Setting up a Thai company in Phuket is genuinely possible for foreigners — and for some business models it's the right move. But go in with clear eyes. A Thai Limited Company requires genuine Thai shareholders (not nominees), a work permit (requiring Thai employees), annual audited accounts, and ongoing compliance with Thai business law. It's not a simple process, and it's not a cheap one. Here's the full picture for 2026.
Thai company law is complex and changes. Always use a licensed Phuket business lawyer for company setup — not just a company registration agent. The cost difference is ฿10,000–฿20,000 and it's money well spent. The Phuket lawyer guide lists reputable business law firms.
Should You Set Up a Thai Company in Phuket?
| Your Situation | Recommended Route | Reason |
|---|---|---|
| Remote worker / freelancer (foreign clients) | DTV Visa | No company needed — DTV covers remote work for foreign income |
| Employee of foreign company posted to Thailand | Non-B + Work Permit via employer | Employer handles the work permit, no Thai company needed |
| Running a real business with Thai customers | Thai Limited Company + Non-B + WP | Required for legal trading and employing Thai staff |
| Teaching English | Non-B (via school) + Work Permit | School handles the work permit; no company setup needed |
| Buying land or property | Thai Company — but legal advice essential | Land purchase only; must be genuinely trading, not a shell |
| LTR visa holder (WFH Professional) | LTR Visa — no company needed | LTR provides long-stay rights without Thai company requirement |
Thai Limited Company Structure — What's Required
- Minimum 3 shareholders at the time of registration (can be reduced to 2 after registration — though 3 is common practice)
- At least 51% Thai ownership — mandatory under the Foreign Business Act for most business types
- Registered capital: Minimum ฿1 for registration, but work permit requirements need ฿2M+ per foreign employee, and Foreign Business Licence applications need ฿3M+
- Registered address: A real Phuket address is required — your home, a commercial address, or a virtual office service
- Director: A foreigner can be a director and hold up to 49% of shares
- Annual general meeting: Required within 4 months of the end of each financial year
- Audited accounts: Annual financial statements must be prepared by a CPA and filed with the DBD (Department of Business Development) and Revenue Department
Step-by-Step Company Registration Process in Phuket
Choose and reserve company name
Check name availability via DBD e-Services (e-Registration). Reserve 3 name options in order of preference. Must be in Thai — foreign-script names are allowed alongside a Thai name but a Thai name is mandatory.
File Memorandum of Association (MOA)
Submit to the DBD Phuket office at Chao Fa East Road. The MOA sets out company name, objectives, registered capital, and shareholders. Filing fee: ฿50 per ฿100,000 of registered capital, minimum ฿500.
Hold statutory meeting
Within 3 months of MOA filing, hold the statutory meeting of promoters and shareholders. Appoint directors, auditor, and approve Articles of Association.
Register the company
Submit registration within 3 months of statutory meeting. Fee: ฿500 per ฿100,000 registered capital, minimum ฿5,000. Government processing: 1–3 days. You receive the company certificate (Nang Su Rub Rong Borisat).
Register for tax
Get a Corporate Tax ID from the Revenue Department. If turnover will exceed ฿1.8M/year, also register for VAT. Revenue Department has a Phuket office on Narisara Road.
Open a company bank account
Open a corporate bank account at KBank, Bangkok Bank, or SCB with the company certificate, director ID, and tax registration. Signatory arrangements must be approved by board resolution.
Apply for work permit (if needed)
If you as a foreign director need to work, apply for a Non-B visa (at a Thai consulate overseas or if already on a valid non-immigrant visa) then apply for a work permit at the Phuket Labour Department on Wichit Songkram Road. Requirements: company employs 4 Thai employees per foreign worker, registered capital ฿2M+.
Costs Summary — Thai Company Setup in Phuket 2026
| Cost Item | Amount (฿) | Notes |
|---|---|---|
| DBD registration fee | ฿5,000–฿15,000 | Depends on registered capital |
| Lawyer / agent fee (full setup) | ฿15,000–฿40,000 | Lawyer preferred over agent for legal protection |
| Registered address (virtual office) | ฿6,000–฿15,000/year | If not using your own address |
| Annual accounting + audit | ฿30,000–฿80,000/year | Mandatory; must use licensed Thai CPA |
| Corporate tax ID registration | Free | Required |
| VAT registration | Free | Required if turnover > ฿1.8M/year |
| Work permit (foreign director) | ฿750–฿35,000 | Depends on salary level and business type |
| Total first year (approx) | ฿60,000–฿150,000 | Ongoing annual costs: ฿50,000–฿100,000 |
The 4:1 Thai-to-foreign employee ratio for work permits is a real ongoing commitment, not just a paperwork requirement. You must maintain this ratio throughout the life of the work permit. For small service businesses, this means hiring and managing Thai employees — not always practical if your business is primarily digital. Factor this genuine HR cost into your projections. Many solo foreign operators find the LTR WFH Professional visa or DTV to be a much simpler legal route for their situation.
Thai Company vs. Other Working Options in Phuket
Before committing to the Thai company route, consider whether other visa options meet your needs without the corporate complexity:
- DTV Visa (Destination Thailand Visa): Remote workers and freelancers earning from foreign sources can stay in Thailand without a Thai company or work permit. 180 days per entry, extendable. No Thai staff requirement. Learn more at our DTV visa guide.
- LTR WFH Professional: The Long-Term Resident visa for remote workers. 10-year renewable visa, right to work remotely for foreign employers, 17% flat income tax option. No Thai company. See our LTR visa guide.
- Non-B + Work Permit via employer: If a foreign company is employing you, they sponsor the work permit — you don't need a Thai company. This is simpler and the compliance burden falls on the employer.
Thinking about setting up a business in Phuket? We can connect you with Phuket business lawyers and accountants who specialise in foreigner company setup.
Get a business consultation →Frequently Asked Questions
Can foreigners set up a company in Phuket?
How much does company registration cost in Phuket?
Do I need Thai employees for a work permit?
Is annual audit mandatory for Thai companies?
What's the alternative to a Thai company for working in Phuket?
Related guides: Working in Phuket overview · DTV visa guide · LTR visa guide · Work permit guide · Thai income tax for expats
