In Thailand, it is required under Thai law that any registered legal entity (whether it is a Thai business or a foreign business in Thailand) should prepare the necessary documents for an annual audit at the end of the year. It is recommended at companies should engage with a licensed auditor in Thailand for the financial health of local and foreign-owned businesses that are operating in the country.
Accounting & Legal in Thailand
Acquiring an import and export license is required in order to legally import and export goods from and to Thailand. Once you have already established a business in Thailand with a registered VAT and a bank account, then you can start applying for any kind of license that you may need for your business to run. Pimaccounting can assist you in this area.
Bookkeeping will always be known as the core of a business’s accounting because this helps you make all the right calculations of costs and keep records of important financial data. Without following the right bookkeeping procedures, you enter the risk of losing important information that could be vital for your business’s success.
With the new law implemented in Thailand that allowed the Cannabis business to be completely legal, it’s important that all business owners understand what are the legal and illegal activities that can be conducted in Thailand.
It has just been announced as of June 9th, 2022, that Thailand becomes the first Asian country to legalize growing, distributing, and consuming cannabis in foods and drinks. This becomes a big deal for the country as the government hopes to see the new legalization of cannabis boost Thailand’s agriculture and tourism.
The FBL is basically a certification or a ticket that allows you to successfully establish a foreign business in Thailand. This will be awarded to a foreign company or investors that would like to operate their business in Thailand under Thai law. It is important to note that this can only be done if the majority of the company’s shares are foreigners and not Thais.
