Forming a company

I would like to start a company in my name. A friend told me that I need seven other people and a Thai silent partner to be able to do this. Can you tell me if this is true and what is required of me by Thai law to form a Thai company?

Gregory Westcott, Patong

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Setting up a Thai company requires at least seven shareholders. The shareholders must be genuine investors in the company, and in most cases [see also “Foreign ownership of companies”] at least 51% of the investment must come from a Thai or Thais, silent or active. Please note that it is illegal for a company to have Thai nominees listed as partners. They must be genuine investors. The first step [in setting up a company] is to submit your company name for approval. Any lawyer or law office should be able to set up the company for you.

Veerachai Tantiwathanavallop, Director, Phuket Commercial Registration Office

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