Can you open an insurance business with the company registration in Thailand?

The company registration in Thailand process is always changing and you do need to know the right information when it comes to creating any type of business. This relates to insurance companies too. It can help grow and evolve a lot, as long as you are actually allowed to create this type of business. Thankfully there are many options to pursue, as you will see below.

In 2015 Thailand chose to renew the Life and Non Life Insurance laws. They wanted to make it a bit better for the foreign people to create insurance companies. According to that new law, the foreign investors that choose to create insurance companies can have up to 25% of the company shares.

That being said, your insurance company needs to be registered as a public limited liability business according the Foreign Business Act. On top of that, the insurance company is not subject to approval from the BOT and the OIC.

They also added the fact that the Thai banks can own around 95% of the shares in an insurance business in the country. That’s quite interesting, considering the limitations for a foreigner that are imposed here. That brings the question whether it makes sense to invest in an insurance business as a foreigner or not. As you can see, the potential of having your own insurance business in the country certainly helps and it makes a lot of sense. It brings in front astonishing results and experiences, and you should totally keep that in mind for the company registration in Thailand.

What do you need to create a good insurance business? That depends on the situation but you still need 500 million TBH for the life insurance companies. 300 TBH will be needed for general insurance companies. So the type of business also matters here, which is something that you may want to consider and keep in mind in this particular situation. There will be a few challenges when it comes to establishing the business as a whole, according to the local laws.

But if you have the right legal support you can avoid all of that. Creating an insurance business is very important and it will give you the best possible approach. It will make it very simple to adjust the process and adapt it to the process as much as you can. This is the type of thing that helps push the boundaries as a foreigner.

Diversifying the type of businesses you create in Thailand makes a lot of sense. And the company registration in Thailand process is not that complex either, once you have the right documents. However, it makes sense to work with a legal team if possible. They will help you deal with all the quibbles and focus on the best experience. It certainly helps a lot and the payoff on its own can be among some of the best every time. It’s possible to create your own insurance business in Thailand as a foreigner, so that alone is amazing.

For more information, please visit Tilalegal.com