable and potential market in every respect. However, business in Thailand just like anywhere in the world is governed and regulated by a binding legal system. The need to understand some of these legal provisions before embarking on any venture in the country cannot be emphasized more than it has been in the recent past. It is with this legal understanding that businesses wishing to have a piece of the pie in Thai markets are able to by-bass complex bureaucracies within a short time. The following are some of the legal aspects that every businessman who wish to venture in Thailand market must consider.

Immigration and labor force- when setting up and establishing a business in Thailand, one of the legal requirements that you need to comply with is related to immigration and labor. The authorities are strict in immigration policies and should you decide to bring expertise from foreign lands, it is imperative to make sure that indeed they have been cleared by the due process. Immigration authorities can only grant work permits to person above the age of 18 years. Additionally, only countries with diplomatic relation with the Thai government can work in the country. Whilst there are quite a number of people who may view this law as retrogressive in business development, the authorities have remained determined to make sure that these laws are enforced without compromise. An easier way out would probably be doing business in Thailand with the local expertise.

Thailand taxes and VATs - VAT taxes and payments in Thailand are done based on accrued credits and debits. If the former is high than the latter, the compensation between the VAT debits and credits is the basic approach used to pay the tax. The payment is done on a monthly basis and the tariffs here do favor establishments with a relatively small bottom line. Whilst this may seem easy in terms of tax payments, paying taxes through the revenue system in Thailand can sometimes be hectic. Registration of all business assets is mandatory and all these assets, including warehouses are open to taxation. The problem with this is that even if goods are not sold, for instance goods that are still in the warehouses, the government considers them sold and therefore demands all the taxes accrued. As such, legal help is essential in maneuvering through the tax system.

Business permits and licensing - the process involved in licensing and offering permits for workers in Thailand is the same process for issuing business permits. Doing business in Thailand needs variety of legal documents and therefore understanding the process of acquiring them is absolutely essential. The parameters used in allocating the permits include business capital both in terms of mobile and fixed assets among others. The permits are granted by law through the Thailand board of investment. For companies wishing to bring in expertise from foreign lands, they are required to apply work permits for each employee individually.

If you need some help with doing business in Thailand Click Here.

Source: EzineArticles
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