Author: Phonglert Kerdtem

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Accounting and Financial Reports

What is a Financial Statement? A Financial statement is a formal record of the financial activities of a business, person, or other entity presenting the results of operations and the financial position of the company. Who shall have the duty to keep accounts? A registered partnership, public limited company, or limited company established under a Thai law, a juristic person established under a foreign law engaging in a business in Thailand, and a joint venture under the Revenue Code shall have the duty to keep accounts, and must provide the bookkeeping for its business operations in accordance with the details,

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ASEAN ECONOMIC COMMUNITY (AEC)

What is the ASEAN ECONOMIC COMMUNITY (AEC) about? The ongoing intensive regional economic integration leads to the establishment of ASEAN Economic Community (AEC), a single regional common market of ASEAN countries by 2015. The regional integration’s objective is to create by then a competitive market of over 600 million people with an approximate GDP of over 2 trillion USD in ASEAN countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. The AEC has the goal of transforming ASEAN into a stable, prosperous, and highly competitive region with economic development, reduced poverty and socio-economic disparities.   What

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Thailand Customs Department Imposed Stricter Rules

Stricter Customs Rules by the Thailand Customs Department In an effort to discourage smuggling of pre-ordered goods into the country, the Customs Department of Thailand has become stricter. Last July 1, the Customs office at Suvarnabhumi Airport had posted a sign instructing arriving passengers and crew members that each person can bring no more than 10,000 Baht worth of personal effects per entry into the country.  Such effects must not be for commercial purposes.  Provisions, food, dietary supplements, and cosmetics are no exemptions from import duty.   As set by the law, they only allow bringing in limited quantities of cigarettes, tobacco,

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Information for Tourists

The representative from the related institutions together with more than 100 proprietors in Pattaya have joined the project to promote legal knowledge and the resolution of disputes in tourism cases held by Pattaya Provincial Court. They aim to improve the tourism cases in preparation for the AEC (Asean Economic Community). The court recognizes the importance of protecting the rights of tourists when there is an involvement in a case, so that they receive the same fair treatment under the legal system as Thai citizens. This was the reason for the establishment of the Tourist Case Section (Civil and Criminal Case

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Registration of Alien Workers

Following the political unrest situation in Thailand which caused division among the people, the National Peace and Order Maintaining Council has announced the policy to resolve issues and to return happiness to the people. Mr.Komsan Ekachai, the Governor of Chonburi, said that Chonburi has been experiencing economic growth in such fields as agriculture, industry and  tourism, which have drawn a large number of both Thais and alien workers into the province’s workforce. The Ministry of Labour and The Royal Thai Police have created an alien-workers supplying company, by asking the Ministry of Labour for registration of the company in order to

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Trademark Registration in Thailand

What is a Trademark? A Trademark is a recognizable sign, design or expression which distinguishes products or services of a particular source from those of others. The trademark owner can be an individual, business organization, or any legal entity. This entitles the owner to protection of his trademark for a period of ten (10) years from the application-filing date. However, this is renewable within 90 days before the expiration of each 10-year term. When an application for renewal is filed within the prescribed period, it shall be deemed registered until the Registrar orders otherwise. The renewal shall be in accordance with the rules and procedures prescribed in

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Estate Planning and Last Will and Testament

What is Estate Planning? Estate planning is a process of anticipating and arranging the disposal of an estate and managing an individual’s asset base in the event of their incapacitation or death.  As part of an estate planning, drafting a Last Will and Testament is recommended. What is a Thailand Last Will and Testament? A Last Will and Testament is a declaration of intention by will, concerning dispositions as to your assets or other matters which shall take effect according to law after your demise.  The document will detail your assets in Thailand, such as property, bank accounts, vehicle, and

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Thailand Bail Bond

What is Bail Bond? A bail bond is one method used to obtain a temporary release of an alleged offender or accused person awaiting trial on criminal charges from the custody of law enforcement officials, sometimes on condition that a sum of money or other form is lodged to guarantee their appearances in court. In other words, it represents an agreement to appear in court on a scheduled date. What is a Bailsman and who can act as one? A bailsman is one who provides bail or security for another. It can be any individual, juristic person, or entity that

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Notarization of Documents

What is notarization or notarization of documents? Notarization or notarial act is the official fraud-deterrent process of examining, certifying and record-keeping performed by a notary public or notarial services attorney that solidifies the important document as trustworthy. It is a requirement of many countries that personal or commercial documents originating from or signed in another country to be notarized before they can be officially used or before they can be legally recognized. Once notarized, a document will then have more legal credibility. Why are we being asked to notarize certain documents? It is an assurance by a duly appointed and

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Due Diligence on Thai property Purchase

What is Due Diligence? Due diligence is the research and analysis of a company, organization, or individual which is done in preparation for a business transaction or investment. A reasonable person takes extra precaution before entering into an agreement or a transaction with another party to prevent unnecessary harm; the procedure helps identify potential risks and liabilities. Due diligence serves to confirm all material facts and legal parameters in regard to a sale or acquisition by investigation and evaluation of a potential investment. What is the importance of Due Diligence on Thai property purchase? Investing in real estate certainly involves

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