Countless visiting travelers, especially those coming from the western countries are so captivated by the exquisite beauty and enigmatic charms of Thailand, most of them even end up staying in the country for far longer than they planned. For some tourists, they established good relationships with the Thai people that they feel so at home and comfortable – enough for them to look at the prospects of running a small business and make Thailand their second home.
Unfortunately, it takes great familiarity with Thailand’s law in order to understand the restrictions imposed for foreigners who would like to operate a business in Thailand. For example, foreigners are not allowed by Thailand’s law to open a store, a shop or any establishment in any part of Thailand wherein you as a foreign national is the sole owner/proprietor of whatever business it may be notwithstanding how this business can help the economic growth of the said country. Nevertheless, this doesn’t mean you can’t established a business, especially those US citizens covered by the US Treaty of Amity.
By law, Thailand recognizes three general types of partnerships, namely:
The primary difference among the three types of partnership is on the degree of liability of each individual partner under each type of entity. Partnerships do not qualify for Board of Investment Promotion. And as such, most foreigners don’t endeavor this type of business organization.
Registration of Partnership Company
For the Limited Partnership / Registered Ordinary Partnership, the following procedures apply:
Remember that lawyers are important entity of partnership registration. Hiring a lawyer with great understanding on Thai laws will be of great help and will make the process a lot easier. Any business registration in Thailand requires consultation with legal experts to avoid mishaps and to be sure that every deal a business will venture in is aligned with the country’s law. Here’s a law firm in Phuket who can help in business registration and provide legal advice.