Audit, Advisory, Transfer Pricing and M&A Consultants in Madrid
The Audit & Advisory, Transfer Pricing and M&A office ECOVIS Audit Madrid Grosclaude & Partners began its activities on 1990. It is an independent auditing and consultancy firm focused on domestic and foreign companies located in Spain.
Digital Nomad Work: Malta Launches Nomad Residence Permit
In June 2021, the Residency Malta Agency introduced a Nomad Residence Permit (NRP). This new temporary residence permit allows non-EU individuals to work remotely whilst living in Malta.
Everyone who holds the NRP can legally reside in Malta while keeping their current employment in another country. To qualify for the permit, applicants must meet several conditions, including working for a non-Maltese company. The fee for the permit is EUR 300 and it is valid for one year.
If you are applying for the Nomad Residence Permit in Malta, you should know the tax implications. We are happy to advise you on this Anthony Vella, CPA Managing Director, ECOVIS Malta, Mosta, Malta
Would you like to know more about the Digital Nomad Work in Malta? Details of the conditions, application process and renewal can be found in our Maltese article.
In addition to our existing partners of ECOVIS DCA we welcome our new partners from O’Connor Solicitors – Member of ECOVIS International headquartered in Dublin.
Established in 1994 (out of the practice J.G. O’Connor & Co), O’Connor Solicitors – Member of ECOVIS International is a midsized firm with a focus in commercial and administrative law, employment, commercial property, regulation, and commercial litigation. In August 2019, the firm merged with Peter Morrissey and Company Solicitors, an established commercial property practise based in Dublin. Currently the four equity partners George O’Connor, Ruth O’Connor, John O’Connor and Peter Benson lead a team of 12.
We warmly welcome our new colleagues from Dublin to the Ecovis family!
Representative Office Thailand: Along with Regional Office or Branch an Alternative for Expansion in Thailand
A limited company is one of the most common solutions for international companies looking to expand their business activities into Thailand. However, there are alternatives that offer advantages.
Representative Office & Regional Office
A representative office (“rep-office”) or a regional office are suitable options for international companies who simply wish to obtain a juristic person number from the Thai authorities. With this number it is not necessary to set up a separate company or apply for a Foreign Business License (FBL). However, companies must set up physical offices to carry out any legally permitted activities not related to income.
Representative Office activities not related to income:
Sourcing of goods or services in Thailand for the head office
Checking and controlling the quality and quantity of the goods purchased or hired by the head office for manufacture in Thailand
Giving advice concerning goods from the head office sold to agents or consumers
Propagation of information concerning new goods or services from the head office
Reporting to the head office on business trends in Thailand
Regional office activities not related to income:
Communicating, coordinating and directing, on behalf of the head office, the operation of branches and affiliates that are located in the region
Consulting and management in training and human resources development
Providing financial management services
Marketing control and sales promotion planning
Services in research and development
A rep-office or a regional office may not generate any income except for the financial support from its head office – which shall not be subject to corporate income tax – or receive any purchase orders, make sales or negotiate business with any third party. The minimum capital required to register a rep-office or a regional office is THB 2 million (approx. USD 62,092), which must be brought/transferred to their Thai bank account within 3 years as follows:
The first 25% of the required registered capital is to be paid within the first 3 months of operation
The second 25% is to be paid within the first year of operation
The third 25% is to be paid within the second year of operation
The remainder is to be paid within the third year of operation
Do you want to expand your business to Thailand? Together we will help you find the best company form for your business. Bunnasomboon (Aaron) Chaiparinya, Partner, JTJB International Lawyers Co., Ltd. – Member of ECOVIS International, Bangkok, Thailand
Although a rep-office or a regional office would be seen as a branch office in some countries, in Thailand, subject to the FBL, a branch office can obtain a juristic person number and perform any “income-related activity” in Thailand on behalf of its head office.
The required minimum capital for a branch office is minimum THB 3 million (or more depending on the FBL requirements). The registration process for a branch office could be significantly longer than for a rep-office or regional office, depending on the type of business activity, explain the advisers from JTJB International Lawyers Co., Ltd. – Member of ECOVIS International.
For further information please contact:
Bunnasomboon (Aaron) Chaiparinya, Partner, JTJB International Lawyers Co., Ltd. – Member of ECOVIS International, Bangkok, Thailand
Yukgrit Kantamanee, Associate, JTJB International Lawyers Co., Ltd. – Member of ECOVIS International, Bangkok, Thailand