Thai Cabinet backs start-ups

BANGKOK, May 25 (TNA) - The Thai Cabinet has endorsed an amendment to the Civil and Commercial Laws to facilitate the registration of new businesses, or start-ups. Thai Commerce Minister Apiradi Tantraporn told journalists of the update after the Cabinet's weekly meeting at Bangkok's Government House on May 24, noting that the amendment allows a start-up registration to need only an authorized director signing every share certificate with no requirement of any stamp. Apiradi said the change should shorten the business registration process to only four days. Besides, only two persons will be able to seek the registration of a firm or a partnership, from at least three persons as earlier required. Meanwhile, Government Spokesman Major General Sansern Kaewkamnerd stated that the amendment was aimed at supporting start-ups, while also allowing business operators to demand debt repayments through electronic letters, instead of written ones. Under the amendment, the spokesman acknowledged, a new start-up is required to pay dividends within a month after its board of directors approves the payment, while a merged company can use an old company name but its shareholders must be informed of the merger. According to the spokesman, the Thai Cabinet also ordered the Ministry of Commerce to discuss with the Council of State on measures to prevent foreigners from dominating businesses through proxies. (TNA)