At least three natural persons (not necessarily Thai citizens) must act
as promoters to establish a private limited company, with each
promoter holding at least one share, thus becoming a shareholder upon
incorporation. The par value of share of a private limited company is
at least 5 baht and each share must be at least 25% paid-up. Promoters
must execute a Memorandum of Association (MOA), which includes
the company’s name and location, objectives, registered capital,
number of shares, and details of the promoters.