Setting up a restaurant business in Thailand can be intriguing, and considered as one of the most valuable businesses among other industries. As a country, Thailand is often recognized as the top nation that produces unique styles of food and recipes, combining the elements of culture, practices, customs, and more.
With certain restrictions, particularly the laws relevant to foreign business involvement, it can be difficult to understand the complex process you may encounter when forming a company in Thailand as a foreigner.
In this article, we will guide you through some of the essential components required to help you set up your restaurant business – the right way.
HOW TO START A RESTAURANT BUSINESS IN THAILAND?
There are several benefits when starting a restaurant business in Thailand. Depending on the type of restaurant you want to establish, Thai laws will require you to register your company with a corporate address or virtual office in Thailand. Oftentimes, this and other legal requirements within the process can be complex and could risk diminishing your credibility, if not done precisely.
The most common restaurant business structure that is an ideal choice for foreign entrepreneurs is Thai limited company. With a minimum of 3 shareholders and a director, your restaurant concepts or ideas can come to life. The best part about setting up your restaurant as a limited company is that the shareholder’s liabilities are tied to the company’s capitalization, thus enabling partners or investors of the business a flexible and secure choice.
Apart from this, other benefits include:
- Corporate bank account – A flexible way to establish numerous bank accounts, including savings, checking, or foreign currency accounts with both online and offline functionalities.
- Foreign ownership – Contingent on the conditions set by Thailand’s Foreign Business Act (FBA), foreign entrepreneurs can own a hundred percent of the limited company, in this case being the restaurant business.
- Flexibility & control over business activities – Options and flexibility to grow your restaurant as a limited company offers full engagement in all types of business.
We will guide you on every step of the way
company Formation in Thailand with MyThaiCompany is simple and easy.
CAN FOREIGNERS OWN A RESTAURANT IN THAILAND?
If you are a foreign entrepreneur looking to open a restaurant in Thailand with an intention to establish and own a 100% of the entity, there are a few options that may suit your requirements.
Running a business in Thailand the proper way requires various licenses and permits. Generally, foreigners who hold shares in the Thai limited company are only allowed up to 49% as owners. To further engage in business activities with full control, in this case a restaurant, as a foreigner you must acquire Foreign Business License (FBL).
Foreign Business License (FBL) offers foreign business owners the flexibility to operate beyond restrictions in certain business activities under Thai law. Obtaining FBL can take up to 3-4 months with unpredictable outcomes. The process can be complex and may require the Office of the Board of Investment for approval.
At MyThaiCompany, we offer personalized legal expertise along with accounting and business services to help foreign-owned companies obtain the licenses required to set up and manage your restaurant the right way.
HOW MUCH DOES IT COST TO REGISTER A COMPANY IN THAILAND?
Having a budget is great. However, to understand where your investment will shine, it is critical to know the right cost when you set up your company.
Use our Cost Calculator below to get a price estimate on setting up your restaurant in Thailand. It’s free.
Setting up a business in Thailand? We can get your company registered within 7 business days. Just submit the required documents and leave the rest to us.
It is always wise to consider the best option when setting up a business in Thailand. Opening a restaurant in Thailand can be a complex process and require numerous documents for approval.
Our goal is to deliver the most optimal result while providing you with the right support and services you need to ensure that your business is not only generating revenue, but also offers great value to your customers.
For more information on how you can set up a restaurant business in Thailand, contact us at email@example.com or get a consultation with one of our experts today.