5.1.2 Public Limited Companies
There must be at least 15 Promoters in order to apply to incorporate a
public company. The promoters must subscribe to at least 5% of the
total shares, and must hold such shares for two years from the
company’s incorporation (registration) date, except where approval
from the shareholders meeting has been obtained. In addition, at least
50% of the Promoters must be residents of Thailand. The shares in a
public limited company must be fully paid-up. As with private limited
companies, the promoters must hold a statutory meeting to elect the
directors, appoint an auditor, etc. The board of directors must have no
less than five members, at least half of whom must reside in Thailand.
The directors must make full disclosure of their shareholdings in the
company or its affiliates and generally have greater responsibility than
directors of private limited companies.
The SEC, under the authority of the SEC Act, is responsible for
approving the offering of securities to the public or any person and for
supervising the Stock Exchange of Thailand (SET). Only the shares of
public limited companies may be offered publicly and traded on the
SET. Public limited companies may also issue debentures and other
forms of securities to the public.
5.2 Partnerships
A partnership is a form of business organization in which two or more
parties join for a common business purpose and share the profits.
Partnerships may be ordinary or limited.