The company promoters are responsible for registering the company with the Ministry of Commerce (MOC). The promoters must be individuals (not juristic persons). They must be available to sign documentation during the registration process. There must be a minimum of 3 promoters for a private limited company and at least 15 promoters for a public limited company.
The promoter of a private limited company must be 12 years of age or older, for a public limited company the promoters must be 20 years of age or older.
Each promoter of a private limited company is required to be among the company’s initial shareholders immediately after the company’s registration and is required to hold a minimum of one share upon the company’s registration. They are generally free to transfer those shares to existing shareholders or third parties, thereafter, if they wish. It is not required for the individuals serving as promoters to reside in Thailand.
Promoters’ potential legal liability is generally limited to the par value of the shares they will hold after registration is completed. The promoters are also responsible for paying expenses associated with the company’s registration. After registration, however, the company may choose the reimburse the promoters for those expenses.
Q1; We are 3 Malaysian investors and planing to register a company but we are processing to find the proper Thai partner so is it possible to use all of 3 to be the promoters?
Panwa: Yes, you can start with 3 Malaysian promoters first but when the company is already set up your company are unable to carry on business except the kind of business is not limit under Foreign Business Act.