The Ministry of Commerce of the Department of Business Development has issued the Order of Office of the Company Limited and Partnership Registration 205/2555. The order states that entities planning to set up a partnership or a company limited in Thailand must submit certified bank statements declaring the financial standing of all Thai partners or shareholders. The bank statement must be submitted together with the business set up application. The said document must indicate the equivalent monetary value of each shareholder’s number of shares given the following condition:
- If the partnership or the company limited has foreign investors holding shares less than 50% in the partnership or company limited, OR;
- If there is no foreign investor in the partnership or company limited but has a foreign member of the Board of Directors or has a non-Thai signatory representing the business entity.
The said order will take effect on January 2, 2013.
