Even if Thailand is mostly known as one of the world’s best touristic destination, the country also has other investments opportunities for those who want to open companies here. One of the most appealing options is starting a company in the information technology industry, or simpler put setting up an IT company in Thailand.
One of the most developed branches of the IT sector is security technology. Below, our attorneys in Thailand explain the steps related to opening a security technology company in this country.
Procedure for opening a security technology company in Thailand
Foreign entrepreneurs have equal rights when it comes to doing business in the IT field in Thailand. Setting up a security company in Thailand implies registering a company with the Trade Register in accordance with the provisions of the Company Law.
A foreigner must complete the following steps when opening a security company in Thailand:
- choose the right type of structure for the business – our lawyers in Thailand recommend the limited liability company;
- find a local partner – if the businessman wants to full foreign ownership, a foreign business license must be obtained;
- submit a unique company name for approval with the local Trade Registrar;
- have the company’s memorandum and articles of association drafted and filed with the Trade Register;
- deposit the minimum share capital of the company which is set at 2 million Baht.
It takes around 3 months to register a company, but our Thai attorneys can guide you through the procedure.
Legislation on security technology in Thailand
Security technology companies can undertake a wide range of activities, among them the most popular being creating security technology software and providing security services. These companies must also comply with the following laws:
- the Electronic Transactions Law;
- the Electronic Fund Transfer Law;
- the Computer Crime Law;
- the Data Protection Act;
- the National Cybersecurity Law.
Thai companies with EU clients must also comply with the new General Data Protection Regulation.
For full information and assistance in registering a security technology company in Thailand, please feel free to contact our local law office.