Thailand As World’s New Medical Destination. Benefits to UK businesses exporting to Thailand include a growing affluent middle class, well-developed infrastructure and the government’s pro-investment policies. 2542 (1999) (FBA). The Mazars guide to doing business in Thailand is completely free of charge to you. Considering doing business in Thailand? Mazars is known to offer tailored solutions to all its clients, major corporations, small and medium companies, and high net worth individuals alike. Listed company, statutory, and group audits, タイ法務税務等アップデート Thai Legal and Tax Updates JP, 태국 비즈니스를 위한 정보 Information for Thai business, Rehabilitation of businesses affected by COVID-19, Revaluation to be allowed under TFRS for NPAEs, Replacement for Songkran holiday on 27 July 2020, A message from Managing Partner regarding Covid-19, Mazars APAC Payroll Newsletter – Quarter 2 – 2020, COVID-19 Relief Measure on Provident Fund, TFAC Measures for Entities Affected by COVID-19, COVID-19 impact on cash flow & business valuation, BOI measures for medical and related industries, APAC Payroll Newsletter – COVID-19 Special, Applications to support working from home, Top Priorities for Business in Light of COVID-19, Mazars presented at 19th Law Seminars by KTCC, One of the Best Companies to Work for in Asia 2019, Mazars Nominated as Most Innovative Company, Mazars wins Xero Regional Partner of the Year Asia, Mazars appointed to the board of directors of KTCC, Mazars participated in an event organized by KTCC, Mazars Announced as Finalist in Xero Awards, Export Your Talent - MOVE Programme Testimonial, His Majesty King Bhumibol Adulyadej 1927 – 2016, Mazars Asia Pacific CARL Partners’ Meeting 2015, Mazars strengthens its presence in Germany, Mazars Student Brand Ambassador Program 2015, First Xero Gold Partner in Thailand and SE Asia, Impact from the New Investment Promotion Scheme, Presentation on Tax and Other Labor Policies by Director of Taxation, "Doing Business in Thailand" Roadshow for SMEs, Songkran Themed Dinner Party for Mazars Partners, Five Tips for Accounting and Tax Best Practice, Boutique Hotel Accounting Outsourcing Services, Mazars Asia-Pacific Corporate Finance services, Mazars sponsor European Chambers Networking, Accounting Director elected onto BCCT Board, Thought Leadership - Laotian K-12 Education Sector, Thought leadership series: Thai education sector, Thought leadership: Southeast Asia K-12 education, Transforming Mindsets for Effective Leadership, Mazars Thailand at the MFU Internship Fair 2014, Mazars Asia Pacific -Carl Partners’ Meeting in BKK, Mazars Presented at the KU Careers Road Show, Mazars Thailand 2013 Graduate Recruitment, Mazars Thailand at the 2012 ABAC Careers Week and Recruitment Road Show, International Marketing and Communication Summit, Mazars joined ABAC University Careers Road Show, Mazars Attends KU Business School's Job Fair 2011, Entrepreneurs' Secrets For A Successful Business, Using ApprovalMax in the renewable energy sector, Cash is King - Back to Basics in the Bangkok Post, Mazars develops its digital services with HReasily, Marcalliance announces evolution governance, Mazars Accounting article in the Bangkok Post, Mazars creates Mazars North America Alliance, Mazars develop its presence in the US with Weiser, 15.9% Annual Growth and a Key Merger in China, Mazars keeps developing digital transformation, Mazars-and-King-s-College-London-launch-LL.M, Looking for Mazars Student Brand Ambassadors 2020, Looking for Mazars Student Brand Ambassadors 2019, Accounting Academic Seminar Camp 2018 of ABAC, Accounting ‘Born to be Cheer 2018’ at UTCC, Looking for Mazars Student Brand Ambassadors 2018, Looking for Mazars Student Brand Ambassadors 2017, Third Generation of Mazars Brand Ambassadors, Looking for Mazars Student Brand Ambassadors 2016. Business organisations available to foreigners. One can handle the registration process but it is time-consuming and seeking professional services will make you go through smoothly in shorter time. Thai GAAP and IFRS Convergence – Status Update, Accounting Guidelines for Financial Instruments, Guidelines for Issuing Credit and Debit Notes, Publication of a Limited Amendment to IAS 36, Separate Financial Statements: Equity Method, Direction of Thai Financial Reporting Standards, FAP to Improve Business System Development, The Outlook for Thai Financial Reporting Standards, Amendments in Thai Financial Reporting Standards, Practice in Transition Period of TFRS for NPAEs, Additional Requirements in Applying TFRS for NPAEs, TFRS for NPAEs - Provision for Severance Payments, Accounting – FAQ December 2011 (Part 2), Accounting – FAQ December 2011 (Part 1), Incomplete Accounting Records and Lost Documents, Accounting Standard for NPAEs Approved by FAP, Interpretations on Specific Accounting Matters. Get to know more about the country, its economic and political climate and its culture. To enter Thailand with the purpose of doing business, you will require a non-immigrant ‘B’ (business visa). For more information please go to www.thinkasiainvestthailand.comGovernment support and incentives Thailand, the second largest economy in ASEAN after Indonesia, is an upper middle-income country with an open economy and a gross domestic product (GDP) of $404 billion and 3.2% annual growth in 2016. It has extensive Source: boi.go.th. Legal Section - Doing Business . If the company has a bad debt of Baht 50,000, what is the process to write it off as a tax deductible expense? Culture Vulture. When Will We See The Next IFRS “Big Bang”? Thailand consistently ranks among the most attractive investment locations in international surveys, and the World Bank's 2010 Ease of Doing Business report places Thailand as the 12th easiest country in the world in which to do business. The World Economic Forum has released its Regional Risk of Doing Business 2019 report, which names 5 risks of doing business in Thailand, Pimchanok Vonkorpon, the director-general of the Trade Policy and Strategy Office (TPSO) said on Thursday (November 14). Since the Asian financial crisis of 1997, Thailand has bounced back as a vibrant and more diversified economy, resilient against the backdrop of an ever changing global landscape. Doing business in Thailand has never been easier. Under the treaty, with the exception of a few sectors, U.S. companies operating in Thailand are afforded national treatment, or an “equal playing field,” with Thai companies. For foreigners doing business in Thailand, it is important to note that a different set of rules applies to a foreign-owned business established or operating in Thailand under the Foreign Business Act. This is because the country is considered to be the haven for many startup entrepreneurs. No wonder, in the recent World Bank’s annual ‘Ease of Doing Business’ rankings, Thailand rose to 21st position out of over 190 surveyed countries and looking to climb up the ladder in the years to come. Exposure draft on presentation of financial statements: comment deadline coming up soon! While economic growth is expected to shrink due to the impact of the COVID-19 outbreak, Thailand … Is an employee liable to income tax for a house provided by the company during the floods? Market Overview. Simply click on the link below to download your copy. 02252011 Doing Business in Thailand. 324 Send a message, +66 2 670 1100 Send a message Linkedin profile. Thailand: An Overview 1.1 Geography and Climate Thailand is strategically situated in Southeast Asia, bordered by Cambodia to the southeast, Laos to the north and northeast, Myanmar to the north and west, and Malaysia to the south. It is an important part of the entrepreneurial process. THE 4 PRINCIPLES OF DOING BUSINESS IN THAILAND. New and revised Thailand Standards on Auditing, New Auditors’ Report and Key Audit Matters, New FAPThai Audit rules aim to improve quality, Restating a Company’s Prior Year Financial Statements, Mazars ask for joint audits to be considered, New Thai Standards on Auditing Issued by FAP, CAT Qualification is Open for Applications, Changes in the useful lives of fixed assets, Accounting for sales with a right of return, Revaluation model for property, plant, and equipment, as well as investment property for non-publicly accountable entities, Exposure Draft of Thai Standards on Auditing 540, Tax coupons for duty and tax paid on exported goods in Thailand, Accounting for a non-refundable up-front fee, TFRS 15 – Revenue from contracts with customers, Treatment of rental property income and expense, Guidance on Revenue from Contracts with Customers, Capitalizing software and cloud computing, TFRS 15, ‘Revenue from contracts with customers’, Delay in effective date of TFRS 9, ‘Financial Instruments’, Recording expenditures for a start-up company, Accounting for the employee benefits obligation, Reclassification of loans repayable on demand, How to present goodwill in financial statements, Revised TSA to affect auditors’ reports, TFRS 15: Revenue from contracts with customers, Correcting Errors in Financial Statements, Recognizing revenue from the sale of real estate, Thai Financial Reporting Standard for SMEs, Accounting policies, estimates and errors, Accounting for investments under TFRS for NPAEs, Proposed clarifications to IFRS 15 published, Rebates Related to the Purchase of Inventory, Accounting for Sale and Leaseback Transactions, Thailand Financial Reporting Standards Roadmap, Accounting for Actuarial Gains and Losses, Application of the “Consolidation Package”, IFRS 15 - Recognising Revenue from Contracts, Cash Equivalents and Temporary Investments, IFRS 15 - Revenue from Contracts with Customers, IFRS/US GAAP Convergence on Financial Instruments, IASB Revised Amendments to IAS 16 and IAS 38, IFRS Amendments Effective from 1 January 2014, Costs of Conducting Business in a New Location, Thai Financial Reporting Standards for SMEs. If you’re off to Thailand for business or moving there as an expat, then we have compiled some essential cultural facts to give you an insight into Thai culture before you go. Setting up and running business organisations. Economies with a high rank (1 to 20) have simpler and more friendly regulations for businesses. Application of materiality to financial statements, Effective date of IFRS 16 tentatively set, Deferral of IFRS 15 mandatory effective date, Amendments to IAS 19 and IFRIC 14 proposed, Conceptual Framework for Financial Reporting, IASB Publishes Amendments to IFRS for SMEs, Deferral of Effective Date for the Revenue Standard, Improvements to IFRSs – 2012-2014 Cycle, Leases Project: IASB Goes on the Offensive, IASB Proposes IFRS Improvements 2011-2012, SET Companies - Thai Accounting Standards - IFRS, Publication of Amendments to IAS 1 & Annual Draft, IASB to Revise IAS 39 and Issue Addition to IFRS 9. More detailed information on doing business in Thailand can be found in the following sections. Our business members can also ask us any questions they have about running a business in Thailand, and get a free consultation with a corporate lawyer. 1. Doing Business in Thailand is your personal guide to the key aspects of Thai law that significantly affect the way business is conducted in Thailand. This guide is intended to provide an overview of issues to consider when investing and doing business in Thailand, and is for general information purposes only. Cultural Insights for Doing Business & Working in Thailand. Being known for its beautiful natural sceneries as well as a booming economy, Thailand is indeed a landing ground for foreign investors who need to doing business in Thailand. This website cannot function properly without these cookies. Applicability of the information to specific situations should be determined through consultation with your advisors at RSM. Fiscal obligations are by far the most laborious aspect of doing business in Thailand. Forming a company in Thailand involves creating a new business; or registering an existing overseas company for foreigners. Your presence will be needed. Expats doing business in Thailand do so in a country that has gone from being the fastest growing economy in Southeast Asia, to one that significantly shrunk before the military took control of the government in a bloodless coup. Build relationships Building and maintaining goo… A Business Guide to Thailand; Company Registration; Open Bank Account; Visa and Work Permit; Apply for Foreign Business License; Factory License; Industral Estates in Thailand; Cost of Doing Business in Thailand. PRESENCE. Doing business in Thailand Take your business to the next level. Thais will generally expect to spend time building arelationship with their business contacts before they will exchangedetailed information or commit to a deal. Thailand is increasingly becoming an excellent place to do business due to a large number of factors such as the country’s relatively stable economy, Thailand’s location in the heart of Asia, and the cheap cost of labor to name a few. You can apply for this particular visa at a Royal Thai Embassy or consulate in your home country. A regional leader in tourism, automotive, electronics, Thailand has shown a resilient economy despite going through tensed political situations in recent years. While Bangkok is stable and peaceful, exports have sunk below their previous highs and personal debt is mounting. Get to know our team or send us a messages about our services. Thailand is the best place for startups Thailand is a country that is booming with startups. STRUCTURES FOR DOING BUSINESS . Some of these cookies are necessary, while others help us analyse our traffic, serve advertising and deliver customised experiences for you. 1. According to the World Bank, Thailand is one of the great development success stories.Moreover, Thailand has moved up six places to 21st out of 190 countries in the World Bank’s ease of doing business rankings 2020.. Mazars, a different player in audit, accounting, tax, legal and business advisory services in Thailand. Thailand lowered its corporate income tax rate to 20%, which is tied for second-lowest in the ten ASEAN nations, behind only Singapore’s 17%. Find out the answers to your questions about how to set up and how to do business in Thailand here. 2. Regulations, Utilising Corporate Income Tax Holidays Under the BOI, Establishment of a “Welfare Committee”, Amendment of the Financial Relief Measures by the Bank of Thailand, Period of Submission of the List of Shareholders, e-Expert System for Appointing Expatriate Advisors to Work with Promoted Companies, ROH (Regional Operating Headquarters) vs. RO (Regional Office), Announcement of the Financial Relief Measures, Submission of Working Regulations for New Company, Periods of Filing Audited Financial Statements, Obtaining the Company Affidavit from all Banks, Using Image Cheque Clearing and Archive System, Audited Financial Statements Submission Extended, New Discrimination Workplace Regulation Launched, Thailand Flooding - Import Tax Exemptions, Increasing Minimum Daily Wage in Seven Provinces, Quorum for a Company’s Shareholders Meeting, Changing of Work Permit Forms and Procedure, Minimum Capital for Branch/Representative Office, Closing a Branch or Representative Office in Thailand, BOI Promotion Suspension for Hospital Activities, Environmental Requirement for Map Ta Phut Projects, New Rule of Partnership and Company Limited Registration, Photographic Proof Needed to Register land, SMEs must prepare for the Asean Economic Community, Rise in Interest Rate to Fight the Inflation, Thailand can be ASEAN Leader in Business Process Outsourcing, New Minimum Wage - Effective 1 January 2011, Share Capital for Wholesale and Retail Businesses, New Office for Partnership and Company Registration, New Activities Eligible for Special Privileges, Announcement of Tax and Legal Measures After Political Protest in Bangkok, DBD extends filing period of financial statements, Minimum Share Capital for Foreign Owned Businesses, Introducing E-Filing for Financial Statements, New Minimum Wage - Effective 1 January 2010, New service centre launched for investors in Thailand, Adjustment of revenue and expenses in relation to related-party transactions, Additional deduction for an investment in new machinery, Use of a foreign currency as the functional currency for corporate income tax purposes, Personal income tax deduction for the purchase of domestic goods or services, Reduction of the fine for filing the transfer-pricing disclosure form late, Ministerial Regulations on transfer pricing, Copies of corporate documents no longer required, Extension of the reduced value-added tax rate, Reminder about filing half-year corporate income tax returns, Reduction in withholding tax rates and e-withholding tax, Additional deduction of interest and wage expenses, Requirement for electronic payment of tax liability for tax returns filed electronically, Tax incentives for donations to support education extended, Deadline for submitting transfer-pricing disclosure form extended, Reduction of land and building tax by 90% for 2020, Corporate income tax refunds through Prompt Pay, Draft laws on tax measures to support the relocation of the production base of foreign investors, Double deduction of expenses for domestic training, Extension of deadline for filing annual PIT return, No evidence for an insurance premiums deduction, Mutual fund products for long-term savings, Postponement of land and building tax collection, Tax costs for online advertising to a foreign firm, Tax treatment of employee termination payments, Tax implications of New Year’s gifts and events, Update on electronic tax filing and documentation in Thailand, Reminder About Filing Half-Year CIT Returns, Payment of Stamp Duty for Electronic Instruments, Tax deduction on e-tax system investments, Consent required for interest on savings to be tax exempt, Deposit and Transfer Transactions Reporting, Tax Incentives for ROH, IHQ, and ITC Cancelled, No cheques for personal income tax refunds, Tax Return e-Filing Deadline Extended Again, Update on significant changes to tax incentives, Reduced value-added tax rate (VAT) extended, Tax deduction of up to 60,000 baht for childbirth, New Tax Law on Cryptocurrency and Digital Tokens, Draft law on the taxation of digital assets, Tax incentives listed as harmful by the OECD, Corporate income tax exemption on subsidies, Tax deduction for health insurance premiums, Personal income tax benefits for employees, Tax deduction for the purchase of computer software, Tax measures to incentivise registrations, Changes to the method of paying Stamp Duty, Filing Hard Copies of the Financial Statements, Individuals to register a company or partnership, Non-deductible tax penalties, surcharges and fines, Additional deduction for employing elderly people, Using foreign currency for Thai corporate tax, Promoting investment in southern border provinces, Tax benefits from a life insurance savings account, Conditions on the tax deduction during Songkran, Length of time to hold LTF units increased, Withholding tax on a rental fee under a leasing agreement, Double tax deductions for capital expenditure, Extension of the reduced personal income tax rate, Permanent corporate income tax rate of 20%, Additional “reasonable excuse” for half-year tax, Maximum amount of tax deductible LTF and RMF units, New International Headquarters Incentives, Royal Decree for the Reduction of PIT Rates, Due Date for Claiming a Tax Refund Extended, Tax Measures for Boosting Domestic Tourism, Taxing Bodies of Persons and Ordinary Partnerships, Tax Treatment on Employee Termination Payments, Manually Amending the Tax ID on Tax Invoices, New Tax Invoice Requirements Postponed Until 2015, Tax Exemption for Political and Southern Unrest, PIT Exemption for Cars Replaced after the Floods, Tax Ruling on IT Services by an Overseas Company, Tax Ruling Services Provided Outside Thailand, 200% Allowance and Deduction for Donations, Tax Incentives to Promote Stable Economic Growth, Half-Year Corporate Tax Return Filing Reminder, SMEs Income Tax Exemption Threshold Raised, Married Couples Allowance for a Disabled Child, Withholding Tax on Chartered Sea-Going Vessels, Changes in Tax Filing Options for Married Couples, Annual Personal Income Tax Return Filing Reminder, Tax Filing Reminder for House and Land Owners, Corporate Tax Exemption on Replacement Machinery, Social Security Rate Remains at 4% for 2013, Amendment to Married Couples’ Tax Filing from 2012, 7% VAT Rate Extended for Another Two Years, Personal Income Tax Returns - New Guidelines for Spouses, NACC Requires Additional Reporting on Government Procurement Contracts, Ruling on Filing Separate Tax Returns for Husband and Wife, Personal Income Tax Exemptions for Capital Gains on Sales of Securities in ASEAN Exchanges (ASEAN Linkage), Mazars Thailand Tax Update - Stamp Duty on Credit Service Agreements, Personal Income Tax Exemption on Dividends that a Thai Resident Investor Receives from a Foreign Listed Company, Mazars Thailand Flooding Updated - Personal Income Tax Deductions For Flood Victims, Tax Incentive Scheme Announced by the BOI to Boost New Investment in Pathum Thani and Ayutthaya, Thai Revenue Department Allows Electronic Invoicing, Mazars Thailand Tax Update - Personal Income Tax Returns, Changes in Regional Operating Headquarter Rules, Revenue Department Announces New Deadlines for Tax e-Filing, Guidelines for Claiming Tax Deductions:Flood Case, Another Flood Relief Measure for Individuals, Depreciation Allowance for Energy Saving Assets, Donations that Cannot be Deducted from Income Tax, Tax Relief Measures for BOI Companies Announced. 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