Thailand is becoming the new hub in Asia and has begun to attract expats from many countries.
Why is it so attractive?
The reason for this rise is clear, Thailand has great infrastructure already in place, is safe for both your business and your family to relocate your company, salaries are still relatively low and workers skills have been increasing steadily. Furthermore, the price for schools and accommodation are still affordable, and we have not even begun to talk about the pleasure of living in such a beautiful country with many nice places to travel to and kind and welcoming people.
Relocate your business to Thailand
If you need more information about relocating yourself or your business to Thailand, you can book a FREE consultation with a consultant. This consultation will allow you to receive dependable advice and quickly figure out how you can relocate your business to Thailand. During the call, we will notably cover key areas such as; Visa and Work Permit options, Taxes (personal, corporate, real estate), accounting and other general aspects of doing business in Thailand.
Bringing the best service and experience
Accounting & Tax
We offer a full range of accounting solutions depending on your individual business needs. Let us become your bookkeeper, accountant, controller, CFO or business advisor.
How to set up a business in Thailand is a common question. Whatever business you decide to start, be it a hotel in Bangkok, a bar business in Phuket, or even a coffee bar in Chiang Mai we can help you thoroughly understand your due course of action.
Visa One Stop Service
We are one of the leader in global mobility throughout Asia The leader travel visa service with unrivaled capability to obtain business and other travel visas for corporations and individuals in Asia in a fast, convenient and secure manner..
Bookkeeping & Payroll
Profit and Loss Statement Balance Sheet assets & liabilities Trial balance General ledger Bank reconciliation
Monthly tax returns (PND 1, PND 3, PND 53, PND 54) Monthly value-added tax returns (VAT) (Por Por 30) Social fund registration and return (Sor Por Sor 1-10).
Smart Accounting Solutions for Smart Companies
For any questions, queries or advice about our tax and accounting services, please do not hesitate to contact us in English or Thai.
Great experience, the team help me to digitalize all my accounting processes by scanning all my documents by using Artificial Intelligence Technology to detect and sort document types and amounts. Then they provide me with a Cloud-based Accounting Software linked directly to my CRM. And finally, they set up some automation processes in order to manage and follow up the invoices & payments automatically.
TOM VERNON Business Owner
All I can say is great. I'm happy with the accounting service. Thanks to their advice and recommendation, I learned a lot about how to optimize my business and cashflow. I've taken the recommended steps to shift to an analytics accounting style thanks to their cloud-based accounting software that's put the autonomy in my team, and regained their trust. Our productivity is much better now.
CALLIE THOMPSON CEO
Have Questions? We Have Answers.
What is the withholding tax?
Basically, it is the practice of deducting tax from payments to service suppliers, payment of dividends, and payments of interest of THB 1,000 or more. To fully comply with Thai tax laws, withholding tax must be paid first by the person or company making the payment, a withholding tax certificate must then be provided when such a payment is made. This means that the service provider as part of its corporate income tax already paid. At the end of the financial year, withholding tax deducted in payments to a service provider constitutes a tax credit of the corporate income tax of the service provider for the following year.
What is the BOI?
The Thailand Board of Investment is a government body aimed at encouraging foreign investment in Thailand. A Thai company can enjoy a range of benefits from being certified by the BOI. Major advantages of setting up a BOI company in Thailand include, but are not limited to: significant tax waivers, multiple work permits without the requirement of showing four Thai employees per permit, four hour processing times for work permits at One Stop Service Centre and even the ability to own land, even if the company is majority controlled by non-Thai nationals.
Why outsource the bookkeeping tasks?
Starting a business is challenging and success may be easier achieved if the management focuses on the core business and outsource bookkeeping to a firm with Certified Public Accountants (CPA) who are knowledgeable of the latest accounting practices in Thailand.
Do you provide any Accounting Software?
Thai accounting rules and regulations are very specifics. That's why instead of trying to adapt to some leading accounting software such as Xerox or Zoho Book. We provide a Cloud-Based Thai Accounting Solution compliant with Local Accounting Rules and Regulations. You can connect your CRM or ERP with our API.
What about Digital Transformation and Accounting?
As a leading Tech Accounting Company, we can help you to digitalize your accounting process by implementing a Document Dematerialization process, Cloud Accounting, Automation process, Data Analytics, Artificial Intelligence, Blockchain integration and Interoperability.
Do I need to pay the corporate income tax?
Companies and partnerships established under Thai laws are subject to income tax on income earned from within and outside of Thailand. Companies and partnerships required to pay income tax include, but are not limited to limited companies, registered ordinary and limited liability partnerships, joint ventures, foundations and associations and a branch of a foreign corporation earning from sources within Thailand.
Do I need to pay the VAT?
The Value Added Tax (VAT) registration is required for all businesses that reach a sales volume of THB 1.8 million. Currently, the rate is 7%, which is reduced from the nominal rate of 10%. VAT returns must be filed and paid within 15 days of the following month.
About the Accountants
Our experienced and certified accountants help you to make the transition process to pimaccounting extremely easy. With your consent, our liaison team will deal directly with your previous service provider during the transition to pimaccounting. All you need to do is contact us so that we can take care of the rest.
Plans for all levels
We know everyone is starting this fitness journey from different places. Whether you’re an Ironman competitor or haven’t broken a sweat in years, there’s a monthly plan for you at Gains.
Each plan is outfitted with trainers who have years of experience developing movements, building nutrition plans, and perfecting exercises that’ll have you seeing the gains you want.
You can rely on our innovative solutions for everything from company registration to starting,and managing a business. We make it easy for foreign entrepreneurs and established businesses to start their company. With our complete company registration services, you can have your Thai business registered from a single convenient place in as fast as 5 days
Imagine you could reduce your costs and gain better control over your business without any capital investment. In order to keep strong connections with clients, you must handle invoices quickly and reliably. A decent accounts payable scheme also means that you don't keep liabilities on the ledger for long periods of time, reducing the chance of losing customer interest. We provide management with everything complete, like the staff of the administrative department.
Accounting management and Payment procedures to Supplier ≤ n Invoice
Document preparation for payment (Payment Voucher) ≤ 15 Invoice
Withholding tax computation for Supplier ≤ n Invoice
Manage your books with flexible & affordable accounting. Our accountants are always on hand to provide accounting packages adapted to specific requirements of our clients. The cost for our support tailored to your business depends on the size and nature of your company, the volume of the monthly turnover, and the number of transactions recorded per month.
We provide a complete package of accountancy, audit, bookkeeping, and payroll services throughout Thailand for any company no matter how large or small the requirement. It is one thing to form the correct company, it’s entirely another to harness and manage tax benefits to your advantage.
All businesses registered in Thailand are Legally obligated to accurately and timely prepare an audit report for all accounts. It is important that all audit reports are filed annually to avoid being summoned by the authorities for non-compliance or pay the fine that may amount up to 16,000 baht per year.
We provide a complete of accountancy, audit, bookkeeping, and services throughout
We have supported a lot of clients for almost 10 years since the establishment of this kind of service. Below is our fee, guidelines, timeline and other information in closing properly a company limited in Thailand:
Employee Annual Tax Return PND.91,90 Service fee Thai Citizen
Employee Annual Tax Return PND.91 Service fee Foreigner
Monthly Accounting Service
For Startup Package, if exceeds more than 25 transactions, an additional fee will be charged per transaction for the bookkeeping.
For SME Package, if exceeds more than 50 transactions, an additional fee will be charged per transaction for the bookkeeping.
Withholding tax 1 set preparation
Payroll 1 employee
We also offer a Special Package for Monthly Accounting Service upon the number of transactions. Please Contact Us for a price quote.
Steps of registering a private limited company in Thailand
Step 1: Registering the company name
The name you can choose for your company must not be identical to or resemble the name of a pre-existing registered partnership or company.
Certain terms are also prohibited from being used in company names. For example, the term investment cannot be used, but capital can be used. The company name must end with the word Limited. The name must be reserved with the Department of Business Development (DBD) of the Ministry of Commerce.
It is recommended to reserve three names ranked by priority to maximise the chances of your success. The company name will be registered in Thai, even if its name is in English. Do not propose a name that is lengthy of difficult for non-English speakers.
The name of your business can be different from the company name. You can also use the same name for several companies provided that you accompany the name with a different figurative word (for example, Pimclick Trading Ltd, Pimclick Holdings Ltd or Pimclick Capital Ltd).
Once the name is approved, the name will be valid for 30 days, and no extension is permitted. Within this period of time, step two must be completed.
Step 2: Filing the Memorandum of Association
The MOA is a special agreement made by the founders (promoters) of the company. The MOA must include the following details: The name of the proposed company The province of the Kingdom where the registered office of the company will be situated The objectives of the company A declaration that the liability of the shareholders will be limited The amount of share capital that the company proposes to be registered The names, addresses, occupations and signatures of the promoters (at least three individuals – not corporate entities) The number of shares subscribed to by each of the promoters The MOA must be submitted to the DBD. The fee for the registration of the MOA is THB 50 per THB 100,000 of the registered capital. The minimum is THB 500, and the maximum fee is THB 25,000.
Step 3: The statutory meeting
The statutory meeting can be convened as soon as you register the memorandum of association.
Its purpose is to:
Adopt the regulations (i.e., articles of association) of the company
Ratify any contracts entered into by the promoters or expenses incurred by the promoters in promoting the company
Fix the amount to be paid to the promoters
Fix the number of preference shares (if any) to be issued and the nature and extent of the preferential rights accruing to them
Fix the number of ordinary shares or preference shares to be allotted as fully or partly paid-up otherwise than in money, if any, and the amount up to which they shall be considered as paid-up
To appoint the first directors and auditors and the fixing of their respective powers
The resolutions of the Statutory Meeting will not be valid unless passed by a majority, including at least one half of the total number of subscribers entitled to vote.
Step 4: Registering the company
The application can be lodged at the Ministry of Commerce on the same day that the memorandum of association is registered, provided that the Statutory Meeting has already been convened.
The registration application must be lodged no later than three months from the date of the Statutory Meeting, or you will need to provide an explanation for the delay.
The following details must be provided in the application:
The total number of shares subscribed or allotted (distinguishing ordinary shares from preference shares, if any)
The number of ordinary shares or preference shares allotted as fully or partly paid-up otherwise than in money, and in the latter case, the extent to which they are paid-up
The amount already paid in money on each share; the total amount of money received in respect of shares
The names, occupations and addresses of the directors and if the directors have power to act separately, their respective powers and the number or names of the directors whose signature is binding on the company
The period for which the company is registered (if any has been fixed)
The address of the principal office and all branches and any other relevant particulars
The company director will also need to sign a statement attesting that each shareholder has paid their share subscription. Receipts must be signed by the director and mention:
The name of the shareholder
The amount paid
The number of shares purchased
The value per share
That the money is collected for payment of the capital
The registration fee for a private limited company is THB 5,500 per THB 1 million of the registered capital.
Step 5: Registering for corporate income tax and VAT
Once your company has been registered and within 60 days of incorporation or the commencement of operations, you will need to apply for and obtain a company corporate tax ID card from the Revenue Department.
If your company has a turnover of more than THB 1.8 million per annum and is not subject to Special Business Tax, you must register for VAT within 30 days of the date the company’s turnover exceeds the threshold.
Specific business tax (SBT) is a tax imposed on businesses that are excluded from VAT. Certain businesses are also subject to SBT instead of VAT; these businesses include:
The business of finance, securities and credit foncier
Business with regular transactions similar to commercial banks, such as the provision of loans, provision of guarantees, exchange of currencies, issuance, purchase or sale of bills or transfer of money abroad by different means
Sale of immovable property in a commercial or profitable manner
Sale of securities
Step 6: Social security registration
A company that has one or more employees must register at the Social Security Office within 30 days of hiring its first employee.
Foreigners who are legally working in Thailand must also register with the Social Security Office and are entitled to the same benefits as Thai employees.
If the registration is not made within the specified time, the employer will be liable to imprisonment of not exceeding six months or a fine of not more than THB 20,000, or both. The current contribution rate is 5% of the employee’s salary.
The minimum salary to be calculated is THB 1,650, and the maximum is THB 15,000; therefore, the minimum contribution is THB 83, and the maximum is THB 750. Even though an employee’s salary exceeds THB 15,000, the maximum contribution will be THB 750.
Contributions must be submitted to the Social Security Office within the 15th of the following month.
COVID-19 relief measures: The Thai government approved an additional contribution reduction from 3% to 0.5% for February and March 2021.
Any questions or specific request Please contact us.
We provide outsourcing company registration, accounting, taxation, statutory auditing, bookkeeping, payroll, legal and BOI support.