Viettonkin Consulting has been trusted by hundreds of entrepreneurs and corporations overseas for over 15 years to set-up businesses in Thailand. We offer:

• Business Incorporation Services
• Cooperate Secretarial Services
• Compliance Services (Legal, Tax and Accounting)
• Corporate Banking Services
• Nominee Services
• Administrative Services
• Human Resource (HR) recruitment and management
• Global Payroll & Mobility

With its strategic location in Southeast Asia and low labor costs, Thailand has become a favorable destination for foreign investors and entrepreneurs. The country's diversified economy, skilled workforce, and attractive incentives creates an ideal environment for setting up a business.

However, navigating the complexities of local regulations and compliance requirements can be challenging. From choosing the right business entity to complying with foreign ownership laws, the subtleties of Thailand's legal and regulatory framework must be understood for a successful market entry.

Viettonkin Consulting offers a full-service package for complete business incorporation and creates a streamlined and efficient process for foreign investors. We assists investors in managing the complex registration process, selecting suitable entity types, and ensuring full compliance with local regulations.

Thailand offers a favorable business environment for foreign investors, with several key benefits:

• Registering a wholly-owned foreign LLC is straightforward, requiring minimal travel and only three shareholders, one director and a minimum capital of US$60,000.
• Thailand's significant population (71 million) and growing middle class provide a substantial consumer base.
• Efficient manufacturing infrastructure and highly-skilled educated workers with low labor costs make Thailand an attractive location for manufacturing businesses. Wage inflation rate in Thailand is among the lowest in the ASEAN region.
• Tax incentives, customs exemptions, and a well-developed transportation network facilitate exporting goods. Thailand’s exports are poised to reach a record high of USD 300 billion in 2024, up 5.2% year-on-year.
• Thailand offers attractive tax incentives and operational advantages for regional headquarters . Additionally, the corporate income tax at 20% is competitive compared to its other ASEAN counterparts. Compared to other leading cities in the region, Bangkok's prime office space costs nearly half of the cost for Ho Chi Minh City, 40% of the cost for Seoul and Singapore, and a quarter of the cost for New Delhi, Tokyo and Beijing.
• Thailand Board of Investments actively promotes foreign investment through various incentives, including tax holidays, R&D rebates, and infrastructure development. Businesses in Thailand's Free Trade Zones can benefit from even greater fiscal and non-fiscal incentives.
• Thailand's strategic location in the heart of Southeast Asia provides easy access to a regional market of over 600 million consumers.

Registering a wholly-foreign owned business in Thailand poses certain challenges:

1. Registration and Licensing

• Businesses with foreign ownership exceeding 49% must obtain a Foreign Business License (FBL) for 'List 2' and 'List 3' busineses under the Foreign Business Act, which is a lengthy and complex process.
• Thailand's Foreign Business Act (FBA) limits foreign ownership in certain industries, requiring special permissions or partnerships with Thai nationals.
• A minimum share capital of at least US$60,000 is required to secure a FBL.
• While not legally required, a resident director is often necessary for regulatory processes.

2. Taxation and Legal Environment

• Weak intellectual property rights protection makes it challenging to safeguard brand and product rights.
• The Thai judicial system is often biased in favor of local businesses, making it difficult for foreign companies to enforce contracts and protect their interests.
• Bribery and corruption are prevalent, hindering business operations and increasing costs.
• Most official processes are conducted in Thai, and documents often needs to be in the Thai language.

3. Human Resources and Administrative Challenges:

• Strict quotas limit the number of foreign employees a company can hire. The company must have a fully paid-up registered capital of US$60,000 to hire one foreign employee, which increases by one after every additional US$60,000 (to a maximum of 10 people). Alternatively, there are also other ways to hire foreign employees.
• Limited English proficiency among the population can hinder communication and business operations.
• Foreigners applying for employment visa extensions in Thailand will need to possess a minimum monthly salary based on nationality.

With development, these obstacles should gradually decline over time, as they have in the course of development in other nations.

Full-Service Company Set-up Package

• Company Incorporation

  Provide expert guidance in selecting business locations, conducting market assessments, identifying the optimal business structure for clients, and handling document preparation to be submitted to relevant authorities for business registration.

• Corporate Secretariat Services

  Develop detailed work plans, track schedules, and provide reminders. We will also handle meeting logistics and assist with venue selection and management for registered locations as well as research and update clients on relevant legal documents and changes.

• Compliance Services

  Assist with the drafting, finalization, and submission of required periodic reports to regulatory authorities and handle applications for any additional licenses required throughout the enterprise's operations.

• Corporate Banking Services

  Collaborate with banks on behalf of our clients for matters related to opening or closing accounts, updating account information, and facilitating money transfers.

• Tax Advisory Services

  Advise companies on a wide range of domestic and international tax issues, including understanding their global effective tax rate, assessing tax impacts of business restructuring, and preparing for new and upcoming regulations. We help companies implement effective strategies to manage tax obligations and increase earnings and cash flow.

• Additional Services

  Offer Nominee Services, Administrative Services, Legal Services, Human Resource Management, and Accounting & Tax.

Limited Liability Company (L.L.C)

1. Private Limited Company

• Most popular business entity for foreign businesses.
• Foreign ownership is restricted at 49%. To own a higher share, foreigners must: obtain Foreign Business License (FBL), obtain promotion from the Board of Investment or register through the Treaty of Amity (for US citizens only).
• Shareholders will have limited liabilities.

Requirements:

• A minimum of three shareholders (who have limited liabilities) and one director
• A minimum registered capital of at least THB 2 million (~US$60,000) or higher

2. Public Limited Company

• Suitable for businesses seeking to raise capital through public offerings.
• Director’s proxies are not allowed.
• Directors are elected by cumulative voting
• Promoters must maintain their shares for at least 2 years before they can be transferred, except by approval from shareholders at a shareholders meeting.

Requirements:

• A minimum of 5 board of director members, at least half of whom must have permanent residence in Thailand.
• A minimum registered capital of at least THB 2 million (~US$60,000) or higher

Partnerships

Partnerships are categorized into three types:

1. Ordinary Partnership

• Partners are jointly and wholly liable for the business's obligations and debts
• Not a juristic person and is taxed as an individual.

2. Registered Ordinary Partnership

• Registered with the Commercial Registrar as a juristic person and is taxed as a corporate entity.

3. Limited Partnership

• Consists of general partners (unlimited liability) and limited partners (liability limited to their capital contribution).
• Must be registered for legal status and taxed as a corporate entity.

Branch Office

• A foreign company can register a branch office to conduct business in Thailand.
• Not a separate legal entity; the foreign company is liable for all debts and obligations.
• Must obtain a Foreign Business License (FBL) for activities restricted under the FBA.
• It is important to clarify beforehand what constitutes income that is subject to Thai tax because the Revenue Department may consider revenue directly earned by the foreign head office from sources within Thailand to be subject to Thai tax.
• A branch office is required to apply for a taxpayer identification card and VAT certificate (if applicable) and to file annual corporate income tax returns with the Revenue Department.
• The total of loans utilized in the permitted business operation must not exceed 7 times the inward remitted funds for the permitted business operation.

Requirements:

• A minimum capital investment of THB 3 million (~US$90,000) or higher.
• At least one resident director with permanent residence in Thailand.

Representative Office

• Set up for non-revenue-generating activities such as market research, sourcing products, or liaising with headquarters.
• Cannot engage in direct trading or earn income in Thailand.

Requirements:

• A minimum capital investment of THB 3 million (~US$90,000) or higher.

Non-Fiscal Benefits (Conditions apply):

• Majority or 100% foreign ownership
• 100% foreign shareholding
• Right to own land
• VISA and work permit
• Exemption of import duty on machinery used for R&D and training services in IBC project

Fiscal Benefits (Conditions apply):

• 8% CIT if annual operating expenditure is THB 60-300 million (US$1.74m-8.7m)
• 5% CIT if annual operating expenditure is THB 300-600 million (US$8.7m-17.4m)
• 3% CIT if annual operating expenditure is THB 600 million (US$17.4m) or more
• CIT exemption on dividends received from associated enterprises in Thailand or overseas
• Withholding tax exemption for dividends and interests payed overseas
• 15% PIT for expatriate employees
• Exemption on gross receipts received from providing financial management services to associated enterprises in Thailand or overseas

Requirements:

• Set up under Thai law to provide qualifying support services or treasury services to its affiliates.
• A minimum paid-up registered capital of THB 10 million (~US$300,000) or higher
• Annual operating expenditure in Thailand of at least THB 60 million (in case of applying for tax incentive).
• A minimum of 10 qualified employees, or 5 qualified employees in the case that it acts solely as the Treasury Center

Amity Treaty Company

• Applicable to U.S. citizens and companies under the U.S.-Thailand Amity Treaty.
• Allows 100% foreign ownership for American investors in certain sectors.

Requirements:

• Certification from the U.S. Embassy and registration with Thai authorities.

International Business Center (IBC)

A company that provides services to its associated companies in overseas countries and/or in Thailand, including international trade. In December 2018, the Thai Government approved the drafted new Royal Decree laws to replace International Headquarters (IHQ), Regional Operating Headquarters (ROH), and International Trading Center (ITC).

Non-Fiscal Benefits (Conditions apply):

• Majority or 100% foreign ownership
• 100% foreign shareholding
• Right to own land
• VISA and work permit facilitation
• Exemption of import duty on machinery used for R&D and training services in IBC project

Fiscal Benefits (Conditions apply):

• 8% CIT if annual operating expenditure is THB 60-300 million (US$1.74m-8.7m)
• 5% CIT if annual operating expenditure is THB 300-600 million (US$8.7m-17.4m)
• 3% CIT if annual operating expenditure is THB 600 million (US$17.4m) or more
• CIT exemption on dividends received from associated enterprises in Thailand or overseas
• Withholding tax exemption for dividends and interests paid overseas
• 15% PIT for expatriate employees
• Exemption on gross receipts received from providing financial management services to associated enterprises in Thailand or overseas

Requirements:

• Set up under Thai law to provide qualifying support services or treasury services to its affiliates:
1. General management, business planning, and business cooperation
2. Procurement of raw materials and parts
3. R&D of products
4. Technical support
5. Marketing and sales promotion
6. Human resources management and training
7. Financial advisory services
8. Economic and investment analysis and research
9. Credit management and control
10. Financial management service of the treasury center
11. International trade business
12. Lending to associated enterprises outside the scope of business in Item (10) which can be implemented under the exchange control laws
13. Office building or factory building rental service for associated enterprise
14. Other supporting services as approved by the Board
• A minimum paid-up registered capital of THB 10 million (~US$300,000) or higher
• Annual operating expenditure in Thailand of at least THB 60 million (in case of applying for tax incentive)
• A minimum of 10 qualified employees, or 5 qualified employees in the case that it acts solely as the Treasury Center

Other BOI Promotions:

1. International Business Center (IBC)

Allows companies to become an intermediary between the manufacturers and the suppliers, facilitate overseas trading, and reduce transaction costs.

Non-Fiscal Benefits:

• Majority or 100% foreign ownership
• 100% foreign shareholding
• Right to own land
• VISA and work permit facilitation
• Exemption of import duty on raw material imported for use in production for export
• Exemption of import duty on machinery used in IPO project

Requirements:

• Related to procurement of raw materials and parts used in manufacturing industries
• Own or rent a warehouse and manage inventory
• Have appropriate activities of merchandise procurement and management
• Have several procurement resources, including a domestic resource
• Domestic wholesale and/or overseas exports
• A minimum registered capital of THB 10 million (~US$300,000) or higher

2. Trade and Investment Support Office (TISO)

Aimed at businesses specializing in consulting, advisory, and outsourcing services.

Non-Fiscal Benefits:

• Majority or 100% foreign ownership
• 100% foreign shareholding
• Right to own land
• VISA and work permit facilitation
• Exemption of import duty on machinery used in TISO project

Requirements:

• A minimum annual sales and administrative expenses of THB 10 million (~US$300,000) or higher
• A business plan and scope approved by BOI

Resident Director Requirements in Thailand

In some countries like Thailand, having a resident director is a legal requirement for entrepreneurs incorporating a new company in certain sectors. The resident director must be a local citizen or a foreign national with a valid residency permit, possessing a local address and currently living in the country. While it's possible to establish a wholly-foreign owned company in Thailand, it often requires obtaining a Foreign Business License (FBL), which can be a lengthy and complex process. Additionally, foreign ownership restrictions apply to certain industries, hence the need for a local national shareholder.

How Can Viettonkin Assist?

Our nominee services provide confidentiality and operational support for companies aiming to protect their identities and ensure compliance, particularly valuable for businesses entering new geographic markets. Through these services, a third-party entity will be appointed as a representative, allowing the actual owner’s identity to remain private. This can be very useful for businesses to maintain discretion or comply with local requirements without revealing ultimate ownership. The representatives we appoint are of the highest standards, with years of relevant experience, no criminal record, and no conflicts of interest.

Services Provided

• Professional Nominee Directors and Shareholders: Our nominee services include professional directors and shareholders, selected for their clear and trustworthy backgrounds at the client’s request. These representatives are legally appointed to act on behalf of clients in company operations, ensuring compliance and privacy.
• Contract Drafting and Security Measures: We meticulously draft contracts and implement security measures to safeguard the representation process, securing the client’s interests.
• Full Responsibility for Representative Activities: We take full responsibility for all representative activities related to the client's company, ensuring transparency and trust in all operations conducted on behalf of the client.

Setting Up a Business in a Foreign Country

Setting up a business in a foreign country is challenging, especially considering the complex and intricate regulations that differ from country to country. Significant time and effort are required to comprehend and overcome these variances: researching the target country and its people, fulfilling legal requirements like licensing and accreditation standards, company registration, seeking the ideal location, assembling assets, or finding the right and trustworthy talents. This problem is exacerbated if there is a difference in language and culture.

Time is a valuable asset for all businessmen, hence it is crucial to engage a professional partner who understands the local regulations and culture in ASEAN. Backed by years of experience and trusted by thousands of enterprises abroad, Viettonkin Consulting is in a good position to facilitate your foreign direct investments and company registration in key markets. We provide a full range of company incorporation services and beyond that simplify the process for you and alleviate your burden:

Step 1: Choosing The Right Company Structure

After signing the engagement letter, Viettonkin Consulting will organize a meeting with the client to discuss the direction going forward. We will inform clients about the necessary steps and legal proceedings with the aim of incorporating a foreign-owned company in Thailand successfully from start to finish. Afterwards, we will draft a comprehensive project plan that details all the steps and the timeline involved. The Thai Foreign Business Act (FBA) prohibits certain foreign business activities, such as newspaper and television businesses, farming, and cultivation, while some can be carried out with the authority of a government agency. The most typical business structure chosen by foreign investors is a private limited company. Additionally, Viettonkin Consulting will provide other assistance for the betterment of the client's market readiness and market entry processes.

Step 2: Reserve the Company's Name

Afterwards, we will help clients reserve the company's name on the Department of Business Development (DBD) website. Once approved, it will be valid for 30 days. We will then apply for a company seal, which will be used in the following applications.

Step 3: File the Memorandum of Association (MOA)

The MOA is a legal document that the company’s founder is required to submit to the DBD. It contains information such as the company’s goals and objectives. We will guide clients in crafting the MOA to ensure successful company registration.

Step 4: Set Up a Statutory Meeting

A statutory meeting requires the attendance of all company founders and shareholders to decide and pay for the company’s registered capital and discuss the articles of association (AOA).

Step 5: Submit a Registration Application

A registration application must be submitted either online or in person at a DBD office. We will prepare all the necessary documents and submit high-quality applications to the authorities.

Step 6: Obtaining an FBL or FBC

In the case that foreign investors want to own more than 49 percent of the company, there are three options:

• Obtaining a Foreign Business License (FBL) from the DBD
• Obtaining a Foreign Business Certificate (FBC) after securing BOI certification, or
• Obtaining a Treaty of Amity (for US investors only)

While this will be a lengthy and complicated process, we will simplify the procedure for our clients and work closely together to craft high-quality applications, which will significantly increase the chances of success.

Step 7: Register for Corporate Income Tax and Value-Added Tax

Once registration is complete, we will make the necessary preparations and apply for and receive a company corporate tax ID card from the Revenue Department within 60 days after the company is established.

Step 8: Opening a Bank Account

We will collaborate with banks on behalf of our clients for matters related to opening or closing accounts, updating account information, and facilitating money transfers.

Step 9: Company Secretarial Services

Running a business is no easy task. We aim to lessen the client's burden by helping to oversee and manage all activities involved throughout the corporate secretary acquisition process, including the preparation of all documents related to capital contributions and share allocations. We will develop detailed work plans, track schedules, and provide reminders. We will also handle meeting logistics, assist with venue selection and management for registered locations, as well as research and update clients on relevant legal documents and changes. If needed, we will assist the client in submitting applications for any additional licenses required throughout the enterprise's operations.

Step 10: Human Resource Management

We will support our clients' recruiting strategies to attract the best talent. At the same time, we shall assist our clients with applying for approval of labor demand, applying for Work Permits/Work Permit Exemptions, VISAs, health checks, and police clearance certificates.

Step 11: Administrative Services

To maximize the efficiency of business operations, we will organize and maintain the company’s internal documents. We will also translate documents between Thai and English, manage copies, and facilitate notarization of business documents at appropriate agencies.

Resident Director Requirements in Thailand

In some countries like Thailand, having a resident director is a legal requirement for entrepreneurs incorporating a new company in certain sectors. The resident director must be a local citizen or a foreign national with a valid residency permit, possessing a local address and currently living in the country. While it's possible to establish a wholly-foreign owned company in Thailand, it often requires obtaining a Foreign Business License (FBL), which can be a lengthy and complex process. Additionally, foreign ownership restrictions apply to certain industries, hence the need for a local national director. In Thailand, using nominee shareholders to circumvent foreign ownership restrictions for foreigners is illegal.

How Can Viettonkin Assist?

Our nominee services provide confidentiality and operational support for companies aiming to protect their identities and ensure compliance, particularly valuable for businesses entering new geographic markets. Through the services, a third-party entity will be appointed as a representative, allowing the actual owner’s identity to remain private. It can be very useful for businesses to maintain discretion or comply with local requirements without revealing ultimate ownership. The representatives we appoint are of the highest standards, with years of relevant experience, no criminal record, and no conflicts of interest.

Services Provided

• Professional Directors: Our nominee services include professional directors, selected for their clear and trustworthy backgrounds at the client’s request. These representatives are legally appointed to act on behalf of clients in company operations, ensuring compliance and privacy.
• Contract Drafting and Security Measures: We meticulously draft contracts and implement security measures to safeguard the representation process, securing the client’s interests.
• Full Responsibility: We take full responsibility for all representative activities related to the client's company, ensuring transparency and trust in all operations conducted on behalf of the client.

Zona Ekonomi Khusus (SEZ) di Thailand

Thailand menawarkan beberapa zona bebas yang memberikan banyak keuntungan bagi investor asing. Skema Free Zone Thailand bertujuan untuk mendorong bisnis manufaktur dan menarik lebih banyak investasi asing langsung (FDI). Bisnis internasional dapat mendirikan usaha di area ini dan menikmati berbagai keuntungan menarik.

Jenis Zona Bebas di Thailand

1. Zona Ekonomi Khusus (SEZ)

Zona Ekonomi Khusus adalah jenis zona bebas utama bagi bisnis internasional. SEZ menawarkan keuntungan seperti:

• Liburan pajak perusahaan (CIT) hingga 8 tahun dan potongan pajak 50% selama 5 tahun berikutnya untuk sektor-sektor tertentu.
• Pembebasan bea impor dan PPN untuk barang yang diimpor.
• Lokasi strategis dekat perbatasan dan pelabuhan utama.

Thailand memiliki 10 SEZ yang tersebar di 10 provinsi:

• Tak
• Mukdahan
• Sa Kaeo
• Trat
• Songkhla
• Chiang Rai
• Nong Khai
• Nakorn Phanom
• Kanchanaburi
• Narathiwat

Antara tahun 2015 hingga Juni 2024, total investasi sektor swasta dan Otoritas Kawasan Industri Thailand (IEAT) di SEZ mencapai THB 51,654 miliar (~US$1,5 miliar) dengan 7.701 bisnis baru yang didirikan.

2. Kawasan Industri

Kawasan industri merupakan kategori zona bebas kedua yang berfokus pada aktivitas industri. Keuntungannya meliputi:

• Kemudahan dalam mempekerjakan tenaga kerja asing.
• Kepemilikan properti untuk gudang dan fasilitas pendukung lainnya.

Hingga Maret 2024, terdapat 68 kawasan industri di 16 provinsi di Thailand, dengan rincian:

• 15 kawasan dikelola langsung oleh IEAT.
• 53 kawasan merupakan hasil joint venture dengan sektor swasta.

13 Sektor yang Diprioritaskan di SEZ

• Pertanian dan Perikanan
• Keramik
• Tekstil, Garmen, dan Kulit
• Perabotan Rumah Tangga
• Perhiasan dan Aksesori Fashion
• Peralatan Medis
• Otomotif dan Mesin
• Elektronik dan Peralatan Listrik
• Plastik
• Produk Farmasi
• Logistik
• Kawasan Industri/Zona
• Jasa Pariwisata

Keuntungan Utama SEZ

• Kepemilikan asing 100% tanpa Foreign Business License (FBL).
• Pembebasan pajak penghasilan perusahaan (CIT) hingga 8 tahun dan potongan 50% selama 5 tahun tambahan.
• Pembebasan bea impor untuk mesin dan bahan baku untuk ekspor.
• Izin mempekerjakan tenaga kerja asing tanpa keahlian.
• Kepemilikan tanah oleh investor asing.
• Izin kerja dan visa bagi ekspatriat serta tanggungan mereka.
• Infrastruktur unggul:
  • R9 (East-West Economic Corridor: EWEC) – Menghubungkan Thailand, Myanmar, Vietnam, dan Laos.
  • R3A (North-South Economic Corridor: NSEC) – Menghubungkan Thailand, Laos, dan China.
  • R1 (Southern Economic Corridor) – Menghubungkan Thailand, Kamboja, dan Vietnam.

To attract more foreign investors and boost economy growth, the Indonesian government has created Special Economic Zones (SEZs) filled with tax incentives and various benefits. As of 2024, Indonesia has at least 24 SEZs, with many more in the midst of construction. SEZs are split into three sectors: Service, Manufacturing and Processing.

Fiscal Benefits

• Companies investing at least IDR100 billion (USD 6.9 million) can receive 10 years of tax holiday.
• Companies investing at least IDR500 billion (USD 34.5 million) can receive 15 years of tax holiday.
• Companies investing at least IDR1 trillion (USD 67 million) can receive 20 years of tax holiday.
• Tax Allowance applies to activities outside the main activities of the SEZ, such as
  • Reduction in net income of 30% of the amount of invested, pro-rated at 5% for 6 years
  • Lossess carried over for 10 years
  • Accelerated depreciation and amortization
  • Tax on dividends 10% or lower
• VAT or VAT and Luxury Goods Tax are not levied on the delivery of certain Tangible Taxable Goods from TLDDPs, free zones, and bonded stockpiles to Business Entities and/or Business Actors; import of certain Tangible Taxable Goods into SEZs by Business Entities and/or Business Actors; import of Consumer Goods into tourism SEZs by Business Entities and/or Business Actors; etc
• Import Duty Exemption in the context of the construction or development of SEZs.
• For SEZs that have completed the construction and development stages, import duties are exempted for Consumer Goods and there is a suspension of Import Duty for business fields in SEZs
• For the purpose of supervision, part or all of the SEZ can be designated as a Customs Area
• Though SEZs have a minimum investment threshold of IDR10 billion (USD 690,000), excluding land and buildings, tech start-ups are exempt from this commitment.
• An Indonesian SEZ company can access a network of double tax treaties.

Non-fiscal Benefits

• The SEZ company structure allows for 100% foreign ownership. A local Indonesian shareholder is not needed.
• SEZs offer a one-stop service for licensing and other non-licensing services.
• Tenant does not need building permit if the developer has established Estate Regulation.
• Rights to use land and building rights can extend up to 80 years. Procedures can be accelerated too.
• Immigration incentives including extension of visas on arrival 5 times, limited stay permits and recidence permits
• Environmental licenses can be authorized by developers
• Indonesia National Standard not mandatory

Resident Director Requirements in Thailand

In some countries like Thailand, having a resident director is a legal requirement for entrepreneurs incorporating a new company in certain sectors. The resident director must be a local citizen or a foreign national with a valid residency permit, possessing a local address and currently living in the country. While it's possible to establish a wholly-foreign owned company in Thailand, it often requires obtaining a Foreign Business License (FBL), which can be a lengthy and complex process. Additionally, foreign ownership restrictions apply to certain industries, hence the need for a local national shareholder.

How Can Viettonkin Assist?

Our nominee services provide confidentiality and operational support for companies aiming to protect their identities and ensure compliance, particularly valuable for businesses entering new geographic markets. Through the services, a third-party entity will be appointed as a representative, allowing the actual owner’s identity to remain private. It can be very useful for businesses to maintain discretion or comply with local requirements without revealing ultimate ownership. The representatives we appoint are of the highest standards, with years of relevant experience, no criminal record, and no conflicts of interest.

Services Provided

• Professional Directors and Shareholders: Our nominee services include professional directors and shareholders, selected for their clear and trustworthy backgrounds at the client’s request. These representatives are legally appointed to act on behalf of clients in company operations, ensuring compliance and privacy.
• Contract Drafting and Security Measures: We meticulously draft contracts and implement security measures to safeguard the representation process, securing the client’s interests.
• Full Responsibility: We take full responsibility for all representative activities related to the client's company, ensuring transparency and trust in all operations conducted on behalf of the client.

Resident Director

In some countries like Vietnam, having a resident director is a legal requirement for entrepreneurs incorporating a new limited liability company. The resident director must be a local citizen or a foreign national with a valid residency permit, possessing a local address and currently living in the country.

How can Viettonkin Assist?

Our nominee services provide confidentiality and operational support for companies aiming to protect their identities and ensure compliance, particularly valuable for businesses entering new geographic markets. Through the services, a third-party entity will be appointed as a representative, allowing the actual owner’s identity to remain private. It can be very useful for businesses to maintain discretion or comply with local requirements without revealing ultimate ownership. The representatives we appoint are of the highest standards, with years of relevant experience, no criminal record and no conflicts of interest.

Services Provided

• Our nominee services include professional directors and shareholders, selected for their clear and trustworthy backgrounds at the client’s request. These representatives are legally appointed to act on behalf of clients in company operations, ensuring compliance and privacy.
• We meticulously draft contracts and security measures to safeguard the representation process, securing the client’s interests.
• We also takes full responsibility for all representative activities related to the client's company, ensuring transparency and trust in all operations conducted on behalf of the client.

Setting up a money remittance business is complicated as it involves many complex procedures and tedious paperworks. Viettonkin Consulting's expert consultants are equipped with extensive industry knowledge and practical experience to guide our clients through every step of establishing and managing a this business:

• Step 1: Company Registration

  We will assist our clients with all necessary procedures and applications for registering a new company.

• Step 2: Bank Account Opening

  After registration, we will collaborate with banks on behalf of our clients for matters related to opening or closing accounts, updating account information, and facilitating money transfers.

• Step 3: KYC/AWL/CTF Compliance Programe

  We will develop and implement KYC/AWL/CTF Compliance Programe.

• Step 4: MSB License Application

  We will execute the necessary procedures to apply for a Money Service Business (MSB) license and pursue rapid approval.

• Step 5: Post-Incorporation Support

  We will provide full post-incorporation support such as Corporate Secretarial Services, Compliance Services, Administrative Services, Legal Services, Accounting & Tax Services, Linguistics Services and Human Resource Management.

For any other operation needs, please refer to our full list of services offered.

In a world of unpredictability and financial uncertainty, businesses are regularly presented with complex financial situations and decisions. Some of these situations present valuable opportunities, such as acquisitions or expansions, while others require you to protect yourself in litigation matters or financial disputes. However, those demanding financial decisions and situations often require expertise outside the realm of businesses' internal resources - resources that may already be stretched thin.

Viettonkin Corporate financial advisory team specializes in helping organizations manage major transitions and accounting issues, while mitigating threats that can pose significant risks. We apply our professional experience, competencies and methodologies to navigate complex corporate financial situations smoothly and with minimal disruption to the organization. Our deep knowledge of the corporate financial landscape and our experience in a variety of industries allow us to provide objective advice for your complex challenges.

Our services include:

• Divestitures
• Capital Services
• Project Finance
• Trade Finance
• Market Entry Strategy
• Go-To Market Strategy

Thailand's banking system is regulated and supervised by the Bank of Thailand (BOT).

• Depository Corporations, which include commercial banks, Special Financial Institutions (SFIs), savings cooperatives, credit unions, and money market mutual funds;
• Non-depository Corporations, which encompass mutual funds, insurance companies, provident funds, asset management firms, and securities companies;

As of April 2024, Thailand is home to approximately five thousand commercial banks, with Krungthai Bank leading in the number of branches among its peers.

Overview

• In the third quarter of 2024, the banking system, encompassing licensed banks and their subsidiaries, experienced a year-on-year contraction in loan growth of 2.0%.
• The total gross non-performing loans (NPL or stage 3) within the banking system reached 553.4 billion Baht in the third quarter of 2024, resulting in an NPL ratio of 2.97%.
• Although there has been a downward trend in the ratio of impaired loans throughout 2022 and 2023, it is anticipated that asset quality challenges will persist into 2025.
• The pace of economic recovery has fallen short of expectations, and legacy risks continue to pose a threat, particularly for more vulnerable borrowers and loans that underwent restructuring during the pandemic.
• Thai banks predominantly depend on domestic deposits, with customer deposits constituting 85-90% of their total non-equity funding.
• Thailand has committed to the Common Reporting Standard (CRS), an international effort aimed at combating tax evasion.
• Additionally, as a participant in the US Foreign Account Tax Compliance Act (FATCA), Thai banks are required to report details concerning US account holders to the US Internal Revenue Service (IRS).

How can we help?

Corporate Banking Services provide essential financial solutions to support businesses of all sizes in addressing regulatory and customer demands, navigating new market entrants, and competing in globalization.

• Account management
• Cash flow optimization
• Working capital financing
• Trade finance
• Foreign exchange

At Viettonkin Consulting, we assist clients in leveraging them effectively, collaborating closely with them to develop strategies that strengthen their financial foundation and foster growth in dynamic markets.

Let Viettonkin Solve your Banking Problems

• Problem: Thailand's banking regulations can be intricate and frequently updated.

  Solution: Viettonkin will provide up-to-date information and guidance on compliance.

• Problem: Opening a bank account in Thailand can be a lengthy and cumbersome process, especially for foreign entrepreneurs.

  Solution: Viettonkin can streamline the process by liaising with banks and preparing the necessary documentation to make high-quality applications.

• Problem: Some banks may be hesitant to provide finance or even raise red flags for companies who are weak in their application.

  Solution: Viettonkin will guide the company to craft high-quality documents which will increase the chances of successful application, such as a detailed business plan, feasibility study and project strength and weaknesses analysis (SWOT Analysis).

• Problem: Many Thailand banks operate primarily in Thai, making it difficult for foreigners to proceed with banking processes.

  Solution: Viettonkin provides translation support and collaborate with banks on behalf of our clients. Alternatively, we can help our clients to open bank accounts in international banks in Thailand, such as Bank of America and HSBC.

• Problem: The banking sector in Thailand is struggling and encountering numerous challenges in the aftermath of COVID-19.

  Solution: As the economy gradually recovers, the banking sector is slowing improving. Numerous banks in Thailand have also introduced policies to combat the various challenges.

Viettonkin Consulting offers guidance in financial, tax, legal, and management areas to help businesses tackle complex challenges, streamline operations, and reach strategic goals. We enable informed decision-making, and improve business efficiency to optimize cash-flow of the company.

• Cash Flow Analysis and Forecasting

  Service: In-depth analysis of existing cash flow patterns and reliable forecasting to estimate future cash requirements.

  Benefit: Assists businesses in determining the timing of cash shortages and enables them to make necessary plans.

• Working Capital Management

  Service: Optimization of working capital components, including inventory, receivables, and payables.

  Benefit: Ensures efficient use of resources and improves liquidity.

• Debt Restructuring and Management

  Service: Analysis and restructuring of current debt to minimize interest costs and improve repayment terms.

  Benefit: Reduces financial burden and enhances cash flow.

• Expense Reduction Strategies

  Service: The service provides identification and implementation of cost-cutting measures, ensuring no compromise on quality or performance.

  Benefit: Frees cash for other vital business needs.

• Revenue Enhancement Strategies

  Service: Formulate strategies to increase sales and enhance revenue streams.

  Benefit: Influx of overall cash is increased.

• Tax Planning and Optimization

  Service: Formulate strategies to minimize tax liabilities and maximize tax benefits legally.

  Benefit: Liberates more money for operations.

• Banking and Financing Solutions

  Service: Assistance with loans, lines of credit, and other types of financing.

  Benefit: Provides additional cash flow sources to support business operations.

• Risk Management and Contingency Planning

  Service: Identification of potential financial risks including variable costs and development of contingency plans.

  Benefit: Ensures the business is prepared for unexpected cash flow disruptions.

• Human Resource Optimization

  Service: Maximise staff productivity and enhance working skills. Search for high-quality outsourcing if necessary.

With over 15 years of experience working with foreign partners, we are proud to have helped many large customers and partners eliminate all language burdens and become successful overseas. Our cultural and linguistic solutions not only aim to aid our clients communicate effectively with their external stakeholders, but also facilitate strong internal connection across staff of diverse backgrounds, and nurture outstanding employee experience for their entities. Additionally, our global marketing strategies optimize clients' marketing and sales strategy to drive profitable growth by drawing together insights from their customers, markets, business environments and internal organization. Viettonkin assists business in creating unique and tailored marketing & sales strategy, right down to individual products, programs and customer segments. Our services include:

Localization

Localization is such an important step for a company to expand its business in a foreign market and communicate with the global workforce. As a result, Viettonkin provides localization services with a view to assisting clients' teams in conveying the natural content to international businesses:

• Website localization: Websites are a platform where a company offers products and connects with customers, hence a professional website will bring a great customer’s experience in the digital environment. Website localization is not just the translation of texts. The process includes tailoring the language and designing responsive websites to attract customers.
• Training materials: Training programs nowadays are not only delivered by paper manuals but also presented in the form of computer-based training sessions, web-based training, video presentations. As a result, training material localization service requires the involvement of translators, editors, desktop publishers, multimedia specialists, voice talents, producers and so forth. Viettonkin provides the entire package of training material localization.

Copywriting

Effective copywriting tells a story. Several of Google’s latest updates have had a strong focus on effective, user-friendly copy that helps answer searchers' questions. At first glance it seems to be an easy task, just only a few words, but in fact it requires understanding the readers’ psychology so that copywriters can stimulate customers’ interest in the product. Additionally, clients also have to ensure SEO that makes it easy for Google to track that article. Viettonkin knows not only how to write – and write well – but also write in a way that serves both people and algorithms:

• We create a content marketing strategy that aligns with your core values and your audiences’ wants, needs, and preferred ways of consuming content.
• We produce effective content to use throughout your website, SEO-friendly descriptions to help your products rank, strong and succinct email campaigns, or blog posts that boost your visibility and credibility as an expert.

Other Marketing Strategies

• Digital Marketing
• Communication Strategy
• Competitive Intelligence
• Brand Consultation

Thailand's Tax Rates

• Global Minimum Income Tax: A person is considered a tax resident if they stay in Thailand for a total of 180 days or more during any given tax year. All Thai and foreign residents will be taxed on all foreign income, even if it is not brought into Thailand within the year.
• Personal Income Tax (PIT):
• THB 0 to THB 150,000 - Exempt
• THB 150,001 to THB 300,000 - 5%
• THB 300,001 to THB 500,000 - 10%
• THB 500,001 to THB 750,000 - 15%
• THB 750,001 to THB 1,000,000 - 20%
• THB 1,000,001 to THB 2,000,000 - 25%
• THB 2,000,001 to THB 5,000,000 - 30%
• Over THB 5,000,000 - 35%
• Corporate Income Tax (CIT): 20%

However, small and medium enterprises (SME) have reduced CIT based on net profit:

• THB 0 – THB 300,000 - Exempt
• THB 300,001 – THB 3,000,000 - 15%
• Over THB 3,000,000 - 20%

To be eligible, the paid-up capital on the final day of any accounting period must not surpass THB 5 million, and the revenue generated from the sale of goods and the provision of services must not exceed THB 30 million within any accounting period. Thailand is also set to introduce a global minimum corporate tax rate of 15% for multinational corporations, effective January 1, 2025.

• Value-Added Tax (VAT): Standard rate is 10%. However, until 30 September 2025, VAT is reduced to 7%. VAT exemptions apply to specific items such as exported goods, Thai services used in foreign countries, air and sea international transportation, etc.
• Foreign branches are liable for CIT on locally earned profits only. Additionally, any profits transferred to the foreign head office are subject to an extra tax imposed at a rate of 10%.

Tax Filings

• In Thailand, the calendar year serves as the fiscal year. For companies, it can be a different accounting period, but must be of 12 months’ duration.
• Annual Individual Tax Returns: 31st March of the subsequent year for hardcopy submissions and by 8th April for online submissions. This requirement does not apply to individuals whose employment income is THB 120,000 or less (for single individuals) or THB 220,000 or less (for married couples). Additionally, those with income from other sources (regardless of employment income) of THB 60,000 or less (for single individuals) or THB 120,000 or less (for married couples) are also exempt.
• Half-year Individual Tax Returns: Individuals involved in most business activities must file an income return for the first half of the year by 30th September and remit any taxes owed.
• Annual CIT Return: 150 days following the conclusion of the accounting period.
• Half-year CIT return: Within two months after the end of the first six months of the accounting period. The tax paid at the half-year is a prepayment calculated on the forecasted net profit for the year and is credited against the full-year tax liability, with the exception of listed companies, banks, certain financial institutions, and other companies meeting specific criteria, which are taxed based on the actual net profit for the first six months.
• DBD filing is one important statutory task that must be completed after the submission of the financial statement and annual tax returns.

How Viettonkin Will Benefit You

• We help clients efficiently to fulfill your tax rights and obligations, ensuring their declaration and payment processes are convenient, transparent, effective with reasonable cost
• We offer guidance on legal compliance, risk minimization, and maximizing tax incentives to achieve the most favorable tax outcomes.
• We will handle transactions and communications with tax authorities to protect clients' rights and interests fully.

Thailand has introduced numerous policies to attract foreign direct investments and help businesses to achieve success.

Board of Investment Tax Incentives

Companies in the following industries would be eligible for BOI Tax Incentives:

• Bio-Circular-Green (BCG) industries including Agricultural, Food, Biotechnology and Medical
• Advanced manufacturing industries including Machinary, Automotive, and Electrical Appliances and Electronics
• Basic and supporting industries including Metal, Material, Chemical, Petrochemical and Public Utilities
• Digital, creative industries and high value services including Professional Service, Film and Tourism

Fiscal Benefits

Exemptions or reductions on import duties for machinery, raw materials, and R&D items, with reductions up to 90% for domestic manufacturing.

• CIT exemptions for up to 13 years under the technology and innovation development categories (A1+ to A4) and category B or a 50% reduction for 10 years if no tax holiday is granted.
• Dividend income exclusions during CIT exemption periods and within six months after expiry.
• Double deductions on costs like transportation, electricity, and water for 10 years.
• Additional deductions on infrastructure costs (25%) and investment amounts (up to 70%) for up to 10 years.
• Access to Competitiveness Enhancement Fund of up to THB 10 billion (~US$300,000) for eligible projects.

International Business Center (IBC)

A company that provide services to its associated companies in overseas countries and/or in Thailand including international trade

In December 2018, the Thai Government approved the drafted new Royal Decree laws to replace International Headquarter (IHQ), Regional Operating Headquarters (ROH) and International Trading Center (ITC).

Non-Fiscal Benefits (Conditions apply)

• Majority or 100% foreign ownership
• 100% foreign shareholding
• Right to own land
• VISA and work permit facilitation
• Exemption of import duty on machinery used for R&D and training services in IBC project

Fiscal Benefits (Conditions apply)

• 8% CIT if annual operating expenditure is THB 60-300 million (US$1.74m-8.7m)
• 5% CIT if annual operating expenditure is THB 300-600 million (US$8.7m-17.4m)
• 3% CIT if annual operating expenditure is THB 600 million (US$17.4m) or more
• CIT exemption on dividends received from associated enterprises in Thailand or overseas
• Withholding tax exemption for dividends and interests payed overseas
• 15% PIT for expatriate employees
• Exemption on gross receipts received from providing financial management services to associated enterprises in Thailand or overseas

Requirements

• Set up under Thai law to provide qualifying support services or treasury services to its affiliates:
• General management, business planning, and business cooperation
• Procurement of raw materials and parts
• R&D of products
• Technical support
• Marketing and sales promotion
• Human resources management and training
• Financial advisory services
• Economic and investment analysis and research
• Credit management and control
• Financial management service of the treasury center
• International trade business
• Lending to associated enterprises outside the scope of business in
• Item (10) which can be implemented under the exchange control laws
• Office building or factory building rental service for associated enterprise
• Other supporting services as approved by the Board
• A minimum paid-up registered capital of THB 10 million (~US$300,000) or higher
• Annual operating expenditure in Thailand of at least THB 60 million (in case of applying for tax incentive).
• A minimum of 10 qualified employees, or 5 qualified employees in the case that it acts solely as the Treasury Center

Other BOI Promotions

International Business Center (IBC)

Allows companies to become an intermediary between the manufacturers and the suppliers, facilitate overseas trading, and reduce transaction costs.

Non-Fiscal Benefits

• Majority or 100% foreign ownership
• 100% foreign shareholding
• Right to own land
• VISA and work permit facilitation
• Exemption of import duty on raw material imported for use in production for export
• Exemption of import duty on machinery used in IPO project

Requirements

• Related to procurement of raw materials and parts used in manufacturing industries
• Own or rent a warehouse and manage inventory
• Have appropriate activities of merchandise procurement and management
• Have several procurement resources, including a domestic resource
• Domestic wholesale and/or oversea exports
• A minimum registered capital of THB 10 million (~US$300,000) or higher

Trade and Investment Support Office (TISO)

Aimed at businesses specializing in consulting, advisory, and outsourcing services

Non-Fiscal Benefits

• Majority or 100% foreign ownership
• 100% foreign shareholding
• Right to own land
• VISA and work permit facilitation
• Exemption of import duty on machinery used in TISO project

Requirements

• A minimum annual sales and administrative expenses of TBH 10 million (~US$300,000) or higher
• A business plan and scope approved by BOI

Benefits of SEZs

• 100% foreign-owned without FBL
• Up to 8-year CIT tax exemption and 50% tax holiday for another 5 years for businesses in the 13 targeted sectors
• General BOI promotion benefits and 3 additional years of tax exemption up to 8 years in total for businesses not in the 13 targeted sectors
• Double deduction on transportation, electricity, and water utility expenses for 10 years.
• Up to 25% deduction for utility construction costs
• Import duty exemption for machinery
• Import duty exemption for raw materials used for export
• Permission to use no-skilled labor in promoted projects
• Foreign ownership of land
• Foreign expat employment and visas for their dependents
• Excellent infrastructure: R9 route (East-West Economic Corridor: EWEC) connecting Thailand, Myanmar, Vietnam and Laos, R3A route (North-South Economic Corridor: NSEC) connecting Thailand, Laos and China, and R1 route (Southern Economic Corridor) connecting Thailand, Cambodia and Vietnam.

Decentralisation Merit

As a decentralization benefit, investment promotion zones are available to companies operating in 20 low-income provinces.

Benefits

• Up to three additional years of CIT exemption from the standard incentives (total capped at 13 years).
• A 50% CIT reduction for five years post-tax holiday for projects in technology, innovation, and Groups A1 and A2.
• Three years’ CIT exemption for projects in Group B1.
• Double deductions for transportation, electricity, and water costs for 10 years.
• 25% additional deduction for infrastructure installation or construction costs, applicable within 10 years, alongside normal depreciation.

R&D Incentives

Given to businesses under the four research categories: Basic Research, Applied Research, Pilot Development, Demonstration Development.

Benefits

• Eight years of CIT exemption for income from qualified R&D services, with no cap.
• Dividends from promoted enterprises excluded from taxable income during the CIT exemption period and within six months after it ends.
• Exemption on imported machinery and raw materials for manufacturing exports.
• Exemption on items used specifically for R&D purposes.

With Viettonkin Consulting's assistance, we will secure the crucial fiscal and non-fiscal incentives for our clients' business as well as advise clients on the best plan to obtain the highest benefits.

Whether you are currently recruiting, looking for advice on industry recruitment trends or simply want to source information on expected salary rates, we can help. Viettonkin Consulting Recruitment specialising in the recruitment of permanent, contract and temporary positions on behalf of the world’s top companies.

Our Recruitment Process

• Step 1: Initial Consultation

  We will start by having a comprehensive consultation with the client to understand their needs regarding hiring, the culture of the organization, and the specific requirements of the job. This includes meetings with key stakeholders to gain detailed information about the roles to be filled. Additionally, Viettonkin Consulting will study the current job market to understand the availability of talent, industry trends, and competitive salary benchmarks.

• Step 2: Candidate Sourcing

  Using our extensive professional network built over the years, we will search for high-quality candidates matching the qualifications and skills stated by the company.

• Step 3: Screening and Shortlisting

  Our team assists the client in reviewing resumes to spot the candidates that fit the requirements of the job. We conduct initial phone or video interviews to assess candidates' qualifications and experience. Where appropriate, skills assessments, personality tests, and other forms of assessment are administered to further determine the suitability of candidates.

  • Based on the initial screening, we will create a shortlist of the most promising candidates along with detailed profiles that include resumes, interview notes, and assessment results.
  • Viettonkin Consulting will send across the shortlisted candidates to the clients for their review and response.
  • We will also fix interviews between the client's hiring teams and the shortlisted candidates.

• Step 4: Final Selection

  We help our client make a final hiring decision through comparative analysis and recommendations from our assessments. Furthermore, we conduct negotiations of offers to make certain that the terms are acceptable both for the candidate and within your budget.

• Step 5: Onboarding Support and Post-Hire Evaluation

  We support the client in developing a comprehensive onboarding plan in order to make sure everything goes well with the new hire. We will also keep in close contact with the new employee and the client's team during the first months to resolve any issues they may have for successful integration.

Withholding Tax in Vietnam

• Residents:
• Transportation - 1%
• Capital Gains - 0%
• Non-life insurance premiums - 1%
• Advertising - 2%
• Professional Services - 3% (Thai/Foreign company with Thailand permanent branch) / 5% (Foreign company without Thailand permanent branch)
• Technical Services - 3%
• Telephone - 3%
• Asset Rents - 5%
• Prizes - 5%
• Dividends - 10%
• Interest - 1%
• Royalties - 3%
• Non-Residents:
• Except for advertising, non-life insurance premiums, telephone and dividends, all are subjected to 15% withholding tax.
• Dividend is subjected to 10% withholding tax.

DTAA

Vietnam has signed more than 61 Double Tax Avoidance Agreements (DTAAs) as of 2024. The DTAAs are critical in preventing businesses and foreign investors from being double-taxed on their income, which frees up cash for other important uses.

Non-Treaty

• Dividends | Interests | Royalties:
• Resident Companies - 0%/10% | 1% | 3%
• Resident Individuals - 10% | 15% | 5%-35% (Subject to progressive personal income tax rates)
• Non-resident Companies - 10% | 15% | 15%
• Non-resident Individuals - 10% | 15% | 15%

Vietnam

• Dividends - 10%
• Interests - 10%/15% (10% for recipient that is a bank or financial institution)
• Royalties - 15%

Indonesia

• Dividends - 10%
• Interests - 10%/15% (10% for recipient that is a bank or financial institution)
• Royalties - 15%

Singapore

• Dividends - 10%
• Interests - 10%/15% (10% for recipient that is a bank or financial institution)
• Royalties - 5%/8%/10% (5% for copyright works, 8% for patents and trademarks)

ASEAN Corporate Tax Rates in 2024

The following is a list of ASEAN countries and their respective corporate tax rates as of 2024:

• Brunei Darussalam

  - 18.5%

• Cambodia

  - 20%

• Indonesia

  - 22%

• Lao PDR

  - 20%

• Malaysia

  - 24%

• Myanmar

  - 22%

• Philippines

  - 25%

• Singapore

  - 17%

• Thailand

  - 20%

• Timor-Leste

  - 10%

• Vietnam

  - 20%

In order to work, conduct business or undertake investment activities in Thailand, it is legally required for foreign investors to apply for Non-Immigrant Visas at the Royal Thai Embassies or Royal Thai Consulates-General. Employers wishing to hire a foreigner will be required to apply for a work permit at the Labor Department. Viettonkin Consulting will assist clients with determining the appropriate visas to apply for and support them throughout the tedious application process to increase the chances of successfuly applications.

Types of Work Visas in Thailand:

• Category "B" (Business Visa)

  • The most common visa for foreign nationals employed in Thailand.
  • Granted to foreigners working in Thailand
  • Duration: 3 months, can be extended to 1 year
  • Requirements:
  • Passport or travel document with a validity of not less than 6 months.
  • Completed application form.
  • Recent passport-sized photograph (4 x 6 cm) photograph of the applicant taken within the past 6 months.
  • Evidence of adequate finance (at least THB 30,000) for the duration of stay in Thailand
  • Letter from the applicant’s company indicating the applicant’s position, length of employment, salary and purpose of visit(s) to Thailand.
  • Documents showing correspondence with business partners in Thailand.
  • Evidence of financial status in the case where the applicant is self-employed.
  • Letter of invitation from trading or associated partners/companies in Thailand.
  • Copy of any of these approved and issued by the Ministry of Labour: WP.32 letter, BOI letter, Work Permit Book (including alien income tax (Por Ngor Dor 91))
  • Corporate documents of associated partners/companies in Thailand such as:
  • Business registration and business license
  • List of shareholders
  • Company profile
  • Details of business operation
  • Map indicating location of the company
  • Balance sheet, statement of Income Tax and Business Tax (Por Ngor Dor 50 and Por Ngor Dor 30) of the latest year
  • Value-added tax registration (Por Por 20)

• Category "IB" (Investment and Business Visa)

  • Granted to foreigners/specialists working on investment-related projects promoted by Thailand's Board of Investment (BOI).
  • Duration: 3 months, can be extended to 1 year
  • Documents Required:
  • Passport or travel document with a validity of not less than 6 months.
  • Completed application form.
  • Recent passport-sized photograph (4 x 6 cm) photograph of the applicant taken within the past 6 months.
  • Evidence of adequate finance (at least THB 30,000) for the duration of stay in Thailand
  • Letter from the applicant’s company indicating the applicant’s position, length of employment, salary and purpose of visit(s) to Thailand.
  • Documents showing correspondence with business partners in Thailand.
  • Evidence of financial status in the case where the applicant is self-employed.
  • Letter of invitation from trading or associated partners/companies in Thailand.
  • Copy of any of these approved and issued by the Ministry of Labour: WP.32 letter, BOI letter, Work Permit Book (including alien income tax (Por Ngor Dor 91))
  • Corporate documents of associated partners/companies in Thailand such as:
  • Business registration and business license
  • List of shareholders
  • Company profile
  • Details of business operation
  • Map indicating location of the company
  • Balance sheet, statement of Income Tax and Business Tax (Por Ngor Dor 50 and Por Ngor Dor 30) of the latest year
  • Value-added tax registration (Por Por 20)

• Category "O" (Dependent Visa)

  • Granted to dependents of work visa holders.
  • Duration: 3 months, can be extended to 1 year
  • Documents Required:
  • Biodata page of Passport or Travel Document with validity of not less than six months
  • Completed application form.
  • Recent passport-sized photograph (4 x 6 cm) photograph of the applicant taken within the past 6 months.
  • Document indicating current location
  • Financial evidence showing monthly income of no less than THB 40,000 or having the current balance of THB 400,000, e.g. bank statements, proof of earnings
  • Personal details of a family in Thailand, e.g. ID card, Passport and the visa page or stay permit in Thailand
  • Proof of relationship to a family in Thailand, e.g. A copy of marriage certificate / birth certificate / certificate of adoption

• Smart Visa

  • Granted to highly skilled professionals, investors, and entrepreneurs in targeted industries such as technology, healthcare, and renewable energy.
  • Have 5 categories:
  • SMART T (Talent)
  • SMART I (Investor)
  • SMART E (Executive)
  • SMART S (Start-up Entrepreneurs)
  • SMART O (Other: Spouse and legitimate children of SMART Visa holders)
  • Duration: Maximum 4 years
  • General Documents Required (Varies for different Smart VISA types):
  • Passport or travel document with a validity of not less than 6 months.
  • Completed application form.
  • Recent passport-sized photograph (4 x 6 cm) photograph of the applicant taken within the past 6 months.
  • Proof of Qualifications (CV)
  • Employment Contract or Offer Letter which include details of employment e.g. position, contract term (the remaining period of employment contract must be at least 1 year), income (not less than 100,000 Baht or equivalent per month)
  • Company Profile (Proof of Target Industry)
  • Latest audited corporate’s annual financial statement or financial report
  • Health Insurance
  • Proof of Financial Stability
  • Proof of Non-Criminal Record
  • Specific Documents Required:
  • SMART T (Talent):
  • Proof of expertise or employment in science, technology, or targeted fields.
  • Minimum salary of THB 200,000/month (exceptions apply for startups and retirees).
  • SMART I (Investor):
  • Proof of investment of at least THB 20 million in targeted industries (e.g., ownership documents, transfer receipts).
  • SMART E (Executive):
  • Proof of at least 10 years of work experience and a minimum salary of THB 200,000/month.
  • Must hold a senior management position in the company.
  • SMART S (Startup):
  • Evidence of plans to establish a technology-based startup in Thailand.
  • Proof of funding of at least THB 600,000 and the remaining maturity term of at least 1 year
  • Health insurance.
  • SMART O (Other):
  • Documentation to support the purpose of stay (e.g., dependency proof for family members of SMART Visa holders).

Human resource is an invaluable asset of any organizations, playing the determinant role in leading the business to achieve success and conquer new heights. Mismanagement of workforce will inevitably result in business failures.

Fully grasping the vitality of a productive, thriving workforce in achieving any corporate goals, Viettonkin Manpower, with our local expertise combined with global FDI intelligence, offers workforce solutions - process, system, policies, technology - to help our clients successfully build and manage a strong, efficient, innovative business team. Furthermore, we devote our efforts to serve newly established FDI clients transfer smoothly into a new environment, while assisting domestic firms in expanding abroad and transforming the way they do business following an international standard and mindset.

Services

• Mobility

  • Support our clients with applying for approving of labor demand, applying for Work Permit/Work Permit Exemption, VISA, health check, police clearance certificate
  • Advise clients on positions/titles and conditions for applying for Work Permit, Work Permit Exemption pursuant to Vietnamese Law to ensure compliance with the other relevant regulations

• HR Consultancy

  • Labor disputes and problems:
  • Define a clear framework to handle disputes and subsequent steps for resolution on the basis of minimizing costs for parties involved
  • Identify potential labor issues and work on preventative measures to avoid escalation of issues
  • Legal updates: Providing legal updates with regards to HR & Labour matters in respective countries
  • HR consultant: Consultancy for clients about the contents related to labor laws in businesses and solutions for circumstances in terms of labor.

• HR Regulatory and Compliance

  • Support our clients with labour regulation and procedures, employment contract drafting
  • Consult on compensation & benefit (C&B)
  • Advise on labor disputes and problems
  • Assit in HR compliance report

• Payroll Administration

  • Support our clients with labour regulation and procedures, employment contract drafting
  • Consult on compensation & benefit (C&B)
  • Advise on labor disputes and problems
  • Assit in HR compliance report

• Recruitment

  • Support our clients' recruiting strategies to attract the best talent
  • Offer recuitment service in a wide variety of fields
  • Help clients seek the most suitable candidates among a vast talent pool in the shortest time

Finding the right office space is crucial for the success of any business, whether it’s a startup or a large corporation. Viettonkin Consulting helps in laying the foundations of our clients' business with office finding services.

Our Office Finding Services:

• Step 1: Initial Consultation and Needs Assessment

  Viettonkin Consulting will meet with clients to understand their requirements regarding business needs, budget, preferred locations, and any other special requirements for office space.

• Step 2: Market Research

  We will conduct extensive market research to identify office spaces matching our clients' criteria. Once the research is compiled, a shortlist of properties is compiled for selection. This shortlist will include various options in location and building type for the client to choose from. Clients would also be able to choose the type of office they prefer - virtual, shared or permanent.

• Step 3: Property Tours and Evaluation

  Viettonkin Consulting will guide the clients through the shortlisted properties, where they can see if the space would work in person.

• Step 4: Negotiation of Lease Agreement

  We will aggressively negotiate with the landlord to obtain optimal lease terms and rental rates. The lease will be reviewed by our legal experts to ensure it is fair and protects the interests of the client.

• Step 5: Space Planning and Design

  Once the property is selected, the Viettonkin Consulting will aid in space planning to optimize such for functionality and efficiency. This could include working with architects and interior designers.

• Step 6: Move-In Coordination

  We will develop a detailed move-in plan for a seamless transition into the new office space-from movers to IT setup to facilities operational on the move-in date.

• Step 7: Additional Services

  On-ground support beyond the move is provided by us to resolve any issue that arises and to ensure full settlement of the clients in their new office space. For businesses that are growing over time, we will also provide relevant advice on planning for further expansion and if an expansion is decided, we will restart this whole process with the clients once more.

Intellectual Property (IP) refers to creations like inventions, designs, brand names, and artistic works that are legally protected to give creators exclusive rights. In today’s competitive market, IP is equally important for companies seeking to stand out with a unique identity. Registering trademarks, for instance, is essential to establishing brand ownership. It ensures that, in cases of infringement, the law protects the business’s exclusive rights, helping safeguard brand identity and maintain market trust.

Our Services

• Trademark Registration

  Trademarks are among a company’s most valuable intangible assets. Registering a trademark is essential for products and services to enter the market confidently, laying the groundwork for asset growth and brand recognition.

• Trademark Renewals

  Viettonkin guides you through the entire trademark renewal process, ensuring compliance with current legal requirements.

• Copyright

  Protect original works of authorship and prevent others from copying, distributing, or publicly displaying the work without permission, generally lasting the creator’s lifetime plus 70 years.

• Patent

  Protect inventions, granting exclusive rights to make, use, and sell an invention for a set period (usually 20 years).

Global Company Registration

• Incorporation
• Corporate Secretarial Services
• Compliance Services
• Corporate Banking Services
• Nominee Services
• Administrative Services

Legal Services

• Corporate Law
• Labour Law
• Mergers & Acquisitions (M&A)
• Dispute Resolution
• Intellectual Property
• Tax Litigation

Accounting and Tax

• Tax Compliance
• Advisory Service
• Accounting and Bookkeeping
• International Transactions

Human Resource Management

• Mobility
• HR Consultancy
• HR Regulatory and Compliance
• Payroll Administration
• Recruitment

Linguistic Services

• Localization
• Interpretation
• Copywriting
• Translation
• Transcreation

Market Readiness Assessment

• Pre-Feasibility Study
• Feasibility Study
• Market Research
• Business Matching
• Business Travel
• Business Development Consulting

Audit & Assurance

• Auditing Services
• Assurance Services
• Risk Assurance
• Valuation Services
• Transfer Pricing
• Internal Audit
• Corporate Governance
• Due Diligence
• Forensic
• Financial Statement Audit

Marketing & Sales

• Strategy Consulting
• Digital Marketing
• Experience and Design
• Communication Strategy
• Competitive Intelligence
• Brand Consultation

IT Services

• Digital Transformation
• Technical Services

Merger & Acquisitions

• Strategy and Readiness
• Due Diligence
• Valuation
• Pre-Closing
• Post-Closing

Trade & Procurement Consulting

• Trade Consulting
• Trade Brokerage
• Import & Export Compliance Consulting
• Procurement Sourcing
• Trade Consulting

Strategy & Corporate Finance

• Divestitures
• Capital Services
• Project Finance
• Trade Finance
• Market Entry Strategy
• Go-To Market Strategy

Culture of Respect

It is extremely forbidden to make disparaging statements about the Thai Royal family, and doing so might have serious repercussions.

• Seniority and deference to authority are highly valued in Thai businesses. In meetings, always welcome the senior member first.
• An expression of respect is the customary "wai" greeting. When someone meets you in this manner, be prepared to return the favor.

Engage with the BOI for Incentives

On registering with the Board of Investment, companies enjoy incentives such as tax holidays and greater foreign ownership.

Establish Local Partnerships

Work with reliable local partners who can help navigate the Thai business environment. Their insights will be helpful in understanding regulatory requirements and cultural nuances that may exist and will facilitate easier operations. Viettonkin Consulting is committed to become your business partner to navigate the business complexities and guide you to achieve success in your industry.

Localize to Engage Local Consumers

The locals are influenced by their culture in the purchasing decision. A foreign company needs to revise its branding and messaging in order to fit local tastes.

Understand Local Culture

It is customary to build a spirit house in the office premises in Thailand.

Interesting facts about Thailand:

• Thailand is often called the "Land of Smiles" due to its people’s warm and welcoming nature.
• The country was called Siam for most of its history, but the name was changed to Thailand in 1939 after reforms.
• Bangkok’s full ceremonial name is the longest city name in the world: Krung Thep Mahanakhon Amon Rattanakosin Mahinthara Ayuthaya Mahadilok Phop Noppharat Ratchathani Burirom Udomratchaniwet Mahasathan Amon Piman Awatan Sathit Sakkathattiya Witsanukam Prasit.
• The Golden Buddha at Wat Traimit in Bangkok weighs 5.5 tons and is the largest gold Buddha in the world.
• Thailand is home to more than 10% of the world’s animal species
• The bumblebee bat, the world’s smallest mammal, is native to western Thailand.

Important facts about Thailand:

• Thailand is the 8th most visited country in the world at 39.8 million visitors in 2024, and the highest in Southeast Asia, cementing its position as a tourism hub.
• With roughly the same land size as France or Spain, Thailand is divided into two major regions: a smaller peninsular extension in the south and a larger main part in the north. Cambodia to the southeast, Laos to the north and east, Myanmar (Burma) to the west, and the Gulf of Thailand to the south encircle the country's central region. Peninsular Thailand extends southward from the southwestern corner of the country along the eastern edge of the Malay Peninsula and borders Malaysia.
• Thailand has a population of 71 million and is the 20th most populous country in the world.
• Thailand is the largest exporter of natural rubber, canned tuna, canned pineapple, cassava products, and the second largest exporter of rice and sugar in the world.
• The literacy rate of Indonesia is 94.1% as of 2021.