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What's the best way for to set up a business in Thailand, something along the lines of an online English tutorial type of company?
If you want to have 100% foreign shareholders, the only way I know is through BOI promotions (http://www.boi.go.th/index.php?page=eligible_activities). And it will come with other benefits such as visa/work permit and tax exempt.However, with the online English tutorial company, I'm not sure whether it will fall into either under "e-commerce" or "digital products" or not. It's better to call them and find out.Otherwise, you need to go to a normal method by setting up a limited company. But foreigners can only hold 49% shares at maximum.P.S. I'm not an expert in this topic. There might be another way that I'm not aware of.
For anyone else interested in the topic, I found this article on how someone else did it: https://blog.outsmart.io/asia-startups/our-road-to-set-up-a-thai-company
Thai nationals & Thai entities can conduct various commercial activities without the requirement for a Foreign Business License (FBL).
For Thai Limited Company, a foreign national or foreign entity can own up to 49% shares in a Thai LLC and Thai national for 51%. In order to maintain power of control in the company, shareholders execute a Shareholders' agreement.
However, in accordance with the Thai Foreign Business Act, for a Foreign company; commercial activities normally restricted to Thai nationals & Thai entities, it shall require approval by the Thai
Ministry of Commerce / Board of Investment (BOI) for a FBL.
If a foreigner work in Thailand, the said foreigner is required a Work Permit, according to Thai law, unless BOI approval, a Thai
LLC must employ 4x Thai people for every 1x Work Permit granted with a minimum of capital shares of THB 2 Million per 1 foreigner.
Regarding the BOI, the BOI privilleges will mainly concerning the Corporate, import, export Tax in Thailand, reduce the requirement on the working of foreigner but not about the financial help. BOI will focus on the business of industrial, big manufacturing, other business listed in the BOI requirement.
I hope this will help, if you have any more questions, you can contact me directly through this link: https://www.thailandstarterkit.com/contact/legal-advice/ Or my email, [email protected]