Thailand – 2023 Updates on Company Registration

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Thailand – 2023 Updates on Company Registration

Currently, company registration can be done via 2 channels, one being the normal regime (physically submitting applications at the Department of Business Development (“DBD”)) and the other through the online system, DBD e-Registration. As people may not be familiar with the online registration system yet, this memo is then intended to give you a summary of steps for online company registration, and a summarized differences between the 2 channels of company registration.

Steps for Company Incorporation via e-Registration System shall be as follows:

  1. Name Reservation: Any of the promoters may reserve the company name on DBD’s website in which English and Thai names are required.
  2. Username and Account Creation:
    • Account creation can be done via DBD e-Registration’s website.
    • After accepting the terms and conditions, the system would proceed to the authentication and verification page. Fill in, submit the necessary information, and complete the authentication and verification process.
  3. Authentication and Verification Process: Users’ authentication and verification can be done by either of the following methods:
    • e-KYC;
    • Self-authenticating with the officials at DBD;
    • Giving power to other person to submit authentication on behalf of the user; or
    • Using personal certificates (a document certifying identity of an individual for the purposes of digital signature, encryption, and decryption) instead of self-authenticating with the officials.
    • Once the authentication and verification process is completed, an activation link will be provided to the user’s email. Click the link to activate the user.
  4. Memorandum of Association Registration and Company Incorporation: Registration of Memorandum of Association (“MoA”) can be done via the e-Registration system, by filling in the necessary information and attaching relevant documents (e.g. picture file of the company’s seal, minutes of company incorporation meeting, map, etc.)
  5. Documents Status Tracking: The status of documents review can be tracked through the online system.
  6. e-Signatures:
    • Once the application has been approved, the applicant will be notified by email, and promoters can proceed with the application signing.
    • The applications can be electronically signed using the e-Signature portal. Each promoter shall log-in with their own account and e-sign the document by clicking and confirming with an OTP passcode.
  7. Documents Confirmation and Fees Payment:
    • The application that has been signed by the promoters shall appear for confirmation.
    • Once the application is confirmed, the applicant can proceed to the fees payment page.
    • The applicant can either pay the fees through transfer, debit or credit card.
    • Once the payment is completed, the proof of registration (i.e. company affidavit) will be available for download as a PDF file.

Differences

TopicPhysical Registratione-Registration
1. Registration FeeThe normal regime registration shall be of the normal registration rate, which is:     Totaling: Baht 5,500  

Remark: The fee for amendment of MOA is Baht 500		Generally, the fee for online registration is the same as physical registration. However, there is a Ministry of Commerce (“MoC”)’s Notification providing discounts on the registration fee for a certain period.  

From January 1st, 2021, until December 31st, 2023, the online registration fee for company registration is discounted by 50%, totaling Baht 2,750

Remark: The fee for amendment of MOA is also discounted, totaling Baht 250
2. TimelineRegistration and incorporation can be completed in 1 day2-5 Working days, depending on the number of other applications submitted at the time
3. QueuingApplicants can either:
– Walk-in; or
– Reserve physical queue through MoC’s website

Remark: In case of walk-in, the process of registration may not be done in 1 day		No queuing is required for e-Registration
4. Amendment of Company Registration ApplicationsIn the event that there is a typo or mistake on the submitted applications, the said applications shall either be replaced with a new form, or amended and signed by the promotersThe amendment of applications can be done through the e-Registration system itself, which is easier and faster than the normal regime

In summary, the e-Registration system is intended to aid businesses’ incorporation process, including negating the necessity of back-and-forth documents signing process, revision of applications, and others. Moreover, the fee for company incorporation via the e-Registration system is discounted. Should you have any questions, or require our assistance, feel free to contact us.  

Author: Panisa Suwanmatajarn, Managing Partner.

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