What are the requirements for BOI promotion in Thailand?: There are details and nuances, however, at the basic level, your company is eligible for BOI promotion if it meets the following criteria: The company is included in one of the eight eligible business categories The company performs eligible activities based on this category The company can meet the minimum capital investment sum The company is registered under Thai law The company meets all of the business requirements
What are the benefits of registering a company in Thailand under the US-Thai Treaty of Amity?: The US-Thai Treaty of Amity offers several advantages for U.S. corporate and individual investors to operate businesses in Thailand. There are two key trade advantages for investors: The Treaty permits U.S. nationals to retain either the majority of shares or all the shares of a Thai limited company or establish a Branch Office or Representative Office in Thailand without applying for a Section 17 Foreign Business License. U.S. nationals may operate a business in the same way as Thai nationals and are exempt from the majority of foreign investment restrictions as outlined in the Foreign Business Act.
What benefits can my company enjoy under the Board of Investment (BOI) promotion?: Once the company is BOI promoted, the following basic incentives may be granted: Exemption of corporate income tax Exemption of import duties on machinery Exemption of import duties on raw materials used in R&D Exemption of import duties on raw materials used in production for export Non-tax incentives

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About Business Law in Nakhon Ratchasima, Thailand

Nakhon Ratchasima, also known as Korat, is one of the major commercial hubs in Thailand, attracting both local and foreign businesses. As in any location, businesses in this area must adhere to a range of laws, rules and regulations, including but not limited to, company law, trade law, labor law, tax law, and intellectual property laws. These laws are intended to ensure fair competition, safeguard consumers' and employees' rights, and encourage economic growth.

Why You May Need a Lawyer

Competent legal advice is essential at various stages of a business's lifecycle, from formation to dissolution. You may need a lawyer to help with company registration, drafting and reviewing contracts, resolving business disputes, handling labor issues, ensuring tax compliance, and protecting intellectual property rights. Furthermore, a good lawyer can help navigate the complex Thai legal landscape, prevent legal problems, and make sure your business operates within the law.

Local Laws Overview

There are several important local laws that businesses in Nakhon Ratchasima must comply with. The Civil and Commercial Code of Thailand outlines regulations for business establishment, operations, and disputes. There are also labor laws that protect employees' rights, including minimum wage requirements, working hours, and safety standards. Tax law governs the amount and manner taxes should be paid. Lastly, Thailand's strict intellectual property laws are crucial for businesses that have innovative products or services or distinctive branding. Note that there are also various industry-specific laws, so it's important to be aware of any that may apply to your business.

Frequently Asked Questions

1. Can foreigners own businesses in Nakhon Ratchasima? Yes, foreigners can own businesses but they are subject to some restrictions under Thai law. For instance, under the Foreign Business Act, foreigners are generally not allowed to own more than 49% of a Thai company.

2. Do I need to register my business in Nakhon Ratchasima? Yes, all businesses must be registered with the Department of Business Development in the Ministry of Commerce.

3. Can I resolve business disputes without going to court? Yes, mediation and arbitration are popular alternatives to litigation.

4. How are businesses taxed in Nakhon Ratchasima? Thailand has a territorial tax system. Businesses are taxed on income derived from Thailand, regardless of where the money is paid.

5. How can I protect my business's intellectual property in Nakhon Ratchasima? You can protect your business's intellectual property by registering it with the Department of Intellectual Property.

Additional Resources

You may find the Department of Business Development, the Revenue Department, and the Department of Intellectual Property helpful when setting up or running a business in Nakhon Ratchasima. These governmental bodies provide resources and information about business laws and regulations in Thailand. Local chambers of commerce and industry associations can also offer valuable support and advice.

Next Steps

If you require legal assistance in business law, consider engaging a lawyer who specializes in Thai business law. It is essential to find a professional who not only understands the legal requirements but also the local business customs and practices in Nakhon Ratchasima. A good starting point may be reaching out to a local law firm, chamber of commerce or the local Bar Association for recommendations. Good documentation of your business’s practices, contracts, and any areas of concern will also be important when you engage your lawyer.

Disclaimer:
The information provided on this page is intended for informational purposes only and should not be construed as legal advice. While we strive to present accurate and up-to-date information, we cannot guarantee the accuracy, completeness, or currentness of the content. Laws and regulations can change frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal professionals for specific advice tailored to your situation. We disclaim all liability for actions you take or fail to take based on any content on this page. If you find any information to be incorrect or outdated, please contact us, and we will make efforts to rectify it.