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ResourcesCorporate and Tax AdvisoryThailand Corporate LawThe Importance of Thai Administrative, Secretarial, and Corporate Services

The Importance of Thai Administrative, Secretarial, and Corporate Services

Transcript of the above video:

In this video, I'm going to briefly discuss matters pertaining to corporate secretarial services here in Thailand. The first question most given on hand is what are we talking about with respect to Corporate Secretarial Services?

What we're talking about is things like drafting a shareholder meeting resolutions, drafting and assisting with the promulgation with the shareholder meeting minutes, director meeting minutes, director meeting resolutions, just a general back office administrative secretarial work that just comes part and parcel with doing business in the Kingdom of Thailand especially in a limited company structure.

It should be noted that Thai limited companies, at least in my opinion, I'm an American attorney. And to be clear, I'm not a Thai attorney, I'm not a Thai licensed legal professional. I have counterparts here in the office, they deal with Thai legal matters. They're licensed attorneys, lawyers, accountants. These individuals are going to go ahead and deal with these matters much more in depth than someone like me. But that being said, I can provide an overview and assist in liaising foreign clients in understanding how this stuff works.

In a sense, Thailand's corporate formalities and the rules that pertain to Thai corporations are very formalistic when compared to say, similar bodies of law let's say the United States and United Kingdom. In fact, formal may not be quite the right word. Thailand likes to see a large number of records pertaining to doing a business within a limited company and for that reason, having Thai legal professionals and accounting professionals who can maintain records related to the doing business of a Thai limited company is essential. These records are going to be necessary when dealing with all matter of things pertaining to a business.

For example, certain resolutions, shareholder meeting minutes, etcetera are going to be required for opening and closing Thai bank accounts related to corporate matters. In certain circumstances, even the signing of certain kinds of checks for certain amounts of money on corporate checking accounts, depending on the resolutions of the company, it may require even shareholder counter signatures for such things to be dealt with. In some cases, it may require one or more directors to sign off specifically on certain kinds of checks. Even issuance of certain types of tax invoices may specifically require director signature pursuant to either the corporate resolutions of the company or the revenue code depending on the specific circumstances of that case.

The long and the short of it is there's not an insignificant amount of administrative and secretarial matters that are going to come up as a result of running a Thai business. And for that reason, having corporate service providers and secretarial service providers who understand the dynamics of these things and can assist in keeping that flow of administrative paper work moving along smoothly, that can be a real boon and real benefit to those who are seeking to do just business here in the Kingdom. So for that reason, it may be a good idea to go ahead and contact a competent professional to assist in such matters as doing so can greatly reduce the amount of stress in administration that has to be dealt with internally by a company here in Thailand.