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Thailand's Business Laws and the Cost of Running a Company
The business landscape in Thailand is expected to change significantly over the medium term. New business registrations are set to drop this year, with the political instability at the forefront of many people's minds, and seen as a barrier to starting business despite the best efforts of Thai law makers. Construction, property development and tourism businesses are expected to suffer with both the political problems, and the China-ASEAN agreement that will see higher levels of Chinese imports into the country. Yet despite the recent turmoil, Thai corporate legal services have actually seen record numbers of businesses registering for the first part of 2010. The investment incentives have been covered elsewhere - today Thai law firm experts look at 3 key components of the real costs of doing business in Thailand.
Costs involved in starting a business
Some of the costs that Thai lawyers are asked about in this section are single-time fees; some are recurring. Also, there are far more complicated issues at stake in some instances than simply paying a fee. Thai law advice tailored to your individual situation is always recommended.
Here is what you can expect to pay for:
• 2 year visa: 6,000 baht
• Processing of new work permit visas by Thai law firm: 38,000 baht
• Government company registration fee: 5500 baht per 1 million baht of capital
• Alien business licenses: 20,000 - 500,000 depending on the list. Your Thai lawyer can advise which you will be on.
• Legal translation costs: 1,400 baht per page
• Preparation of tax returns and VAT: 20,000 baht annually
If you want to build your own office (or indeed, if you are involved in the construction industry), construction costs per square meter are around 6,600 baht for a simple warehousing building, 4,000 baht per square meter for electrical fitup, and 27,300 baht all included for general office construction.
Cost of labour
Thai labor laws still have some loopholes extant within the literature. Thai lawyers expect many of these to be closed over the coming years, with businesses found to be engaged in unethical (even if not illegal) practices possibly facing sanctions or penalties. As such, Thai corporate legal services always recommend consulting with a lawyer regarding your employment contracts and wages.
Here are some median monthly salaries, for a selection of general professions in Thailand:
• General Manager: 120,000 baht
• Financial Controller / CFO: 80,750 baht
• Executive Secretary (bilingual) 35,000
• Office Manager: 50,425 baht
• Office clerk: 10,000 baht
• Programmer: 20,000 baht
• Webmaster: 19,000 baht
• Skilled laborer: 8,500 baht
• Semi-skilled laborer: 7,000 baht
• Accountant: 18,000 baht
• Housekeeper: 6,090 baht
Corporate tax rates
Obviously tax is another major component of the cost of doing business in Thailand, and one which must be factored into calculations of running costs, margins, etc. There is quite a lot to know about Thai laws on tax, and a Thai corporate legal service can give you a much more comprehensive and individual view of your obligations.
Here are some common tax rates, current at the time of publication:
• Tax on net corporate profits for ordinary companies - 30%
• Tax on gross receipts for income under Section 40 - 2%
• Remittance tax for companies disposing of profits out of Thailand - 10%
Personal income tax
• 1 - 150,000 baht - exempt
• 150,001 - 500,000 - 10%
• 500,001 - 1,000,000 - 20%
• 1,000,001 - 4,000,000 - 30%
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