Company in Thailand

[dan&ploy]

SDM: 3 shareholders sounds about right. I asked Ploy the cost of setting up our company and she thought it was about 5000 baht in government fees. Our work permit was 3000 baht from memory. You do issue 2 million baht in shares but if you accept a 39% share (instead of up to 49%) you don't have to show this (or pretend anything about it). I don't understand the land comment; our company bought our house (and land) without any problem.

If you want to pay ten times that to a group of syphilitic lawyers that is your choice. We stopped at 15000 baht with Sunbelt when they argued with our accountant over something, (he was right and they were wrong), and we realised they hadn't any more clue about what to do than my dead budgerigar. They also played the 'we have contacts at the Labour office' card. They hadn't.

You don't mention your wife? I am assuming she will be the majority shareholder?

[SDM]

Hi Dan

Beleive me I think what they have asked for is crazy money and the only reason I even asked them is that they did some work on my visa last year and were very good. I have joined the local rotary club and will ask some Farrangs there for some accountant recommendations.

Yes. My wife will be majority shareholder.

Regards

S

[dan&ploy]

You probably know my opinion of 'asking farangs' so I won't bore you again with it.

The company is a Thai company so you need a Thai accountant. Farangs will pay over the odds for foreign companies (like SunBelt) because they can't speak Thai and they have distrust of Thai people.

Ask your wife to ask around, as the majority shareholder and owner it is she that has to apply for your work permit, not you, and if you take the personal approach I believe you are far more likely to get it than using a 3rd party (and it will be much cheaper). We found our accountant via a friend of Ploy's that runs a computer repair shop. Apart from his worrying penchant for gambling he has managed everything we have asked of him. However he barely speaks a word of English so Ploy handles all of that. Your wife should do the same.

Save your money and avoid these parasites. The government departments will tell you what you need to do, they are relatively approachable. By making personal contacts with them you make everything easier for the future.

[Andy22]

Hi Op I am in a hurry so apologise for getting straight to the point. Yes you can set up a legal company in Thailand you just need to get a reputable lawer. Yes it is three shareholders (everything Dan said about social security is correct as is the number of thai you need to employ if you want a work permit. The set up fees are 11,500 baht then you should not pay no more than 5,000 service charge. If you are wanting a work permit your company will also have to register 2 million baht assetts. The higher your share in the company the more scrutiny you will come under.

In regard to Work permits the laws have changed slightly and are much strictor. I know this for I am currently going through the process. My school was inspected yesterday and like Dan I left this to my wife. Three inspectors came and were there for over half an hour. Have to rush now but will check back later. My last point you can set up a business in Thailand but it takes time and a vast amount of patience and resolve. Do not break the law here the consequences can be life destroying.

[dan&ploy]

As Andy says, don't do this unless your wife is able to take most of the burden. She has to be strong and patient and not willing to kow tow to the bureaucrats. It is like a game of poker.

And get some cats for both of you to kick, you'll need them.

[SDM]

Thank you gentlemen !

Do you know if I have to set up the company in the province that I want to operate in. I intend to operate in Phuket initially and then Hua Hin also. With that in mind can I set it up in either BKK or Nakornsithamatat. My wife has two uncles, both lawyers in these areas. They both specialize in criminal law but I am sure if I ask they can make a recommendation of a Thai corporate lawyer. I haven't asked yet because I didn't really want to get family involved until I am more sure of my facts.

Regards

S

[dan&ploy]

I don't think it matters where you set your company up (but I am not sure about that) but your work permit has to come from your local labour office; local that is to the company registered address.

You can work where you like but the company address must have an official sign outside (once registered) and the assumption is that is where you will contactable at all times, (visits from the labour office etc.). I wouldn't complicate things yet.

[caller]

I intend to operate in Phuket initially and then Hua Hin also.

Yup, Hua Hin needs another estate agent in the same way it needs more tailors!

[SDM]

Yup, Hua Hin needs another estate agent in the same way it needs more tailors!

With that rationale I would never have opened any of my UK offices either !!

S

[caller]

With that rationale I would never have opened any of my UK offices either !!

Okay the town is ever-growing, but it still seems a saturated market! Good luck to you as many others have tried and failed.

http://www.google.co.uk/#hl=en&gs_nf...w=1102&bih=602

[SDM]

Caller, you are not wrong but look at any UK High Street and you will see the same. It's really about the service that you offer and then receiving recomendation business. My UK firm specializes in the top end (flats up to a million and houses up to two), so we don't need to do very much to make a living. That is exactly the market I am after here where just any old agent can't really operate in.

My UK firm has been running for nearly 15 years now, and in my area also many have tried and failed.

S

[caller]

Well, there are some big players at the 'high end' in Hua Hin now, as you know doubt know. If you do ever get a base there, do let us know. From a current thread on the local forum, it seems the resale market could be a niche!