The IT field in Thailand is an industry which qualifies for special Board of Investment (BOI) promotion, being one of the most developed industries in the country.
Foreign investors generally face certain disadvantages when setting up a company in Thailand, because of the restrictions set in place to protect jobs for local citizens. However, the BOI of Thailand grants some exceptions to the general rules of opening a company in the country and offers some advantages to businesses which operate in key industries. One of these key sectors is the IT industry in Thailand.
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The IT industry in Thailand
Thailand is currently regarded as a leader in the IT products and services internationally. The country is the eight on the list of outsourcing states founded on the cost index, skills and resources, as well as qualified employees. Thailand’s software market is growing in size and value. In 2010, the total market value enlarged with 5.5% to a value of USD 2.26 billion, expanding with in excess of 35% since 2006. The industry is comprised of more than 300 active IT companies in Thailand which employ up to 40,000 qualified software engineers located in cities like Bangkok, Phuket or Chiang Mai.
How to open an IT company in Thailand
The most common type of business entity in Thailand opened by foreigners is the limited company. Our company formation advisors in Thailand can offer full assistance regarding the process involved in opening an IT company in Thailand. Briefly, in order to open such a company in the IT industry, the following steps are required:
1. Reserve a company name to the Department of Business Development (DBD);
2. File a memorandum of association to the Ministry of Commerce;
3. Register the company with the Ministry of Commerce;
4. Register tax ID and VAT;
5. Obtain the operational licensing;
6. Register for the social funding;
7. Obtain the work permits;
8. Open a company bank account.
Once these steps are complete, investors can also start the process for trademark registration in Thailand.
An IT company can work via a virtual office in Bangkok.
Our company registration professionals in Thailand can provide further information and assistance on the setting up procedure for a ThaiIT company. Whether you intend to open a company in Thailand in this field or in any other industry, our incorporation experts are at your disposal. Contact us now for a customized offer.