Thailand’s Civil and Commercial Code Amendments to Ease Doing Business

 Nov. 2, 2020

The new amendment of Thailand's Civil and Commercial Code has been approved by Thai Government.  The main purpose of amendment is to simplify the process of setting up and conducting business in Thailand.  

ASEAN News, July 24, 2020

• Thailand’s government approved new amendments to the country’s Civil and Commercial Code (CCC) aimed at improving the business climate.
• The amendments will streamline the process for establishing a company as well as officially recognizing business mergers.
• The new CCC ensures that dividends are paid within one month from the approval of shareholders.
• Businesses are also permitted to conduct e-meetings between shareholders and directors, which was not previously recognized.

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Streamlining the company formation process

Previously, a minimum of three Thai citizens (known as promoters) is required to form a company and become the initial shareholders of the business.

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Business registration

Company registration for private businesses can now be done at any approved Department of Business Development office, regardless of the location. The Ministry of Commerce is set to also waive registration fees for incorporation.

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E-meeting provisions

The CCC will now allow e-meetings of shareholders and directors. E-meetings were first formalized by Royal Decree in April 2020, at the height of the COVID-19 spread in Thailand.

 

In full: https://www.aseanbriefing.com/news/thailands-civil-commercial-code-amendments-ease-business/