When will the new changes for registering a company in Thailand go into effect?
The government approved changes to the Civil and Commercial Code for registering a company in Thailand on 23 February 2008. The changes will come into effect on 23 June 2008
What are the significant changes of the act?
There are 3 significant changes to the act based on the following: 1) the number of persons required for starting a company, 2) the period required for filing a memorandum to register a company, and 3) authorization for company entity change from partnership to limited company.
What is the minimum number of persons required for starting a company in Thailand?
Based on the new act, the minimum number of persons needed to start a business has been reduced from not less than 7 persons to not less than 3 persons.
How long does it take to file a memorandum in furtherance of registering a company?
The new act allows for company promoters to file a memorandum in furtherance of registering a company in a single day on condition that all required documentation for company registration has been submitted. Previously there was a requirement of a formal notice and a seven day waiting period. As related government agencies gear towards the implementation of the new act, a period of adjustment may be expected in which government officials make the necessary changeover from the old way of doing things to the new.
Is a change in company entity allowed under the new act?
The act permits a registered or limited partnership of not less than 3 persons to change its business entity to that of a limited company on the condition that all partners agree to the change and submit appropriate documentation. Once the business entity changes, the assets, debts, rights, and responsibilities transfer from a registered or limited partnership to that of a limited company.
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