Most registered juristic persons are categorized as ‘company limited’ because it makes the business seem more reliable and adds credibility when having legal dealings with others. Some work requires you to register your business as a juristic person. That’s one reason why the number of juristic person registrations is growing. Here’s an overall look at how to register and what to know when someone wants to legally register a juristic person.
- There must be at least 3 promoters of the company.
- All capital must be divided into equal shares. Each share must have a value of at least 5 baht.
- A company may be established and registered in a single day if the promotors prepare the required Memorandum of Association and are able to perform the following steps:
- Provide a list of shares that have been subscribed and/or alloted.
- Arrange a meeting to establish the company and to consider various affairs in accordance with the Civil and Commercial Code. All promoters and shareholders shall attend the meeting and all of them must agree with the decisions taken.
- Shareholders shall select a director to handle the affairs of the company. The director shall ask those who have agreed to purchase shares to buy them outright or pay at least 25% of the agreed price.
After a company is legally registered, the company, as a juristic person, has the duty to comply with applicable laws such as:
- Any signage, logo and all company documents must display “Company” in front of the name with “Limited” at the end.
- A director must arrange a general shareholders’ meeting within 6 months from the juristic person’s registration date, and arrange subsequent meetings at least once every 12 months
- The director must prepare and issue share certificates to the company’s shareholders, prepare a registration book of shareholders, and properly account for the company’s finances.
- The director must record and maintain minutes of all meetings.
- If there are any modifications of the company structure, these must be filed with the registrar at the Department of Business Development.