Foreign Investment & Taxation
Useful Information
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There are six visa categories. The type of visa granted depends on the purpose of the visit. It is important to obtain the correct visa to minimize difficulties at the port of entry or exit.
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Land Code stipulates that foreigners may acquire land by virtue of the provisions of a treaty giving the right to own immovable property, subject to the provisions of a Land Code and, subject to limitations on rights over land for religious purposes, foreigners may acquire land for residence, commerce, industry, agriculture, burial, public charity, or religion under the conditions and procedures prescribed in ministerial regulations and with the permission of the Minister... |
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Foreign Investment
There are several laws and regulations that govern the extent of foreign participation in business activities in Thailand. The main governing law is the new Foreign Business Act B.E. 2542 (1999) (the “Act”). |
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Exchange Control
The Bank of Thailand (BOT)has delegated authority to agents, including all commercial banks located in Thailand (commercial banks), to approve many commercial transactions. However, some transactions still require actual BOT approval. While permission is discretionary, approvals are normally given is reasonable grounds for remittance are given and the proper procedures are followed. In all matters involving foreign currency, currency inflows must be properly recorded, and contracts and other legal papers adequately documented. |
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Limited Liabilities Companies : The nature and form of a limited liability company in Thailand is essentially the same as in many other jurisdictions. The capital of a limited liability company is divided equally and is represented by shares of a designated (par) value. The liability of each shareholder is limited to the unpaid portion of the shares held. Limited liability companies may be either private companies, which are subject to the Civil and Commercial Code (“CCC”), or public companies which are subject to the “Public Limited Companies” Act B.E. 2535 (1992). |
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In order to satisfy World Trade Organization obligations and to better comply with internationally recognized standards, Thailand amended existing laws and enacted new legislation relating to intellectual property. These changes and further legal reforms, which are currently in the planning stage, will greatly improve the protection of intellectual property in Thailand. |
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Thailand has a codified system of law as a result of reforms instituted by King Rama V. The major legistlative codes are the Civil and Commercial Cide, the Penal Code, the CivilProcedure COde, the Criminal Procedure Code, the Revenue Code and the Land Code. The supreme law is the Constitution which supplemented by Acts of the Thai Legislature , Royal Decrees, Emergency Decrees, MInisterial Regulations, Ministerial Notifications, other governmental notifications and local government regulations.
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The principal tax law is the Revenue Code, and five main forms of taxation are imposed under it: corporate income tax; personnel income tax; VAT; specific business tax; and stamp duty. The corporate income tax applies to companies, registered ordinary partnerships, foundations, associations and unincorporated joint ventures. Moreover, the personal income tax applies to individuals, including residents and non-residents, and Thailand has treaties for the avoidance of double taxation with a number of countries, which relate to income tax only. |
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