Thailand’s improved business registration law to go into effect from Feb 7
The amendments to the business registration law, which will make it easier for entrepreneurs and support the digital economy, will go into effect from February 7.
"These amendments aim to boost business flexibility and competitiveness, as well as support the digital economy and society," Deputy Commerce Minister Sinit Lertkrai said on Tuesday. "Most importantly, they will help reduce expenses and operation costs among entrepreneurs in line with the government's policy."
Some key amendments are:
• The required number of company founders will be reduced from three to two;
• Merger process will become more flexible with business owners deciding whether the merger will result in a new company or hold its old identity;
• Businesses will not be required to publish meeting invitation letters in the newspaper unless they have many shareholders.
He added that the amendments also include other points, like a business will have to be registered within three years or its memorandum of association will expire, all share certificates will require a company’s seal and companies can use technology to hold board meetings.
Sinit said the amendments were announced in the Royal Gazette on November 8 and will go into effect from February 7.
Related stories:
