[Thailand] Starting a new company, Key persons from 3 to 2 people. Starting on February 7, 2023

November 8, 2022. Royal Thai Government Gazette website has published a new law act Amendment to the Civil and Commercial Code (No. 23) B.E. 2565 with the aim of amending the law-related company to match world nowadays.

Up until now, registering or adjusting the company has not adapting the usage of technology for work. Establishing a new company create an unnecessary burden to people. But starting from this day, amended law will strengthen the competitiveness to other country.

The announcement of the law will be effective after the expiration of 90 days from the date of publication in the Government Gazette. Therefore, the announcement was started on 8th November 2022, but the law came into force after 90 days, which is 7th February 2023.

Important details are as follows.

Allow the registration of a 2-person company.

Originally from 3 people, but now only 2 people to register the company.

Able to hold board meetings online.

Originally from having to meet in a certain place. Now you can hold a meeting online such as Zoom, Teams, Google Meet and others.

No longer necessary to call an important meeting through a newspaper.

Up until now, Major meetings usually need to be announced in the newspaper. For example, an announcement of a change of shareholders, change of capital for company or company dissolution meeting. After new law took effect, depending on the cases, the announcement will no longer need to publish in the newspaper. Posting through electronic media channels is allowed too.

Company Mergers are more flexible.

Normally, the merger of Company A and B only becomes Company C. But it can be chosen from now on when A+B can become either C or A or B.