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ResourcesCorporate and Tax AdvisoryThailand Tax LawCorporate Maintenance and Thai Work Permits

Corporate Maintenance and Thai Work Permits

Transcript of the above video:

As the title of this video suggests, we are discussing corporate maintenance in the context of Thai Work Permits.  

What are we talking about when we say corporate maintenance?  Well specifically Corporations in Thailand are not like your LLC in the United States or your Limited Company for example in the UK. Corporations in Thailand are much more akin to see C-corps in the US; an incorporated entity when you see a business name and then Inc. an Inc. if you will, company in the US. The corporate structure here is kind of old school by corporate standards in for example the United States.  You have shareholders and directors. You need to have shareholder meetings and director meetings for various things. There is a lot more formality associated with Thai Corporations than with corporations in other types of jurisdictions. For that reason, corporate maintenance is important.

It also should be noted tax maintenance, so filing of taxes for example VAT, value added tax, on a regular basis is definitely necessary in order to maintain one's corporate presence in Thailand as well as maintain one's work permit because if the corporate documentation pertaining to the Company is not maintained on a regular basis, it is going to be difficult to go ahead and have one's work permit renewed. If one cannot get one’s Work Permit renewed, that can have knock-on implications for one's Business Visa. 

So the thing to take away from this video is Corporate maintenance is important. It generally pertains to accounting, various legal compliance.  It also pertains to things like the annual and semi-annual audits associated with a Thai Corporation. All this stuff has to be done in order to maintain the company in good standing pursuant to Thai Law and thereby also make sure that that company is viable for providing sponsorship for a foreign national to maintain their Work Permit here in the Kingdom of Thailand.