Setting up an overseas subsidiary
(Note: We reserve the right to refuse assignments in certain industries.)
- Hong Kong
- China
- Thailand
- Offshore
Setting up in Hong Kong
Hong Kong is ideally positioned as a trade hub for doing business in China and Asia, as well as for offshore-based individual asset management and licensing schemes.
Minimum capitalization is just HK$1 (around ¥15), and it costs only HK$28,000 to set up a new business inclusive of taxes and charges.
If you provide basic details such as the company name and a list of directors, Silom Partners will do the rest, from registration of new offices in Japan and Hong Kong to preparation of accounting and taxation reports. And if you set up your Hong Kong subsidiary in the Silom Partners Hong Kong office building, we will forward all your mail to Japan, allowing you to manage your Hong Kong subsidiary directly from Japan.
Once your subsidiary is up and running, our local Japanese-speaking staff will assist you in opening a corporate account with one of the local banks such as the Hong Kong and Shanghai Banking Corporation (HSBC) or Bank of China (Hong Kong), at no extra cost.
Main consulting fields
- Bookkeeping advice and agency service
- Management briefing materials for key decisions
- Introduction to computer accounting
- Outsourcing of accounting and finance procedures
- Preparation of monthly and end of term financial reports
- Preparation advice of consolidated financial statements
- Reporting to head office in Japan
Setting up in China
Silom Partners Hong Kong office provides a comprehensive suite of attractively priced consulting services to help new businesses navigate the complex processes involved in setting up operations in China, from advice on financial and tax reporting requirements to assistance with opening bank accounts.
Main consulting fields
- Bookkeeping advice and agency service
- Management briefing materials for key decisions
- Bookkeeping advice and agency service
- Management briefing materials for key decisions
- Preparation of monthly and end of term financial reports
- Preparation advice of consolidated financial statements
- Preparation of monthly and end of term financial reports
Setting up in Thailand
Silom Partners advises businesses on setting up local subsidiary operations in Thailand, through our dedicated mobile office on the ground.
Registration procedures and applications in Thailand
- Trademark registration
- Company registration
- Income tax registration
- Articles of Association registration
- Corporate tax registration (value added tax/company tax)
- Corporate bank accounts
- Inaugural general meeting of shareholders
- Work permits/visas for Japanese nationals (one only)
- Customs Card (customs and tariffs)
Assistance with work permits and approvals
A foreign national wishing to work in Thailand is required to apply for a work permit by submitting the documents listed below, irrespective of visa category. In most cases, a foreign national can commence paid employment from the issue date of the permit and tax will be payable from that date.
| Capitalization | Minimum two million baht per foreign national work permit |
|---|---|
| Local recruitment | The applicant must either demonstrate reasonable efforts to employ Thai nationals or commit to employing a minimum of seven Thai nationals for each foreign national work permit |
| Tax obligations | The applicant must fulfil all relevant tax obligations including withholding tax, value added tax and corporate tax, and register in the national health scheme |
| Position description | Work permits will not be granted for roles that can readily be filled by Thai nationals including basic unskilled work, sales, retail, customer liaison, legal affairs, accounting, finance and administration |
| Job rank | Setting up a local branch or agency (domestic or overseas) |
- Passport (original plus photocopy)
- Four passport photographs (5 cm x 6 cm)
- Certificate of health issued in Thailand
- Graduation certificate certified by Embassy of Thailand in Japan (or by Embassy of Japan in Thailand if written in both English and Japanese)
- CV/work history (in English)
- Proof of expiry/rescindment/return of previous work permit (where applicable)
- Non-immigrant visa issued by consular representative of Embassy of Thailand
- Business permit
- Articles of Association
- List of major shareholders
- Corporate tax registration
- Value added tax registration
- Income tax return with receipts
- Company structure
- Location map
- Interior and exterior photographs of the company building
- List of foreign employees
- Statement of accounts
Foreign subsidiaries will only be approved for operation in the following 40 industries. Note that additional licenses/permits, deposit guarantees and/or construction permits may be required in some industries.
- All forms of asset and property dealings including disposal, provision, acquisition, rental/leasing, ownership, control, improvement and/or utilization thereof
- Disposal, transfer, mortgage, pledge and conversion of property by any means
- Agency, proxy, distribution and mediation services for any business or company (except for insurance products, membership recruitment and securities trading)
- Processing, issuance, transfer and endorsement of loans, bills (including checks) and other transferable documents with or without collateral borrowings, overdrafts and other credit facilities from banks, incorporated entities or other financial institutions (excluding banks, financial institutions and securities firms)
- Setting up local branches or agencies (domestic or overseas)
- Limited investor in limited partnership or shareholder in joint-stock or listed company
- Trading in animal meat in raw, frozen or canned form
- Trading in rice and rice products, tapioca and tapioca products, corn, sesame, vegetables, castor-oil plant, fruit, wild flora and fauna, medicinal herbs, hides and skins, animal horns or any other type of agricultural produce
- All forms of asset and property dealings including sale, provision, acquisition, rental/leasing, ownership, control, improvement and/or utilization thereof
- Trading in cloth, clothing (finished or unfinished), clothing accessories, stockings, socks, leather products, bags, sports equipment and other consumable clothing items
- Selling of refrigerators/freezers, air conditioners, cooling fans, electric rice cookers, irons, pumps, microwave ovens, coolers, kitchen supplies, household furniture, electric appliances and associated parts and components
- Trading in construction materials, supplies, equipment, tools and implements; paints, painting tools and equipment; iron and copper utensils; plumbing and sanitary fixtures; and household ornamental and decorative features
- Trading in machinery, motors, machine tools, energy-saving devices, passenger transportation equipment, power generators, electrical equipment, pumps, vacuum equipment and water purifiers and treatment systems
- Trading in oil, coal, gasoline and other forms of energy; operation of gasoline stations
- Trading in human and animal treatments, designated health insurance medicines, pharmaceutical products, chemical medicines, medical instruments, manufacturing instruments, animal feed, agricultural produce, livestock supplements and/or chemical equipment
- Trading in cosmetics, ordinary household items or beauty equipment
- Trading in paper, stationery, textbooks, printing paper, books, teaching materials, printers and printing equipment, printed materials, bookshelves and shelving units, office supplies, fixtures and fittings, newspapers, photographic/video shooting equipment and supplies, films, computers and communication equipment and devices as well as associated parts and components
- Trading in gold, gold-copper alloy, silver, diamonds, precious stones, other jewelry and replicas thereof
- Trading in plastics and equivalent materials and products made from same
- Imitation rubber, imitation articles and imitation articles made via chemical processing
- Placing an order for domestic manufacture of articles and selling articles in foreign markets
- Bidding for rights to sell to individual consumers, private groups, corporations, local government offices and national government bodies either directly or as a subcontractor
- Manufacture and distribution of electronic equipment and components thereof
- Operation of mines and smelting furnaces, mineral sorting and grading, mineral conversion, casting, ore surveying, ore analysis and testing, ore crushing, and transportation of materials
- Operation of hotels and inns, restaurants, bars, nightclubs, bowling alleys, massage parlors, movie theaters, live theaters, summer resorts, sports grounds and pools
- Provision of passenger and/or cargo transportation services by air, sea and land and associated customs clearance procedures
- Tourism operations and tour guide services
- Trading in foreign currencies (with appropriate Finance Ministry permit)
- Placing an order for domestic manufacture of articles and selling articles in foreign markets
- Hairdressing and beautician services, needlework and clothes washing services
- Photography, developing, plating and document processing services
- Film production and distribution
- Operation of gasoline stations and vehicle servicing centers for all vehicle types; fire prevention and improvement services
- Legislation, bookkeeping, construction, civil engineering and advertising agency services
- Agency/mediation services for emigrants/immigrants in relation to debt guarantees, emigration/immigration, taxation and other legal matters
- Consulting on business management, trade, industry, manufacturing, market research and other sectors
- Storage, analysis and printing out of statistical data on agriculture, commerce, industry, finance, business management and other sectors
- Coordination of internship programs for private hospitals and clinicians involved in the treatment of ill and injured patients
- Profit audits, control, asset disposal and other management services
- Bidding for rights to sell and/or provide employment services to individual consumers, private groups, corporations, local government offices and national government bodies
Silom Partners can assist you in obtaining the necessary work permits and approvals.
Setting up in Offshore
Silom Partners can assist you in setting up an offshore subsidiary via a simplified and time-efficient process.
| Territory | Establishment process charge | Government applications and approvals charge |
|---|---|---|
| Hong Kong | HK$25,400 | HK$3,600 |
| British Virgin Islands | HK$25,400 | HK$780 |
| Cayman Islands | HK$25,400 | HK$1,980 |