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July 2022

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5 Most Important Things that You Should Be Aware of Before You Register Your Company in Thailand

Thailand has a lot to offer to entrepreneurs from all over the world. Global entrepreneurs will love venturing into the country because it has a local legal mandate that makes it easy for foreigners to invest in the country. So much so that it’s been ranked by the World Bank as the 21st easiest nation to do business with.

Just like other governments, businesses would still have to deal with massive paperwork. However, such processes are simplified and clearly outlined for all. You can expect a relatively smooth flow during the registration process but there are some things that you need to watch out for. You will also have to prepare yourself for a few back-and-forths from one government agency to another. To avoid such hassles, most foreign entrepreneurs who want to register a company in Thailand simply opt to hire legal representatives that can do all the work for them like Umpire Legal.

If you have the time and energy though, you can easily do the entire registration process by yourself. To ensure no delays though, you need to make sure that you’re well aware of the five most important things that you should settle before registering a business in Thailand. You won’t need to panic at all as we got you covered. They are simply as follows:

  1. Business name.

You need to come up with a business name prior to registering your company in Thailand. Registering its name is the first thing that you’d need to do come the time that you need to process your registration. For this, you need to come up with not one, but three name options. Having at least three name options would secure that your registration won’t get delayed in case there’s already an existing business that goes by your preferred name. You will register your business name at the Department of Business Development (DBD). You should enlist them in order of preference or priority. Put your most preferred business name first on the list.

You need to take note of the following when choosing a name:

  • the name has to be unique
  • the name must not resemble a name of an already existing company that is duly registered
  • the name must have a version that is written in Thai
  • an English name still needs to be written in Thai
  • you should closely observe the following in its Thai version: the translation itself, the accents, and the pronunciation
  • it should end in “Limited” if you will be setting up a limited liability company
  • you can have a different business name and company name

You may then proceed to file a memorandum of association once your company name is approved.

  1. Visas.

A regular visa is different from a work permit. You need a separate work permit if you would be bringing in a foreign talent into the country. If you easily get confused with long processes, you should let a law firm handle this.

  1. Limited Foreign Ownership.

In Thailand, you will get to invest 100% in your company but you’d only get to own 49% of its share. You are free to set up your business in the country but they would limit the kind of ownership that you can practice. You need not worry though as the 51% will be owned by shareholders who will have limited control in your operations. Such shareholders must be Thai nationals.

If you want to get around this requisite, you can choose to set up a business with a Foreign Business License (FBL). Businesses with such licenses can be 100% owned by foreigners.

 

  1. Finance.

You need to be familiar with your tax liabilities even before registering your business. You will be required to pay taxes. If you are BOI-licensed though, you can qualify for particular exemptions. You need to take note of the following when it comes to taxes in the country:

  • You need to closely observe a 60-day period
  • Within such period, your company must be able to obtain a corporate tax ID
  • If the business turnover goes beyond 1.8 million baht, you will be required to register for VAT
  • You can be exempted from VAT but your business has to belong to a specific tax listing
  • You will be required to submit an annual balance sheet
  • You will be required to have good accounting procedures
  • You will be required to have good auditing procedures
  • You will have to undergo annual audits
  • You will have to shoulder the social security contributions of your employees
  • You will have to withhold income tax

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  1. Place of business.

You won’t get to successfully register your Thai business if you won’t have a physical address. Hence, it’s important that you already have an idea of where you would be setting up your company’s main office prior to the registration itself. Do take note of the following:

  • If you will be renting the place, you will need to get and submit the written permission and consent of the property owner that proves approval of such place to be used as the main office for company registration purposes
  • You will need to have this duly updated should you choose to relocate
  • Address updates must be done with the Ministry of Commerce

 

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Law

Why Is SEO Important for Lawyers

Search engine optimisation (SEO) is a procedure that can be simplified to mean the process of updating your website to increase its exposure when customers use search engines such as Google, Bing, and other search engines to look for products or services associated with your company.

The greater the visibility of your web pages in search engine results, the greater the likelihood your business will get noticed and win over new and existing customers.

You will not get meaningful online visibility without implementing SEO. The more effective your SEO promotional strategies are, the higher your law firm’s website will rank due to those efforts. Attorneys need first-page rankings, which typically results in more potential customers contacting them. Some legal offices may handle this internally, while others may use an outside SEO company like Digital Spotlight for assistance.

Why Should Attorneys be Interested in SEO?

Understanding SEO is crucial for attorneys because:

  • Search engine optimisation (SEO) helps develop a foundation of trustworthiness and expertise, which attracts and converts more customers.
  • When you are prepared with the information your target customers need, you will be more likely to draw them to your website and keep them as a resource for their needs.
  • This will increase the quality and quantity of visitors to your site by raising your page ranking or domain authority.
  • By optimising your website for search engines, you may boost your company’s exposure online, attract more visitors, generate more quality leads, and eventually sign up more customers.

Optimising for search engines helps establish trustworthiness, the holy grail of success. If you want your website to be seen by more people, paid adverts are a terrific way to boost its visibility and move it up the search engine results pages. However, as you probably well know, trust between a lawyer and client is crucial, but it can be hard to establish.

If you rank well naturally through SEO, you’ll show potential customers that you’re an established expert in your field who can be relied upon. This is particularly significant because 96% of persons who seek legal assistance online do so using a search engine.

In spite of this, the first step in achieving a high organic page rank is to gain an awareness of your target market and the priorities they hold. Ask yourself this question: What are their most pressing issues, concerns, and frustrations? By carrying out the step mentioned above, you will be able to identify the phrases for which you should work to increase your search engine rankings. If you want to be successful with SEO for law firms, you need to begin here.

Lawyer SEO: Fundamental factors

Before launching an SEO campaign, legal practices should evaluate their current online visibility. Then, they may decide to take action to set their company apart from rivals. Building a sustainable SEO strategy is the key to increasing an attorney’s organic search rankings.

Effective search engine optimization takes time. Results from your SEO efforts may be noticeable right away, but you’ll reap the most rewards if you stick with it over time.

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Law

Inmate Records Check & Monitoring

Criminal Records are an essential component of investigating prospective workers’ histories, to determine whether or not they are suitable for employment with the company. It is the responsibility of the employer to be knowledgeable about how to make effective use of criminal checks.

Thanks to platforms like Lookupinmate, the general public would be able to see someone’s jail history and records. It can provide anyone with sufficient details about the individual in question.

Inexistence of Discrimination

A business owner cannot use discriminatory practices when seeking new employees due to legal restrictions. If the candidate does not have good credit, the business attorney must inform the owner that the owner cannot stop the recruiting process. Criminal checks and monitoring are performed to ensure that the applicant is not a criminal and has not lied on the application.

The attorney must typically explain and help the employer understand additional rules. Most states and the federal government have laws that require even small businesses to do inmate records checks. The attorney’s role then educates and enforces adherence to these norms and regulations.

Disclosure of Information

There is a limit to what can be learned about an applicant through a criminal check, and the firm should be aware of this. This might not affect the employee’s ability to do their job or continue working there.

Legal risks are reduced because of the increased safety and security that results from this inspection. While being checked out could pay off in the long run, you might not see much of an immediate return on your investment.

The Knowledge Obtained

Depending on the facts of the case, the material collected from a criminal check by both the small business attorney and the employer will vary but will nearly always include records. Documents relevant to citizenship, employment, education, credit, and criminal checks are included in this category.

A person’s driving history can be discovered through a bankruptcy or military record check, both of which the subject may have voluntarily requested. The cost of a criminal check is proportional to the information an employer or attorney needs, and the specifics may only pertain to verifying the issues.

Employment Specifics in the Background Investigation

It is possible for the company and the attorney investigating the claim to locate references to past workers’ compensation claims in the employment file of the company. These can be utilised as evidence to support the decision to accept or reject the candidate based on the type of damage that was incurred and the procedure that was outlined in the claim.

When making a hiring choice, the employer is obligated to take into account any anti-discrimination regulations that apply from both the state and the federal levels. As part of the procedure for applying to have a criminal check performed, the attorney might also be required to remind the proprietor of the company of the obligation to comply with the Fair Credit Reporting Act.

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Law

Several Useful Suggestions Concerning the Inheritance Tax

 

An inheritance tax is a type of tax that may be imposed on individuals or families that inherit something from a deceased person. Inheritance taxes are sometimes combined with estate taxes. The inheritance or property that a person leaves behind when they pass away is legally the responsibility of the heirs of the dead person.

It is a widespread misunderstanding that estate taxes and inheritance taxes are one and the same when it comes to the topic of taxes. It is only essential for the inheritance tax to be paid on the property that is being inherited by the heirs of the estate of the deceased person. This is due to the fact that the inheritance tax is not collected on the entire estate. In point of fact, these categories are not all that distinct from one another in certain nations (such as the United Kingdom). Sometimes, a tax on inheritance is levied, and it is referred to as “death duty.”

Any valuable asset that is handed down from one generation to the next is subject to the inheritance tax. This may also include intangible assets like as investments and life insurance, in addition to tangible assets such as real estate, jewellery, and collectibles. In the United Kingdom, a tax of this kind is levied on inheritances with a value of more than £325,000. When a member of the family passes away, other members of the family can inherit their property, and if those family members are still alive, they are responsible for paying the inheritance tax. There is also the possibility of naming a beneficiary in the will of the person who will be taking over the tasks when the original caretaker passes away. This is an alternative solution.

In certain circumstances, it is feasible to steer clear of having to pay inheritance tax relief new york city ny. If a citizen of the United Kingdom has lived outside the country for more than three years in any given twenty-year period, they are exempt from having to pay this tax. In addition, there is no requirement to make payments of taxes on the assets provided that they are situated in a different nation.

Bequeathed property will not be subject to inheritance taxation if it has been owned by the individual for at least seven years before the individual passes away. The same is true of any property or assets that are passed to a spouse or kid, as these kinds of transfers are not subject to taxation. In addition, there are no inheritance taxes levied against life insurance plans that have been obtained for a child.

It is a widely held belief that the vast majority of individuals do not support an inheritance tax, which has been contentious in the past and will continue to be so in the future. The weight of bearing this responsibility should not be placed on the family of the deceased, who are already dealing with the anguish of having a loved one pass away. The tax rate is typically rather high, often reaching as high as 40 or 50 percent of the total value of the asset depending on the specifics of the situation. This is the situation in the overwhelming majority of instances. As a consequence of this, proper estate tax planning is absolutely necessary in order to lessen the impact of this charge.

There are many strategies available for lowering the amount of inheritance tax paid. It is extremely important to draught a will and identify your heirs so that any potential misunderstandings in the future can be avoided. After your death, your assets can be moved into tax-free trusts or life insurance funds, which will allow you to circumvent the estate tax. Your surviving spouse as well as the generations who come after them will be able to reap the benefits of your estate if you set it up in this manner. They would not own the entirety of the estate, and as a result, they would not be responsible for it. This would allow them to avoid paying income taxes.

Putting your money into investments that are associated with a lower tax rate is yet another astute financial approach that you should implement. Use the annual allowances that were given to you as gifts to their full potential. If you make frequent gifts from your estate that are not subject to inheritance tax, you can assist your loved ones without having to worry about the inheritance tax bill that you will be responsible for paying.

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Law

About Retirement Visa in Thailand

The cost of living in Thailand is fascinating, making it one of the best countries for retiring foreigners. This simply means that their pensions will have a higher value to meet daily needs.

Living with the people of Thailand is another benefit. They share amazing and rich cultures that are welcoming to foreigners. Imagine spending the rest of your life in this setting. It will be worth it!

There are proper ways to obtain a retirement visa in Thailand. It is crucial to follow immigration rules and other procedures though it is a bit stressful. Consider asking for professional advice to do well in immigration. For that reason, earning the said benefits becomes more possible.

Thailand Retirement Visa Versus Other Visas

Many foreigners desire to get a visa and permanently live in Thailand. However, this is not always the case. Meeting the requirements is the first step to holding a Thailand retirement visa.

The visa is made available for foreigners beyond 50 years old. They must meet the financial requirements to get a visa. One of the restrictions for the visa holder is not being able to work in the Kingdom. This factor makes the Thailand retirement visa different from other countries’ visas.

The application process is categorized into two – from a native country or through permanent residency. Foreigners whether residing in Thailand or other countries have the liberty to apply for a visa.

Getting a Retirement Visa in Thailand

Below is everything you need to consider when applying for a retirement visa in Thailand:

  1. Age Required

Applicants must be not younger than 50 years old to acquire a visa.

  1. Financial Status

The monthly pension should not be less than 65,000 baht or 800,000 baht when combined with bank savings and other income. You need to obtain from the embassy in Thailand a confirmation letter or a bank statement to ascertain the amount of income.

Another option is having a bank savings of more than 800,000 baht that is cleared within two months before the visa application. This must come with supporting documents, including a bank book and a confirmation letter from the bank.

Meeting either of the three requirements will grant foreigners a visa.

  1. Additional Documents

Applicants must show a valid passport to the embassy that will last for 12 months before expiration. Other documents may vary depending on the countries where the application is done. These include police and medical clearance, and insurance if there is any. There will be more documents needed when you apply from abroad than in Thailand.

  1. Search For Available Embassy

Embassies may or may not exist in your country which you must know before starting to process a visa. If not available, you need to go to Thailand using a non-immigrant visa to push through the application.

The application will only begin after your 60-day stay in Thailand and 30-day upon visa stamp expiry.

It should come with proof of residence, like a rental agreement and utility bills.

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Things to Consider After Approval

Once the application is approved, a 90-day reporting is necessary. It works in person, via email, or by hiring an agent to report to the immigration office. They permit online reporting but not on the first schedule.

Leaving the country before completing the report will cause no problem. It goes on with the process by starting the 90 days of reporting. Failing to report 7 to 14 days after the reporting date will demand a fine or worse will lead to arrest. One thing to note is that the reporting date cannot be modified after renewing the visa.

In the case of leaving the country and then having an intention to go back, a re-entry permit is needed. It will be stamped on your passport. Make sure to get the permit a week before you leave.

On the other hand, foreign visa holders should get a Certificate of Entry (COE) to be presented to the airlines upon departure and arrival.

The Lifespan of a Retirement Visa in Thailand

Non-immigrant visas have two categories – the O Long Stay and O-A Long Stay visa. Both of them will qualify foreigners to stay in Thailand for one year. They can renew the visa annually without limit on how many times, however, no departure is allowed.

The best time to renew the visa is 45 days before it expires. Review the requirements for a less hassle visa renewal. Update the necessary documents, such as the bank books and permits. This is to ensure that you are still financially capable of residing in Thailand.

Prepare a valid passport together with the same size colored photos and the immigration forms. Moreover, the local office will look for a TM6 departure card to complete your requirements.

Final Words

If you are planning to spend the rest of your life in Thailand, it is vital to get a visa. The procedure for obtaining a Thai visa won’t take long with the help of a retirement visa service provider. Experts have knowledge and skills about the prerequisites to spend retirement age in Thailand.

Know the necessary papers you need to prepare to acquire a visa without any trouble. And also, keep in mind the next steps once the visa is ratified to avoid fines and other possible consequences.

 

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