Corporate & Commercial Bangkok Client Alert April 2015 + 6 6 2 6 3 6 2 0 0 0 e x t . 4 9 5 0 D h i r a p h o l S u w a n p r a www.bakermckenzie.com Bangkok 5th Floor and 21st-25th Floors 990 Abdulrahim Place Rama IV Road, Silom, Bangrak Bangkok 10500 Thailand © 2015 Baker & McKenzie. All rights reserved. Baker & McKenzie International is a Swiss Verein with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a “partner” means a person who is a partner, or equivalent, in such a law firm. Similarly, reference to an “office” means an office of any such law firm. For further information please contact: Nuntavadee Nikornphan +66 2636-2000 ext.4339 firstname.lastname@example.org Waratchaya Tungsuwan +66 2636-2000 ext.4359 email@example.com Additional Guidelines for Incorporation of Private Limited Companies with Registered Capital over THB 5 Million The Department of Business Development issued new guidelines concerning additional evidence required for incorporation of private limited companies with registered capital over THB 5 million. Under the new guidelines, a company with registered capital over THB 5 million is required to submit a letter issued by a bank certifying that shares payment has been made into the bank account of one of its authorized directors at the same time an application for incorporation is submitted. After the application is accepted, the company will be required to submit a letter certifying that the shares payment received by the authorized director has been made into the company's bank account within 15 days from the date of incorporation. This requirement does not apply to the following cases: 1) Companies whose authorized directors are all foreign nationals who would need a work permit to open a bank account. As a work permit is granted only after a company is registered as a juristic person, the foreign directors are not able to open bank accounts to receive share payments before the company is registered as a legal entity. 2) Companies which have obtained investment promotion privileges under the Board of Investment (BOI) or permission to operate the business by the Industrial Estate Authority of Thailand (IEAT). In the above cases, companies may submit relevant documents supporting their reasons for not being able to submit the required evidence at the time of applications for incorporation.