Also in the news...
Prove your English language abilities with a secure English language test (SELT)
For visa or citizenship applications, you may need to prove your knowledge of English by passing a secure English language test (SELT).
UK and Nigeria Enhanced Trade and Investment Partnership arrangement
The Enhanced Trade and Investment Partnership (ETIP) sets out the UK and Nigeria’s priorities for future discussion and cooperation.
Export to the UK: guidance for African businesses
Find out about UK markets and sectors, trade agreements, UK import regulations and taxes, and support for African businesses from the UK government.
Guidance Start exporting to Africa
Find out about market opportunities, trade partnership agreements, support from the UK government, and export regulations and taxes in African countries.
Guidance Start investing in African businesses
Find out about investment opportunities and support from the UK government. Learn how to manage risk, invest ethically, and access guidance on African countries.
Doing Business In Thailand: 3 Key Things To Follow In 2016
In 2015, the key change for companies operating in Thailand was the regulation on accounting and legal firms not to disclose registered addresses to clients. Here, let’s take a look at some new requirements that are likely to affect the way business is done in 2016.
1. New bank requirements
Thailand entered into Model 1 Intergovernmental Agreement (IGA) in substance of the Foreign Accounts Tax Compliance Act (FATCA) in June 2014.
Under the FATCA regulations, financial institutions in Thailand are now only required to report information to the Thai Revenue Department and all bank signatories are required to be present at the banks in Thailand.
2. Registered capital
In March 2015, the Central Partnership and Company Registration Office revised its rules for partnerships and companies with registered capital of more than THB 5 million.
Companies with registered capital or increasing capital of over THB 5 million are now required to submit the letter of evidence issued by the bank to the Ministry of Commerce within 15 days from the registration date of incorporation. This shall be linked to the bank account opening which normally takes more than 15 days.
3. Unpredictable regulations and immigration requirements
Unpredictable regulations and immigration requirements shall affect the application for the extension of stay permits in Thailand for expatriates.
As stated in our briefing paper on The challenges of HR administration and payroll in Asia Pacific published in November, foreigners are not permitted to work in Thailand on any type of visa, unless they are granted a work permit. Those who intend to work in the country will need an initial visa (non-immigrant visa), which must be obtained before entering Thailand.
Talk to us
Thailand is a complex market that is constantly full of uncertainty and unpredictability. Working with a local partner with the right expertise and people on the ground who understand all of the local rules and regulations, can help to make sure you stay compliant while your business aspirations thrive.
Get in touch with the Thailand team to learn more.