MARKET ENTRY GUIDE THAILAND

1 2 2.1 2.2 2.3 2.4 2.5 2.6 3 3.1 3.2 3.3 3.4 3.5 4 4.1 5 5.1 5.2 5.3 6 6.1 6.2 7 7.1 7.2 7.3 8 8.1 8.2 8.3 8.4 8.5 9 10

Introduction Modes of Setting up a Business in Thailand Private Limited Company Public Limited Company Branch Ofce Representative Ofce Regional Operating Headquarters (ROH) Average Time (in Days) Required for Setting up a Business Procedures for Immigration General Information Visa Requirements Procedures for Work Permits Average Rent for Ofce Space in Thailand Average Living Costs for Expatriates Social Security System in Thailand Social Security Special Economic Zones in Thailand Introduction Export Processing Zone Free Zone Opening a Bank Account in Thailand Overview of Retail Banking Procedures for Foreigners to Open Bank Accounts in Thailand Recruitment of Local Staff Brief Overview of Labour Laws Major Recruitment Agencies and Websites Average Salary Range Taxation Taxation in Thailand Tax Rates Tax Incentives Double-Tax Treaty Repatriation of Prots Appendix Appendix I: Useful Links and Addresses Disclaimer

3 6 6 8 10 10 11 13 15 15 16 18 19 19 21 21 26 26 26 27 30 30 31 33 33 34 34 39 39 39 42 45 46 47 47 51

1 Introduction
Thailand is one of the largest economies in Southeast Asia with a total population of approximately 66 million.1 The country is considered an emerging economy and a newly industrialised country. After the Asian nancial crisis in 1997-98, Thailands economy started to recover in 1999 with a GDP growth of 42 percent. To encourage the recovery, the Thai government approached an openmarket policy by inviting foreign investment and pursuing strong growth in exports. During the last ve years (2007-2011), the average real growth rate of the countrys GDP was 2,62 percent.2 The majority of Thailands labour force is employed in services (46,1 percent). However, the contribution of agriculture to the countrys GDP has declined recently. In 2011, agriculture contributed 13,3 percent of the countrys GDP, while industry accounted for 34 percent. However, employment in the industry sector was estimated to be less than 15 percent of the total labour force. Tourism accounts for approximately 6-7 percent of Thailands GDP.3 The gure is typically

higher than those of other Asian countries.

Exports of products and services play a major role in Thailands economy. Thailand is the worlds largest exporter of rice and a major exporter of shrimp. Other major agricultural exports include coconuts, sugarcane, soybeans, corn and rubber. For the industry and manufacturing sectors, Thailand has become the worlds leading manufacturer and exporter of automobiles and automotive parts, and electrical appliances and components. Thailands major export partners include the US, Japan, mainland China, Singapore, Hong Kong and Malaysia. Thailands major import partners include the Japan, China, the UAE, the US, Malaysia, South Korea.
1

2 3

Source: Board of Investment, Thailand Source: Global Finance Source: CIA - The World Factbook Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 3

Thailand is a member of the World Trade Organization (WTO), the Cairns Group of agricultural exporters and the Association of Southeast Asian Nations (ASEAN). Thailand has participated in a number of free trade agreements (FTAs) with trade partners around the globe, including ASEAN, China, Australia, New Zealand and Japan. In addition, FTA negotiations are currently being undertaken with the US, the European Union (EU), India and Peru. Thailand has been among the most successful countries in Asia for attracting Foreign Direct Investment (FDI). Thailand consistently ranks among the most attractive investment locations in international surveys, and the World Banks 2012 Ease of Doing Business report places Thailand as the 17th easiest country in the world and 2nd country in Southeast Asia) in which to do business. The countrys strong export performance has been enhanced by foreign investment that has witnessed major multinational companies establishing manufacturing operations for both local and international markets. To stimulate foreign investment, the Thai government offers various tax and non-tax benets for investors through the Investment Promotion Act. In 2010, the inow of foreign direct investment (FDI) amounted to EUR 6,9billion (USD 9,67 billion). 4 Japan was the largest direct

investor, accounting for approximately 34 percent of the total FDI inow. Other large investors include Singapore, Taiwan, Malaysia, the Netherlands, Germany and the US. Through commercial and export success, Thailand has evolved into a regional hub for various industries: automobile, electric and electronic products, medical services, gems and jewellery, food and agricultural products, and tourism.

Source: Trading Economics Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 4

The following report aims to elaborate on the most important issues pertaining to the administrative, legal and nancial aspects of setting up businesses and hiring personnel, as well as the living conditions in Thailand.

Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 5

2 Modes of Setting up a Business in Thailand

This section explains the common investment vehicles available to foreign investors, the procedures to be followed in order to establish them and related regulations for each investment mode. Table 1 lists the most common modes of setting up businesses by foreign investors and their governing laws. In addition to the various modes of businesses listed in the table, a partnership is another common mode. However, due to the ownership restrictions, foreigners are generally not able to operate their businesses as partnerships in Thailand.
Table 1: Different Modes of Setting up a Business in Thailand Mode of setting up a businesses Private limited company Public limited company Branch ofce of a foreign company Representative ofce of a foreign company Regional operating headquarters (ROH) APPLIED LAW The Civil and Commercial Code The Public Limited Company Act The Foreign Business Act The Foreign Business Act The Civil and Commercial Code
Source: Board of Investment, Thailand

2.1. Private Limited Company5 A private limited company is a company with the following requirements: | A minimum of three shareholders are required;
5

Source: Department of Business Development, Thailand Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 6

| The capital is divided into shares with equal par value; | The par value of each share is not less than EUR 0,10 (THB 5); | Each shareholder has limited liability (i.e. the unpaid amount of the shares respectively held by them); | The company must be registered according to the Civil and Commercial Code. A private company may be wholly-owned by foreigners. However, for the business activities reserved for Thai nationals, foreigner participation is generally allowed up to a maximum of 49 percent of the companys shares. 2.1.1 Establishment of a Private Limited Company The following process is required for setting up a private limited company in Thailand: | A minimum of three ordinary persons (called promoters) sign together to prepare a Memorandum of Association, and submit it for registration (registration of the Memorandum). | Once the Memorandum has been registered, the following activities shall be performed: Every promoter manages to get all of the companys shares to be reserved and bought. Once all shares are reserved, the promoters must, without any delay, hold a general meeting of subscribers which shall be called the statutory meeting. | The meeting agenda shall include the following: The adoption of the companys regulations, if any. The ratication of any contracts entered into and any expenses incurred by the promoters in promoting the company. The xing of the amount, if any, to be paid to the promoters.
Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 7

 The xing of the number of preference shares, if any, to be issued, and the nature and extent of the preferential rights accruing to them. The appointment of the rst directors and auditors and the xing of their respective responsibilities. | The directors shall ask the promoters and subscribers to pay the payable amount of the companys shares (at least 25 percent of the shares value). | Upon receiving the amount of shares, the director must register the company within three months from the date of the meeting to establish the company (registration of the companys establishment). 2.2 Public Limited Company6 A public limited company is a company established for the purpose of offering shares for sale to the public and the shareholders have the liability limited to the amount paid for their respective shares. The above purpose must be stated in the companys Memorandum of Association. According to the Public Limited Company Act, a public limited company has the following requirements: | A minimum of 15 shareholders are required; | Each share has equal value and the payment of the shares value must be done one time only; | A minimum of ve directors are required, with at least half having their registered address in Thailand. Subject to compliance with the prospectus, approval and other requirements, public limited companies registered in Thailand may offer shares, debentures and warrants to the public and may apply to have their securities listed on the Stock Exchange of Thailand (SET).
6

Source: Department of Business Development, Thailand 8

There is no restriction on transfer of shares for public limited companies (except to satisfy statutory or policy ceilings on foreign ownership). 2.2.1 Establishment of a Public Limited Company A public limited company can be established through one of the following methods: | Registration of the companys establishment | Transformation of a private limited company into a public limited company 2.2.1.1 Registration of the Companys Establishment At least 15 ordinary persons (called promoters) together prepare and register the Memorandum of Association. Once the registration is done, the promoters either prepare the prospectus to the public for buying the companys shares, or once the promoters reserve to buy the shares as specied in the Memorandum of Association, they call a meeting for the companys establishment. Afterwards, the promoters must hand over all the affairs and documents to the elected directors for the registration of the companys establishment, which shall be done within three months from the date of the meeting. 2.2.1.2 Transformation of a Private Limited Company into a Public Limited Company A private limited company can be transformed into a public limited company once the companys shareholders call for a meeting for extraordinary resolution according to the Civil and Commercial Code. 2.3 Branch Office7 A branch ofce is the same legal entity as its foreign parent company. The parent company maintains legal liability for contracts and for tortious acts done. Operations of branch ofces
7

Source: Board of Investment, Thailand

are restricted under the provisions of the Foreign Business Act. 2.3.1 Establishment of a Branch Office To set up a branch ofce in Thailand, the foreign parent company must make a special application to the Ministry of Commerce for a Foreign Business Licence. Such applications must be approved by the Director-General of the Department of Business Development. A condition for the approval is that a minimum capital of EUR 100.000 (THB 5 million)8 shall be brought into Thailand within four years from the start-up date of the branch ofce. The operation of the branch may be allowed for a period of ve years, unless a shorter period is applied for. If the working capital requirement is met, an extension of the original duration of the licence may be granted. 2.4 Representative Office9 In terms of its legal structure, ownership and minimum capital requirement, a representative ofce is basically the same as a branch ofce. However, a representative ofce is not permitted to earn any income. The scope of the activities of a representative ofce is limited to the following approved activities: | Identifying sources of purchase of goods or services in Thailand for the parent company | Verifying and controlling the quality and quantity of goods purchased by the parent company for manufacturing in Thailand | Providing advices concerning goods of the parent company sold to distributors or consumers in Thailand

8 Source: Thailand Law 9 Source: Board of Investment, Thailand Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011)

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| Distributing information concerning new goods or services of the parent company | Reporting movements of business in Thailand to the parent company Similar to branch ofces, a special application for a Foreign Business Licence must be made by the parent company in order to operate a representative ofce in Thailand. There are three types of licensing for representative ofces: | Finance, security and credit nancier ofces | Foreign bank ofces | International business ofces 2.5 Regional Operating Headquarters (ROH)10 A regional operating headquarters (ROH) is considered as the same legal structure as a private limited company. However, it is qualied for specic tax benets. An ROH provides managerial, administrative and technical services as well as other supporting services to its associated companies or its branches. Supporting services include the following: | General administration, business planning and coordination | Procurement of raw materials and components | Marketing and sales promotion planning | Research and development (R&D) | Technical support | Training and personnel management | Corporate nancial advisory services | Economic or investment research and analysis | Credit control and administration | Any other services designated by the Director-General of the Revenue Department
10

Source: Revenue Department, Thailand 11

2.5.1 Requirements of Regional Operating Headquarters for Tax Privileges To be eligible for tax privileges, an ROH must meet the following requirements: | It has at least EUR 236.000 (THB 10 million) of paid-up capital on the closing date of any accounting period | It provides services to its associated companies or branches in at least three other countries (excluding Thailand) | At least 50 percent of its income must be earned from permitted services provided to its overseas associated companies or branches. The requirement is reduced to one-third of the income for the rst three years 2.5.2 Tax Privileges for Regional Operating Headquarters A qualied ROH is eligible for the following tax privileges: | Corporate income tax at the rate of 10 percent of net prot for income generated from services provided to its branches or associated companies | Corporate income tax at the rate of 10 percent of net prot for royalties received from its branches or associated companies for R&D done in Thailand | Corporate income tax at the rate of 10 percent of net prot and interest derived from its branches or associated companies for loans made by the ROH and extended to its branches or associated companies | Tax exemption for dividends received from its associated companies | Tax exemption for dividends paid to its shareholders not carrying on business in Thailand
Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 12

2.6 Average Time (in Days) Required for Setting up a Business In order to start a business, a certain number of legal and bureaucratic hurdles have to be overcome by companies/entrepreneurs. Registration is typically critical for accessing a range of market infrastructure including nance, physical infrastructure (electricity and water) and contract enforcement. Table 2 lists data released by the World Bank related to starting a business in Thailand.
Table 2: Starting a Business in Thailand DATA RELATED TO STARTING A BUSINESS Rank Procedures (number) Duration Cost (GNI per capita) Paid in Minimum Capital (GNI per capita) YEAR 2011 97th (in the world) 5 29 days 6.2% 0.0%
Source: Doing Business

According to a World Bank report, the average time taken to start a business in Thailand is high in comparison to OECD nations, Mexico and Korea. Figure 1 illustrates the obstacles inherent in starting business ventures in various countries.

Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 13

Figure 1: Obstacles to Starting Businesses in Various

Countries (JUNE 2011)

Time Required for Starting a Business

OECD Mexico Korea China Thailand India Russian Fed 0 10 20 30 40 T ime (days)

procedures Essential for Starting a Business

OECD Mexico Korea China Thailand India Russian Fed 0 5 10 15 Number of Procedures
Source: Doing Business Note: OECD = Organisation for Economic Co-operation and Development

Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 14

3 Procedures for Immigration

3.1 General Information11 Unless otherwise exempted, a foreigner wishing to enter Thailand must obtain a proper visa from either a Royal Thai Embassy or a Royal Thai Consulate-General prior to arrival in Thailand. However, there are certain exemptions if a person meets one of the requirements below: | Nationals of countries which are exempted from visa requirements when entering Thailand for tourism purposes: Such nationals holding legitimate passports are permitted to reside in Thailand for a period not exceeding 30 days on each visit. Luxembourg is one of the countries in this category. | Nationals of countries which hold bilateral agreements with Thailand on the exemption of visa requirements: Luxembourg is listed as a country which has an agreement on the exemption of visa requirements for holders of diplomatic or ofcial or service/special passports with Thailand. Nationals of Luxembourg with relevant passports are permitted to stay in Thailand for a period not exceeding 90 days on each visit.

11 Source: Ministry of Foreign Affairs, Thailand Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011)

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3.2 Visa Requirements Table 3 lists the various types of visas issued by the Thai government.
Table 3: Visas Issued by the Thai Government TYPE OF VISA Transit visa VALIDITY OF VISA 3 months

Tourist visa Non-Immigrant visa

3 months or 6 months 3 months (single entry) or 1 year (multiple entry)

Diplomatic visa / Ofcial visa

During mission

Courtesy visa
Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011)

During mission

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PURPOSE OF VISIT

Travelling through Thailand to proceed to a third country Participating in sports events for a duration of no more than one Crew of conveyance entering a port or area in Thailand (category C) Visiting Thailand for tourism purposes (category TR) Ofcial duties (Category F) Work or doing business (Category B) Investment with the consent from the concerning Thai ministries Investment or related activities subject to the provision of the Studying; attending a study trip, seminar, conference or training Work as a lm producer, journalist or reporter (Category M) Missionary work or other religious activities with consent from
course; or studying as a foreign Buddhist monk (Category ED) laws on investment promotion (Category IB) and government agencies (Category IM) month (category S) (category TS)

the Department of Religious Affairs, Ministry of Education (Category R) Conducting scientic research, training or teaching in a research institute (Category RS) Work as an expert or specialist (Category EX) Other purposes as follows (Category O): staying with family; performing duties for the state enterprise or social welfare organisation; staying after retirement for the elderly; receiving medical treatment, undertaking sports coach duties as required by the Thai Government; and being a contestant or a witness in a judicial process.

For holders (and family members) of diplomatic or ofcial

passports who perform duties at the diplomatic mission, consulate or international organisation in Thailand

For holders of diplomatic, ofcial or ordinary passports who enter

Thailand on ofcial duty or other purposes
Sources: Ministry of Foreign Affairs, Thailand 17

3.2.1 Documents Required for Visa Applications The requirements of documents to be provided by foreign citizens at the time of visa application vary depending on the types of visa. The following documents are required for all types of visa: | Passport or travel document valid for not less than six months | A completed visa application form | Two recent photographs of size 4cm x 6cm | Visa application fee | Other supporting documents as required for the purpose of visiting Thailand 3.3 Procedures for Work Permits According to the Alien Working Act B.E. 2551 (2008), foreigners of the following three categories are qualied to apply for a work permit to work in Thailand:12 | Foreigners who reside in Thailand or are allowed to stay temporarily in Thailand, but are not tourists or transit travellers; | Foreigners who are allowed to work in Thailand according to the investment promotion laws or other laws; | Foreigners who have been deported but are allowed to work in certain locations in replacement of deportation or while awaiting deportation; foreigners who have illegally entered Thailand or are awaiting forced transfers out of Thailand; and foreigners who were born in Thailand but are not granted Thai nationality or were denaturalised. Prior to applying for a work permit, foreign nationals wishing to work in Thailand must obtain a non-immigrant visa (category B). The visa can be applied either before or after arrival in Thailand. The work permit application can be done by either the foreigner or the employer of the foreigner.13
12 13

Source: Ministry of Labour and Welfare, Thailand Source: Ministry of Labour and Welfare, Thailand 18

3.3.1 Documents Required for the Application of a Work Permit14 The following documents are required from the applicant at the time of applying for a work permit: | A copy of the identication page of applicants passport | A non-immigrant visa | A copy of the passport page with the entry stamp | A copy of the applicants degree, resume or transcript | A medical certicate mentioning that the applicants health condition is suitable for work | Two recent photographs of size 4cm x 6cm | Work permit application fee Additionally, the employer of the applicant is required to provide tax and legal documents concerning the nature of its business and employees. 3.4 Average Rent for Office Space in Thailand The average ofce rental expense in Bangkok is much higher than in other cities in Thailand. According to reports by CB Richard Ellis, in Q2 2012, the average rent for Grade A CBD15 ofce space was approximately EUR 17,3 (THB 734) per square metre per month.16 3.5 Average Living Costs for Expatriates Thailand is famous as a personal low-cost environment. Food, clothing, public transport, etc. in Thailand are cheaper than in developed countries. Some examples of the cost of living in Bangkok are listed below:17
Source: Business-in-Asia.com Central business district Source: CB Richard Ellis, Thailand 17 Source: Numbeo Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011)
14 15 16

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| A meal in an inexpensive restaurant costs approximately EUR 1,52 | A bottle (0,33 litres) of Coca Cola costs approximately EUR 0,39 | Taxi fares for a 5-kilometre trip within the city centre in Bangkok cost about EUR 0,65 | Metro fares in Bangkok range from EUR 0,4 to EUR 0,9 (THB 15 to THB 40) | Rentals for serviced apartments within the city centre in Bangkok range from EUR 249,03 to EUR 747,09 per month The cost of living in Thailand varies depending on the region in the country. The cost is higher in major cities or provinces such as Bangkok and Phuket, while the cost is lower in smaller provinces. Compared with major cities in Southeast Asia, Bangkok is less expensive than cities such as Singapore, Kuala Lumpur, Hanoi and Ho Chi Minh. According to Mercers Cost of Living Survey Worldwide Rankings 2012, Bangkok ranked 81st most expensive city.18

18 Source: Mercers Cost of Living Survey 2009 Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011)

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4. Social Security System in Thailand

The Thai Social Security Act requires employers and employees to participate in the social security system. All employers must register their employees in the system. All employees that meet certain criteria are insured. 4.1 Social Security The social security system in Thailand comprises two funds: Social Security Fund and Workmens Compensation Fund. The Social Security Ofce, Ministry of Labour and Social Welfare, is the legal authority for both funds. The main focus areas of Thais social security system include medical, maternity insurance, accident and work-related injury, disability, old age, unemployment, assistance for family, and death. Employers and employees are required to regularly contribute a certain amount to the funds. Employers must withhold social security contributions from the monthly wages of employees, and are also required to contribute the same amount as the contributions of their employees. The contributions must be remitted to the Social Security Ofce within the 15th day of the following month. 4.1.1 Social Security Fund 4.1.1.1 Old Age Benet19 The conditions for applicants to be eligible for the old age pension benet include the following: | The applicant has made contributions for not less than 180 months (consecutively or inconsecutively) | The applicant has reached 55 years of age | The applicants status of being insured has been terminated
Source: Social Security Thailand Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011)
19

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The old age pension benet is listed below: | An insured person who has made contributions for not less than 180 months is entitled to the old age pension benet on a monthly basis at the rate of 15 percent of the average wage of the last 60 months used as a basis for calculation of the contribution before the termination of the status of being insured. | In the case of making contributions for over 180 months, the rate of old age pension benet shall be increased at the rate of 1,5 percent per every 12 months of the period of making contributions exceeding 180 months. 4.1.1.2 Unemployment Benet20 The conditions for the applicants to be eligible for unemployment benet are listed below: | The applicant must register at the State Unemployment Ofce within 30 days of being unemployed | The applicant is capable of undertaking work and is ready to take on any suitable job as offered | The applicant must not reject the job training | The applicant must not be entitled to old age benet The unemployment benet is listed below: | In case of termination of employment, the insured person is entitled to the unemployment benet for a maximum of 180 days per year at the rate of 50 percent of the wage calculated from the contributions made but not more than EUR 5,9 (THB 250) per day. | In the case of resignation, the insured person is entitled to the unemployment benet for a maximum of 90 days per year at the rate of 30 percent of the wage calculated from the contributions made but not more than EUR 5,9 (THB 250) per day.
20

Source: Social Security Ofce, Thailand 22

4.1.1.3 Child Allowance Benet21 The conditions for applicants to be eligible for the child allowance benet are listed below: | The applicant has made contributions of not less than 12 months within a period of the last 36 months prior to the month in which the applicant is entitled to the benet. | The child allowance benet is eligible for legitimate children aged not more than six years old, and is limited to not more than two children for an applicant. The child allowance benet is paid on a lump sum basis at the rate of EUR 8,3 (THB 350) per month per child. 4.1.1.4 Death Benet22 The applicant for the death benet must have made contributions for not less than 1 month within a period of the last 6 months. The death benet (payable to the legal beneciary) includes the following: | The insured person is entitled to a funeral grant of EUR 944 (THB 40.000). | The insured person who has made contributions for over 3 years but less than 10 years is entitled to assistance benet at the value of the average wage of 1,5 months. | The insured person who has made contributions for over 10 years is entitled to assistance benet at the value of the average wage of ve months.

21

22

Source: Social Security, Thailand Source: Social Security, Thailand Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 23

4.1.1.5 Medical Benet23 Expenses for medical examination and treatment, hospitalisation, medicines, rehabilitation, ambulance fees, and other necessary expenses are provided. The insured person must register with a selected hospital in the Social Security Programme. Benets are provided by the hospital the insured person is registered with. Medical treatment outside this hospital can be sought in cases of emergency and accident only, in which case costs are reimbursed. Additional benets are as follows: | The insured person is entitled to a compensation benet for loss of income at the value of half of the current wage based on the actual number of days of leave, but not exceeding 90 days per period, and not exceeding 180 days in a year. | In case of a chronic illness, the insured person is entitled to a compensation benet for loss of income for a period not exceeding 365 days. 4.1.1.6 Disability Benet24 The applicant for disability benets must have made contributions for not less than 3 months within a period of 15 months prior to the date of being declared a disabled person. The disability benet includes the following: | The medical treatment cost is reimbursed as actual, but not more than 283,2 (THB 12.000) per month. | The compensation benet for loss of income of 50 percent of the monthly wage is paid until death. The costs of articial organs, equipment and therapeutic equipment are also paid.

23 Source: Social Security, Thailand 24 Source: Social Security, Thailand Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011)

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4.1.1.7 Childbirth Benet25 The applicant for childbirth benets must have made contributions for at least 7 months within a period of 15 months prior to the expected date of childbirth. Maternity benets are paid for two child births only. The childbirth benets include a childbirth grant paid on a lump sum basis of EUR 283,2 (THB 12.000) per birth. 4.1.2 Workmens Compensation Fund26 Workmens Compensation Fund is for covering the compensation paid to employees in the following cases: | Sustaining injury or illness The compensation covers the expenses of medical treatment, but not exceeding EUR 1.062 (THB 45.000) | Disability resulting from undertaking work The monthly compensation is at the rate of 60 percent of the monthly wage according to the type of disability, but not exceeding 15 years. | Death or disappearance from work The compensation for funeral grant is 100 times the highest rate of the daily minimum wage. The monthly compensation is at the rate of 60 percent of the monthly wage for a period of 8 years (payable to the legal beneciary).

25

26

Source: Social Security, Thailand Source: Social Security, Thailand Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 25

5 Special Economic Zones in Thailand

5.1 Introduction There are two types of Special Economic Zones (SEZs) in Thailand: Export Processing Zones (EPZs) and Free Zones (FZs). The government has implemented various tax privileges in EPZ and FZ to promote international trade in the country. 5.2 Export Processing Zone27 An Export Processing Zone (EPZ) is an area designated for industrial operations, trading activities, services or other operations benecial to or concerning industrial operations for the purpose of exporting products. Generally, EPZs are located in industrial estates. Companies in EPZs are granted tax and non-tax privileges offered by the Industrial Estate Authority of Thailand. Currently, there are 9 EPZs in Thailand.
Table 4: Export Processing Zones in Thailand EXPORT PROCESSING ZONE Lard Krabang Industrial Estate Bangpoo Industrial Estate Bangpa-In Industrial Estate Baan Wa Hi-Tech Industrial Estate Plang Yaow Industrial Estate Bo-Win Industrial Estate Laem Chabang Industrial Estate Northern Region Industrial Estate Southern Region Industrial Estate LOCATION Bangkok Samut Prakan Ayutthaya Ayutthaya Gate Way City, Chachoengsao Chonburi Chonburi Lamphun Chalung, Songkhla
Source: Customs Department, Thailand
27

Source: Customs Department, Thailand Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 26

5.2.1 Benefits for Companies in Export Processing Zones The Industrial Estate Authority of Thailand offers various benets for companies in EPZs, as listed below: | Exemption from special surcharges and import/internal taxes and duties Machinery, equipment, tools and supplies including parts transported into the EPZ for the purpose of manufacturing goods, and constructing or assembling a factory or a building in the EPZ are not subject to special surcharges under the Investment Promotion Act, import duty, excise tax and valueadded tax (VAT). | Exemption from export duty, excise tax and value-added tax Imported products, and products and by-products generated from a manufacturing process in the EPZ are not subject to export duty, excise tax and VAT, provided that the products are exported to other countries.

| Zero tax rate for VAT The following situations are applicable for the VAT rate of zero percent: - Sales of products or services among companies in either the same or different EPZs - Sales of products or services between companies in EPZs and bonded warehouses - Domestic products transported into EPZs 5.3 Free Zone28 A Free Zone (FZ) is a designated area for industrial or commercial operations or any other operations involving economic growth and development. The Free Zone Programme has been implemented to
28

Source: Customs Department, Thailand Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 27

promote competitiveness by encouraging companies to maintain and expand their operations in Thailand. Foreign and local goods transported into FZs are eligible for tax and duty privileges. 5.3.1 Benefits for Companies in Free Zones The government offers a package of tax and non-tax benets for companies in FZs as listed below: | Exemption from import and internal taxes and duties Imported goods transported into or manufactured in the FZ for industrial or commercial operations or any other operations concerning economic growth and development are not subject to import taxes and duties. The goods include: - Machinery, equipment and parts - Foreign products - Products transferred from other FZs | Exemption from export duties on re-exports Foreign goods, transported into the FZ, that are re-exported to other countries are not subject to any customs taxes or duties. | Exemption from standard/quality control requirements Products and local raw materials transported into the FZ for manufacturing, assembling, packaging or any other operations are exempted from any standard/quality control requirements or any other similar requirements, provided that the end-products are re-exported to other countries. 5.3.2 Establishment of a Free Zone Free Zones are typically private manufacturing sites approved by the Customs Department. State-owned companies or limited companies may apply for a grant of authority to establish a Free Zone. The main objective of setting up a Free Zone must not be only for benet of any particular user of the zone. The licensee of the Free Zone must provide necessary utilities, facilities and
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services. In addition, the licensee must provide an appropriate ofce and residence for Customs ofcers. Residential areas are not permitted in Free Zones. Users of a Free Zone are entities using the zone under an agreement with the licensee of the Free Zone. The Free Zone users must receive approval from the licensee and the Customs Department to undertake permitted activities in the zone.

Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 29

6 Opening a Bank Account in Thailand

6.1 Overview of Retail Banking The Thai banking industry is primarily made up of major Thai banks, including Bangkok Bank, Kasikorn Bank and Siam Commercial Bank. The industry is regulated by the Bank of Thailand. The Thai banking sector witnessed a net prot of EUR 3,4 billion (THB 144,1 billion) in 2011.29 Commercial banks in Thailand include local commercial banks, local retail banks, subsidiaries and branches of foreign banks. By September 2012, there were 6339 bank branches established in Thailand, including 15 branches of foreign banks which are all located in Bangkok.
Table 5: Commercial Bank Categories in Thailand CATEGORY Thai commercial banks Thai retail banks Subsidiaries of foreign banks Branches of foreign banks NUMBER OF BANKS 14 1 1 15 (as of August 2012) NUMBER OF BRANCHES 5,626 29 3 15 (as of August 2012)

Source: Bank of Thailand

29

Source: Bank of Thailand Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 30

Table 6: Major Commercial Banks in Thailand BANK Bangkok Bank Krung Thai Bank Kasikorn Bank Siam Commercial Bank Bank of Ayudhya TMB Bank Siam City Bank Thanachart Bank TOTAL ASSETS AT THE END OF 2008 (IN EUR MILLION) 34,908.6 27,740.0 27,362.2 25,798.4 15,562.8 12,553.0 8,672.5 7,706.1
Source: Bank of Thailand

6.2 Procedures for Foreigners to Open Bank Accounts In Thailand 6.2.1 Procedures to Open Company Bank Accounts30 Generally, any type of juristic persons, including limited companies, branch ofces and representative ofces, are permitted to open bank accounts. The following documents are generally required for opening a company bank account: | Passports and work permits of the authorised persons | Memorandum of Association of the company | Commercial registration of the company | Signature specimens of the authorised persons | Minimum deposit (depending on the types of account and banks)
30

Source: Kasikorn Bank Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 31

6.2.2 Procedures to Open Personal Bank Accounts31 Foreigners who are working in Thailand can open personal bank accounts at any commercial bank. The following documents are generally required for opening a personal bank account: | Passport and work permit of the applicant | Minimum deposit (depending on the type of account and bank)

31

Source: Bangkok Bank Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 32

7 Recruitment of Local Staff

Various recruitment channels in Thailand include campus recruitment, media advertisements (newspapers, magazines, TV and broadcasting), Internet recruiting, on-site recruiting, internal references and head-hunting agencies. Additionally, there are public recruitment events and job fairs organised by either government organisations or the private sector. 7.1 Brief Overview of Labour Laws Thailands labour laws are developed and regulated by the Ministry of Labour and Welfare. Employment legislation has a direct bearing on labour practices for each type of business. The main laws covering Thai labour laws are:32 | Labour Relations Act B.E. 2518 (1975) | Labour Protection Act B.E. 2541 (1998) 7.1.1 Labour Relations Act B.E. 2518 (1975) The Labour Relations Act concerns the labour relations enhancement system and procedures between employers and employees, such as procedures for submission of demand for modication to the conditions of employment and procedures for settling labour disputes. In addition, the law controls employer and employee rights to establish labour associations and labour unions for acquiring and protecting their interests relating to the conditions of employment. The law aims at creating a good understanding and successful reconciliation between employers and employees. 7.1.2 Labour Protection Act B.E. 2541 (1998) The Labour Protection Act concerns the rights and duties of employers and employees. It primarily establishes minimum
32

Source: Ministry of Labour and Welfare, Thailand Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 33

standard practices in general labour force utilisation, women and children labour utilisation, severance and remuneration. In addition, the law prescribes the interventions by government ofcials in providing protection to ensure fairness and sound occupational health for the maximum benet of both employers and employees. 7.2 Major Recruitment Agencies and Websites Table 7 lists the major recruitment agencies in Thailand and their websites.
Table 7: Major Recruitment Agencies and Websites TOP THREE internet Recruitment Agencies SiamHRM Jobbkk.com Jobth.com Leading head-huntING Agencies Kelly Services Adecco websites www.siamhrm.com www.jobbkk.com www.jobth.com websites www.kellyservices.co.th www.adecco.co.th
Sources: Internet Innovation Research Centre

7.3 Average Salary Range The median salary ranges (per year) by job, employer type, industry, city and degree in Thailand as on 1 October 2012, as per PayScale, are presented in tables 8 to 12 below:

Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 34

Table 8: Median Salary by Job in Thailand as of 1 october 2012 Job Project Manager, IT General Manager, Hotel IT Manager Managing Director Software Engineer/Developer/ Programmer Country Manager, General Operations IT Consultant median salary (in EUR) 27.530 29.519 19.241 NA NA NA NA
Source: PayScale, 2012

Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 35

Table 9: Median Salary by Employer Type in Thailand as of

1 october 2012

EMPLOYER TYPE Company Private Practice/Firm Non-Prot Organisation School/School District College/University Other Organisation Hospital Government - State & Local Self-Employed Government - Federal Contract Foundation/Trust Franchise Team

MEDIAN SALARY (IN EUR) 17.494 14.406 16.391 14.834 11.147 14.840 13.914 16.680 15.576 22.326 22.656 14.160 9.912 11.328
Source: PayScale, 2012

Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 36

Table 10: Median Salary by Industry in Thailand as of

1 october 2012
INDUSTRY IT Services Hotel

MEDIAN SALARY (IN EUR) 17.147 15.576 20.216 19.134 NA 13.914 NA

Source: PayScale, 2012

Hotel and Hospitality Management Banking Software Development IT Consulting Financial Services

Table 11: Median Salary by Company Size in Thailand as of

1 october 2012

COMPANY SIZE 1-9 10-49 50-199 200-599 600-1,999 2,000-4,999 5,000-19,999 20,000-49,999 50,000+
Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011)

MEDIAN SALARY (IN EUR) 12.141 14.083 19.094 18.983 22.828 27.903 24.236 28.320 32.614
Source: PayScale, 2012

37

Table 12: Median Salary by Degree/Major Subject in Thailand as of 1 october 2012 DEGREE / MAJOR SUBJECT Master of Business Administration (MBA) Master of Science (MS/MSc) Bachelor of Business Administration (BBA) Bachelor of Science (BS/BSc), Computer Science Masters Degree Bachelor of Engineering (BE/BEng) Bachelor of Arts (BA/AB) MEDIAN SALARY (IN EUR) 9.202- 96.878 8.810- 11.525 NA NA NA 8.554- 33.394 5.940- 30.373
Sources: PayScale, 2012

Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 38

8 Taxation
8.1 Taxation in Thailand In Thailand, taxes are imposed at both national and local levels. The central government is the main taxing authority. The principal taxes levied by the central government include direct taxes (such as personal income tax, corporate income tax and petroleum income tax), and indirect income taxes (such as valueadded tax, specic business tax, customs duties, excise tax and stamp duties). The principal tax law in Thailand is the Revenue Code, which governs personal and corporate income taxes, value-added tax, specic business tax, and stamp duties. The Revenue Department Ministry of Finance is the main authority responsible for the tax administration. In addition, the Customs Department Ministry of Finance regulate customs duties; and the Excise Department Ministry of Finance, is responsible for the administration of excise tax. 8.2 Tax Rates 8.2.1 Corporate Income Tax33 All juristic companies and partnerships established under Thai or foreign law which carry on business in Thailand are subject to corporate income tax. A Thai company is subject to tax on worldwide income, while a foreign company is subject to tax on income generated in Thailand. Tax is generally levied at the rate of 30 percent of net prot. However, there are specic tax rates for certain types of taxpayers.

33

Source: Revenue Department, Thailand Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 39

Table 13: Corporate Income Tax Rates in Thailand TAXPAYER Thai and foreign companies not listed in Stock Exchange of Thailand (SET) Small companies with paidup capital less than EUR 118.000 at the end of each accounting period TAX BASE Net prot TAX RATE 30%

Net prot not exceeding EUR 23.600 Net prot over EUR 23.600 but not exceeding EUR 70.800 Net prot exceeding 30% EUR 70.800

15% 25%

30% 25% 30%

Companies listed in Stock Exchange of Thailand (SET)

Net prot for the rst EUR 7,08 million Net prot for the 30% amount exceeding EUR 7,08 million

Foreign companies engaging in international transportation Foreign companies not carrying on business in Thailand but receiving dividends from Thailand Foreign companies not carrying on business in Thailand but receiving other types of income besides dividend from Thailand Foreign companies disposing prot out of Thailand

Gross receipts

3%

Gross receipts

10%

Gross receipts

15%

Amount disposed

10%

Source: The Revenue Department, Thailand Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 40

8.2.2 Withholding Tax34 Foreign companies that do not carry on business in Thailand are subject to withholding tax on certain categories of income generated in Thailand. The withholding tax rates applied to foreign companies may be further reduced or exempted under tax treaties.
Table 14: Withholding Tax Rates in Thailand CATEGORY Rate on Dividends Rate on Interest TAX RATE 10% of dividends paid to Thai and foreign companies 1% of interest paid by nancial institutions (banks and nance companies) to Thai companies that are not nancial institutions 15% of interest paid to foreign companies 3% of royalties paid to Thai companies and partnerships 15% of royalties paid to foreign companies 15% of capital gains, service fees, professional fees and rents paid to foreign companies 3% of service fees and professional fees paid to Thai companies or permanent branch ofces of foreign companies 5% of service fees and professional fees paid to non-permanent branch ofces of foreign companies
Source: The Revenue Department, Thailand

Rate on Royalties

Others

8.2.3 Personal Income Tax35 Taxable income (net assessable income) of an individual is derived after all expenses and allowances have been deducted from the assessable income. Taxable income shall be subject to tax at progressive rates ranging from 10 percent to 37 percent, with an exemption on the rst EUR 3.540 of net assessable income.
34 35

Source: Revenue Department, Thailand Source: Revenue Department, Thailand 41

Table 15: Personal Income Tax Rates in Thailand TAXABLE INCOME (EUR) 0 3.540 3.540 11.800 11.800 23.600 23.600 94.400 94.400 and over MARGINAL TAXABLE INCOME (EUR) 3.540 8.260 11.800 70.800 NA TAX RATE MAXIMUM ACCUMULATED TAX (EUR) 0 826 4720 21.240 NA

Exempt 10% 12% 30% 37%

Source: The Revenue Department, Thailand

8.2.4 Value-added Tax

36

Value-added tax (VAT) is an indirect tax collected upon consumption, i.e. at each stage of production or distribution of goods or provision of services. The standard rate for VAT is 7 percent. All sales of goods, provision of services and imports of goods are subject to this rate. However, certain business activities are subject to VAT at the rate of zero percent, including the following: | Exports of goods | Services performed in Thailand but utilised in a foreign country | International transport services through aircraft or sea vessels | Supply of goods and services to government agencies or state-owned companies under foreign aid programmes, and the United Nations and its organisations 8.3 Tax Incentives The Board of Investment of Thailand provides tax incentives to investors and companies who invest in projects in Investment
36

Source: Revenue Department, Thailand 42

Promotion Zones. The tax incentives vary depending on the location of the investment. In fact, the tax incentives are categorised based on three zones throughout the country.
Table 16: Tax Incentives for Investment Promotion Zones

in Thailand
ZONE Zone 1

LOCATION Bangkok, Samut Prakan, Samut Sakhon, Nakhon Pathom, Nonthaburi and Pathum Thani

TAX INCENTIVES 50% reduction of import duties on machinery that is subject to import duties of not less than 10% Corporate income tax exemption for 3 years for projects located within industrial estates, provided that such a project with a capital investment of not less than EUR 0,20 million (excluding cost of land and working capital) obtains ISO 9000 or similar international standard certication within 2 years from its start-up date; otherwise the corporate income tax exemption will be reduced by 1 year Import duty exemption on raw or essential materials used in the manufacturing of export products for 1 year

Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 43

ZONE Zone 2

LOCATION Ang Thong, Ayutthaya, Chachoengsao, Chonburi, Kanchanaburi, Nakhon Nayok, Phuket, Ratchaburi, Rayong, Samut Songkhram, Saraburi and Suphanburi

TAX INCENTIVES Import duty exemption on machinery for projects located within industrial estates; and 50% reduction of import duties on machinery that is subject to import duties of not less than 10% for projects located outside industrial estates Corporate income tax exemption for 3 years, increased to 7 years, for projects located within industrial estates, provided that such a project with capital investment of not less than EUR 0,20 million (excluding cost of land and working capital) obtains ISO 9000 or similar international standard certication within 2 years from its start-up date; otherwise the corporate income tax exemption will be reduced by 1 year Import duty exemption on raw or essential materials used in the manufacturing of export products for 1 year

Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 44

ZONE Zone 3

LOCATION The remaining 58 provinces

TAX INCENTIVES Import duty exemption on machinery Corporate income tax exemption for 8 years, provided that a project with capital investment of not less than EUR 0,20 million (excluding cost of land and working capital) obtains ISO 9000 or similar international standard certication within 2 years from its start-up date; otherwise the corporate income tax exemption will be reduced by 1 year Import duty exemption on raw or essential materials used in the manufacturing of export products for 5 years Deduction made from net prot of 25% of the projects infrastructure installation or construction costs in addition to normal depreciation; and such deduction can be made from the net prot of one or several years within 10 years from the date of rst sales
Source: The Board of Investment, Thailand

8.4 Double Tax Treaty37 Thailand has concluded double taxation agreements with many countries, including Luxembourg. The general principle is that the country in which the income arises (source country) has the prior right to tax and the country of residence will grant relief (tax exemption or tax credit) from paying taxes twice on the same income. Another advantage of tax treaties is to provide cooperation between governments in preventing tax evasion.
37

Source: Revenue Department, Thailand Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 45

The agreement regarding double taxation between Thailand and Luxembourg is specied in the Convention between the Kingdom of Thailand and the Grand Duchy of Luxembourg for the Avoidance of Double taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital. The convention applies to taxes on income and on the capital of individual and juristic entities, including the following: | In the case of Thailand: Income tax Petroleum income tax | In the case of Luxembourg: Income tax on individuals Corporation tax Tax on fees of directors of companies Capital tax Communal trade tax 8.5 Repatriation of Profits38 The repatriation of after-tax prots of a branch ofce in Thailand to the foreign parent company, or keeping such prots abroad where the parent company has directly received a payment for goods sold or services performed in Thailand, is subject to further income tax at the rate of 10 percent of the after-tax prots actually or deemed to be remitted. Repatriation of assessable income from Thailand to foreign companies not carrying on business in Thailand is subject to the following withholding taxes: | 10 percent of dividends | 15 percent of royalties, interest, rent, service fees or capital gains Regional operating headquarters (ROH) are exempted from withholding taxes on prot repatriation.
38

Source: Business Information Centre 46

9 Appendix
Appendix I: Useful Links and Addresses
type of organisation address

Ministries, Agencies and Services in Thailand Embassy of the Grand Duchy of Luxembourg in Bangkok Embassy of Luxembourg, Q House Lumpini, 17th Floor, 1 South Sathorn Road, Tungmahamek, Sathorn, Bangkok 10120 Royal Thai Embassy, Chaussee de Waterloo, 876, 1000, Brussels, Belgium Royal Thai Consulate-General, 14, Rue Erasme, L-1468, Luxembourg Government House, 1 Nakornpratom Road, Dusit, Bangkok 10300 Ministry of Finance, Rama 6 Road, Phayathai, Bangkok 10400 Ministry of Foreign Affairs, 443 Sri Ayudhya Road, Bangkok 10400 Ministry of Commerce, 44/100 Nonthaburi 1 Road, Muang, Nonthaburi 11000 Ministry of Labour and Welfare, Mitmaitri Road, Dindaeng, Bangkok 10400 Department of Business Development, 44/100 Nonthaburi 1 Road, Muang, Nonthaburi 11000

Royal Thai Embassy in Brussels

Royal Thai Consulate-General in Luxembourg Royal Thai Government

Ministry of Finance

Ministry of Foreign Affairs

Ministry of Commerce

Ministry of Labour and Welfare Department of Business Development

Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011)

47

Contacts

website

Tel: +66-(0)2677-7360 Fax: +66-(0)2677-7364 Email: bangkok.amb@mae.etat.lu Tel: +32-2-640-68-10 Fax: +32-2-648-30-66 Tel: +35-2-40-78-78 Fax: +35-2-40-78-04 Tel: +66-(0)2280-3000 Email: spokesman@thaigov.go.thh Tel: +66-(0)2273-9021 Fax: +66-(0)2273-9790 Tel: +66-(0)2643-5000

http://bangkok.mae.lu/

http://www.thaiembassy.be/

Not Applicable

http://www.thaigov.go.th/

http://www2.mof.go.th/

http://www.mfa.go.th/

Tel: +66-(0)2507-8000 Fax: +66-(0)2507-7717 Tel: +66-(0)2245-4310 to 14 Fax: +66-(0)247-5380 Tel: +66-(0)2547-5050 Fax: +66-(0)2547-4459
Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011)

http://www.moc.go.th/

http://www.mol.go.th/

http://www.thairegistration.com/

48

type of organisation Bank of Thailand

address Bank of Thailand, 273 Samsen Road, Bangkhunprom, Bangkok 10200 Stock Exchange of Thailand, 62 Ratchadaphisek Road, Klongtoey, Bangkok 10110 Board of Investment, 555 Vibhavadi-Rangsit Road, Chatuchak, Bangkok 10900 Revenue Department, 90 Soi Phaholyothin 7, Phaholyothin Road, Bangkok 10400 Social Security Ofce, 88/28 Moo 4 Tivanond Road, Talad Khwan, Muang, Nonthaburi 11000 Customs Department, 1 Sunthornkosa Road, Klongtoey, Bangkok 10110 Department of Export Promotion, 44/100 Nontaburi 1 Road, Bang Krasor, Muang, Nontaburi 11000

Stock Exchange of Thailand (SET) Board of Investment (BOI)

Revenue Department

Social Security Ofce

Customs Department

Department of Export Promotion

Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 49

Contacts Tel: +66-(0)2283-5353 Tel: +66-(0)2283-5010 Fax: +66-(0)2280-0449 Fax: +66-(0)2280-0626 Tel: +66-(0)2229-2000 Tel: +66-(0)2229-2222 Tel: +66-(0)2537-8111 to 55 Fax: +66-(0)2537-8177 Email: head@boi.go.th Tel: +66-(0)2272-8000 Tel: +66-(0)2617-3321 Fax: +66-(0)2617-3324 Tel: +66-(0)2956-2345 Fax: +66-(0)2526-0658 Email: info@sso.go.th Tel: +66-(0)2249-0431 to 40 Fax: +66-(0)2667-7334 Tel: +66-(0)2507-7999 Fax: +66-(0)2507-8019 Email: tidep@depthai.co.th

website http://www.bot.or.th/

http://www.set.or.th/

http://www.boi.go.th/

http://www.rd.go.th/

http://www.sso.go.th/

http://www.customs.go.th/

http://www.thaitrade.com/ http://www.depthai.go.th/

Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 50

10 Disclaimer
The Government of the Grand Duchy of Luxembourg declines all responsibility regarding the use of information featured in this document. The contents are provided for information purposes only. They contain information which is not necessarily complete, exhaustive, precise or up to date. In the event of discrepancies between the texts of this publication and the original documents, the original documents as ofcially published shall apply. This publication may refer to external sites over which the Government of the Grand Duchy of Luxembourg has no control and for which it declines all responsibility.

Conversion Rates used are as follows: 1 USD = EUR 0.7179 (2011) 1 THB = EUR 0.0236 (2011) 51

Luxembourg for Business 19-21 Boulevard Royal L-2914 Luxembourg Grand Duchy of Luxembourg info@luxembourgforbusiness.lu www.luxembourgforbusiness.lu

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FEBRUARY 2013