Thai Foundation establishment is a commonly used vehicle for philanthropic individuals to share their blessings to the less fortunate.
The Thai Commercial and Civil Code defines a “foundation” as assets arranged only for the purpose of charity, religion, arts, science, literature, education, or any public interest that are duly registered under the regulations of the law.
In addition, no trustee, director or any member may directly benefit from the profits earned by the foundation incidental to its operation.
APPLICATION PROCEDURES TO SET UP A THAI FOUNDATION?
The Thailand Ministry of the Interior rules and regulations for setting up a Thai Foundation are outlined in the legislation of The Ministerial Regulations of Regulations, Operation and Registration of the Foundation B.E. 2545 (2002).
The application form for the registration of a Thai Foundation must be submitted to the registrar of the district with jurisdiction over the location where the Thai Foundation will be established.
The following documents are also required:
- 1) of assets of the owners
- 2) of allocated assets for the Thai Foundation and registered document indicating the promise to donate these assets
- 3) Copy of testament if an asset was given to the Thai Foundation by virtue thereof
- 4) Name, address and profession of all the members of the board of directors of the Thai Foundation
- 5) Regulations of the Thai Foundation
- 6) Copy of ID card or other types of Identification cards issued by the government and copy of the house registration of the owners and members of the board of directors (if he is a priest or a foreigner, other documents reflecting his status and address would suffice)
- 7) Map of the principal office and its branch offices (if any) and the written consent of the landlord or owner of these properties.
- 8) Minutes of the meeting convened for the establishment of the Thai Foundation.
Assets of a Thai Foundation must have a value of 500,000 baht, with at least 250,000 baht in cash. Certain charitable objectives allow a Thai Foundation to have assets of only 250,000 baht in value, with only 100,000 baht in cash.
Upon receipt of the aforementioned papers, the District Office will evaluate the application. The District Office will transfer the application to the Ministry of Interior. If the Thai Foundation has any objectives that are relevant to any other government department, the Ministry of Interior will send the application to that department for consideration.
The entire application procedure may take up to one year after which the applicant will be informed of the Ministry of Interior’s decision.
DO YOU NEED A LAWYER TO SET UP A THAI FOUNDATION?
“Application to set up a Thai Foundation can be very complicated if you have not done it before, and may take you up to a year to complete the process. This is mainly due to the registration procedures: detailed document requirements for Thai language. At TSL & Associates, our experienced lawyers (Expats and Thai) have the language and expertise to communicate in Thai on your behalf and successfully set up your foundation.
TSL & Associates can also provide assistance in setting up efficient tax solutions for your Thai Foundation. Our lawyers are experts in the field and can advise clients on the correct basis for assessment of tax liabilities, overcharging, exemptions and incentives provided by the Thai government.
For your convenience TSL & Associates can help you set up a company while getting you a Thai Visa at the same time. Please contact us to assist you with your Thai Foundation Application!”
Notes Regarding Set Up of a Thai Foundation:
“Choosing a Thai law firm specialising in international law to assist you with setting up a Thai Foundation will ensure that it is properly registered and avoid having legal difficulties in the future.
If you would like assistance with setting up your foundation in Thailand please consult TSL & Associates”.