How do you run your online business in Thailand? What kind of online business qualifies? What about Digital Nomads? Ask us at:
One thing the pandemic has taught us, is how to work remotely.
And by now, most people are pretty comfortable with Slack messaging, Zoom video calling and emailing.
If your business has a team that is geographically dispersed, then you can reduce your expenses and rejuvenate yourself by running your team in a completely new environment.
IS THIS FOR DIGITAL NOMADS???
If you have a business which is just you and you make just enough money to support yourself, then this path is probably not the best for you. Because to set up and maintain a business in Thailand requires that you do have a reasonably steady source of revenue.
So for most one-man digital nomads that are just starting a business or making a small income, this is not the right path.
If you have a business and already have a team and make more than enough money to pay them and yourself, then it makes perfect sense.
#1 – Setting up the company in Thailand
Setting up the company is pretty simple.
It’s important to have a Thai partner since in Thailand you can only own up to 49% of the shares in a Thai limited liability company.
Don’t worry too much about this part, since you can legally set up shareholder agreements to protect yourself and your business interests in the Kingdom.
We can help you to find a trusted Thai partner. Just contact us at the link in the description below.
Next, you do need to decide a name for the business. A good idea is to use the same name for your business in your country since it’s unlikely to be used. But just in case, please have 2 other alternate names.
Another thing to do is describe the kind of businesses your company does.
In Thailand you have to specifically say you are doing a few categories of businesses.
But of course, you already know this, since you’re already running your online business. Just make a quick list of any possible things you are doing and want to do so these can be added to your company registration documents.
Once this is ready, your business can be registered in about 2 weeks or less and you will have your very own Limited Liability Company in the Kingdom of Thailand.
#2 – Hiring an Accountant
This is a seriously important part.
And to stay successfully in Thailand for many years as a business owner, you have to have this part squared away.
The accountant will help to make sure that your company is setup the right way, that you have hired the right amount of staff and that you are paying the proper taxes.
Thailand is not a tax free country. You definitely have to pay taxes. But taxes here are quite affordable and you pay taxes on your profits just like any other company.
By getting things done the right way, you are assured of success with renewing your Visa and Work permit each year. Even to the point where a few years later you can think about applying for Thai permanent residency.
We can help you find a great accountant to work one on one with you, just contact us at baansmile.com
#3 – Visas & Work Permit
So just by setting up your company and hiring a proper accountant the process of getting your visa and work permit should be pretty automatic at this point.
So I won’t spend too much time talking about this part.
I’ll just say it again.
Accountant. Accountant. Accountant!!
#4 – Staffing
Legally, you’re required to have at least 4 Thai staff for each foreign owner in the company that needs a visa and work permit.
Some of these staff can be full time or part time.
But you do need to have them on the company records in order to qualify for your visa and work permit.
And this is why in the beginning we said that if your business is large enough to hire staff, then it means you can actually hire some Thai staff to help you with your back office operations. Your Thai staff can be remote anywhere in Thailand also, so no need to have an expensive office here.
There are tons of highly qualified english speaking college graduates (like me) that are looking to find work for a good company, so you should not have any problems finding them.
Please contact us at the link in the description below to learn about how much you would typically pay the kind of staff that you would want.
#5 – Internet Access
We have had customers ask us if the Internet in Thailand is good enough.
Yes it is. And it’s probably faster and cheaper than internet access in your country.
If you have to download and upload large files, then Thailand is the perfect place for you. It’s typical to get a 1 Gigabit per second download and a 500 Megabit per second fiber internet for about 25 US Dollars per month.
Mobile internet access is speedy and just as inexpensive.