Thailand fast business set up solution in 2024

Registering a new business using our Client’s preferred corporate structure in Thailand takes at least 2 months (click link);
In many industries, trading with customers is legally possible only after approval of a Foreign Business License (FBL), which can take up to six more months!;
For those multi-national Clients that require a Thai company fast, Healy Consultants Group provides a work around solution (click link);
That is, incorporating a new company using Healy Consultants Group professional, passive nominee Thai shareholders and directors and bank signatories. Such strategy is also known as a Fast Nominee Solution;
With this fast business set up solution, our multi-national Clients can expect to legally conduct business in Thailand within 2 weeks. Refer to more detailed information below;
Whenever needed, our Firm will thereafter assist them to appoint their preferred shareholders, directors, bank signatories and (if required) secure a foreign business license:

Comparing business set up strategies

Questions:	Fast Nominee Solution	Register a new business
Our recommended solution in order of preference?	1	2
How soon can our Client legally issue sales invoices to customers?	1 week	4 months
How soon can our Client legally sign sales contracts with local customers?	1 week	4 months
How soon can our Client lease permanent office premises and warehouse?	1 week	2 months
How soon can our Client recruit local and expatriate staff?	1 week	2 months
How soon can we supply our Client a bank account number?	2 weeks	3 months
Estimated total cost of this engagement?	US$43,532	US$19,937
Estimated paid up share capital to be injected if a 51% remains with Thais?	US$1	US$1
Estimated paid up share capital to be injected if majority of the shares are held by foreigners?	US$60,000	US$60,000
Physical office required to be leased during company registration?	Yes	Yes
Must apply for corporate tax numbers?	Yes	Yes
Can apply for an import\export license?	Yes	Yes
Can apply for a regulatory license?	Yes	Yes
How long to appoint our Client’s preferred directors and shareholders?	4 weeks	3 months
Total engagement period; to finish the engagement if no FBL is required?	6 weeks	3 months
Total engagement period; to finish the engagement if FBL is required?	7 months	9 months
Draft sales invoice – press button	View invoice PDF	View invoice PDF

Advantages and disadvantages of a fast nominee business set up solution

Advantages	Nominee company strategy	Standard strategy
Within two, our multi-national Clients can legally conduct business in Thailand;	Yes	No
Our Client does not have to travel to Thailand for company registration and multi-currency corporate bank account opening;	Yes	Yes
Within 1 week our Client can recruit staff to help complete business set up;	Yes	No
Government administrative tasks\delays are tackled after business set up, rather than before company registration;	Yes	No
Disadvantages
The strategy is more expensive to implement than foreign LLC setup;	Yes	-
It is necessary to spend 2 weeks changing the business activity and change company name;	No	No
It is necessary to spend 6 weeks appointing our Clients’ preferred shareholders and directors;	Yes	Yes
It is necessary to spend 4 weeks appointing our Clients' preferred bank signatory;	Yes	Yes
Government foreign business license approval is still required?	Yes	Yes
The company might have had business operations in the past, which makes the handover process more complicated.	No	No

Steps to register a Fast Nominee Solution

Steps	Week
Healy Consultants Compliance Team receives the required corporate and personal due diligence (click link) information from our Client;	1
Our Client signs Healy Consultants Group engagement letter and returns the original to our Singapore Head office. Our Client settles our fees;	1
Our Client confirms by email the planned corporate structure and e-mails the required due diligence;	2
For our Client, Healy Consultants Group prepares a tailored detailed project plan (click link);	2
Healy Consultants Group supplies our Client due diligence re our temporary professional, passive nominee shareholders and directors and bank signatory;	2
Healy Consultants Group registers a national LLC with our temporary professional, passive nominee shareholders and directors and injects the paid-up share capital to a temporary multi-currency corporate bank account;	3
Healy Consultants Group registers our Client company for tax;	3
The Thai bank supplies corporate bank account numbers to Healy Consultants Group, while we act as temporary bank signatory;	4
Our Client can inform customers and suppliers; issue invoices for selected products and services, sign legal contracts and hire local staff in Thailand.	4
If required, Healy Consultants Group will apply for i) a specific regulatory license and ii) an import export license;	4
Healy Consultants Group emails our Client a template customer sales invoice complying with local commercial laws and includes i) a company name and number ii) a company office address and iii) a corporate bank account number and iv) a tax number. Our Client can legally conduct business in Thailand;	4
Healy Consultants Group prepares and emails our Client the required documents to appoint them as directors and shareholders and bank signatory including i) the legal share allotment and legal share transfer ii) the change of company address and iii) the lease agreement in Thailand (if required);	5
Our Client reviews and signs the documents in our Client’s country of residence and courier return the original to Healy Consultants Thailand office;	5
Healy Consultants Group and our Client attends a meeting with the Thailand bank to appoint our Client as the new bank signatory and submit the corporate bank package containing: Signed appointment of bank signatory forms; Client’s passport copy and proof of address; Thailand company kit; Other Client due diligence.	6
Following a review of the corporate bank account signatory change application, the bank(s) may revert to Healy Consultants for additional information. Healy Consultants and our Client provides the same in a timely manner;	6
There is a 50% chance that the bank will ask the new bank signatory to travel for a one-hour interview. As always, Healy Consultants will aggressively negotiate for a travel exemption, asking the bank to just perform a Skype or phone conversation with the bank signatory. Depending on Client nationality, sometimes we are successful and our Client does not have to travel to Thailand;	6
The bank approves the appointment of the new bank signatory and will courier internet banking documents (login, password etc) to Healy Consultants office or to our Client directly. If sent to us, we will activate internet banking on our Client’s behalf;	7
If required, Healy Consultants Group will apply for a Foreign Investment Approval Certificate within 6 additional months;	7
The Thai Authority issues the amended i) Certificate of Incorporation ii) Memorandum and Articles of Association, showing the new shareholder, company name, business activity and charter capital;	7
Immediately after, Healy Consultants Group emails our Client the i) Certificate of Incorporation ii) Memorandum and Articles of Association showing the appointment of the new foreign shareholders and directors;	7
Healy Consultants Group will courier the following to our Client: Company kit containing original Thai corporate documents; The banking kit; Healy Consultants Customer Satisfaction Survey;	8
Healy Consultants Group successfully completes our Client’s engagement.	8

Conclusion

If our multi-national Clients wish to legally conduct business as soon as practical, then I recommend one of the above fast business set up solutions.
If our multi-national Clients wish to minimize business set up costs, I recommend registering a new LLC with your preferred corporate structure and bank signatory.