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kmanrox
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I have gotten some good leads on attornies in BKK to assist me with setting up my non-tangible business in BKK, but, before I speak with these people can any of your (perhaps ABC?) tell me what pricerange I am looking at to start my business in BKK... Taking into account I will only be hiring Thai workers to work on the Internet, not selling products or even doing business locally... I'm looking for a ballpark so I will be able to know if I am getting ripped on a retainer/fee when talking with the recommended attornies...
thx again
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Thai Girls : Meet Sexy Thai Girls
Posted on: 5:17 pm on Aug. 29, 2002
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chateaujade
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Expect to pay about 20,000-30,000 baht for a law firm to set up a corporation for you. That's very roughly $500 to $750 US and, is not very different from what you would pay in the US.
There are some small official fees.
For you to qualify for a work permit the registered capital must be minimum 2 Million baht (about $45,000 US). You must pay in 25% at time of incorporation and the balance within 8 maybe 10 months. You will be required to have X-number of Thai employees as well, for every non-Thai, including yourself. Labor Dept people will come in and spot check this and your staff had best all be on the pemises when they come calling.
You must be located in a suitable premises and the owner must give you a lease in the company name, with permission to operate the business from there, and he must furnish you with land title deed and household registration documents to support his ownership of the premises and land, this you need for VAT registration.
You will need 7 incorporators plus yourself and there must be minimum 7 shareholders at all times.
The maximum foreign (non Thai) ownership of shares is 49%. Don't get bogged down with the Alien Business law, it's a waste of time and basically, the types of business that qualify for more than 49% non Thai equity are so restricted that it's a joke.
Theoretically the BOI -- Board of Investment in the PM's office -- can grant exemptions allowing 100% foreign ownership but, BOI promotion will cost you 150,000 - 200,000 baht in legal fees. And they prefer that you not be in Bangkok or near Bangkok, the best promotion deals are in the countryside.
Doesn't this sound like fun?
Thanks your lucky stars you won't be setting up a factory or you would also be talking to the Ministry of Industry, and if you are manufacturing food, drugs, or cosmetics, also the Aw Yaw (Thai FDA) who would insist you follow US style Good Manufacturing Practices (GMP) before you get their factory license.
And if you want to make liquor you'd be shit out of luck.
Which is why I am moving my business to Laos. Even the communists are easier to deal with.
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Bangkok Women : Meet Sensual Bangkok Women
Posted on: 8:01 pm on Aug. 29, 2002
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ABC
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chateaujade:
Excellent information. Exactly what we went through when setting up our company in Thailand.
kmanrox:
One other thing that you should think about is tax. Not sure how large your business is going to be. This shoud not be a huge deal, since most companies should operate using the accrual basis. But, just incase you are thinking about not using it, here's some information from our attorney on that matter.
> > Kindly note that most of business is required to
> > prepare its accounts based on accrual basis.
> > However, if any business wishes to prepare its
> > account based on cash basis, it has to obtain
> prior
> > approval from the Director-General of Revenue
> > Department. From our experience, it is very
> > difficult to obtain such approval.
> >
> > There is no specification of the method of
> > preparation of accounts in the bylaws of the
> > Company. Therefore, no amendment is required.
> >
> > We will give further opinion on the proposed
> > contract as soon as possible.
Oh .. and "if" you are thinking about using a large accounting firm to go your taxes, here is a list of documents that Deloitte and PWCwanted to see.
1. A Copy of Memorandum of Association
> 2. A Copy of Articles of Association
> 3. A Copy of the Company's Affidavit
> 4. A Copy of Company Registration
> 5. A Copy of Taxpayer Identification Card
> 7. A Copy of VAT Registration Certificate
> (Phor.Por.20) or VAT
> Application (Phor.Por.01), if any
> 8. A Copy of Shareholders' list
> 9. A Copy of Minutes of Meeting.
Like chateaujade said "Doesn't this sound like fun?"
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Thai Girls : Meet Sexy Thai Girls
Posted on: 9:04 pm on Aug. 29, 2002
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kmanrox
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jesus h christ....
"For you to qualify for a work permit the registered capital must be minimum 2 Million baht (about $45,000 US). "
could you clarify this? i have to pay them 45k to start a business, or we must show 45k in our account for the business? i dont get it
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Bangkok Girls : Meet Sexy Bangkok Girls
Posted on: 11:21 pm on Aug. 29, 2002
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chateaujade
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"Registered capital" is the maximum amount of LIABILITY that the shareholders of a corporation, as a group, assume, each individually in proportion to their equity interest (% of shares.
Thus suppose you own 25% of the company's shares (stock). And the registered capital is 2 Million baht. The maximum amount of your liability is half a million baht, period.
But, you must actually pay in 500,000 baht for your stock. 25% of the total must be paid in at time of formation, and balance within 8 (maybe 10) months.
That is NOT a payment to the government, that is a payment to the Company.
The Thai government fee is 500 baht per 100,000 baht of registered capital, so for 2 Million registered capital the government fee is 10,000 baht, which is roughly $250 US.
It is possible to count equipment, etc as all or part of the registered capital but in practice the auditors may balk at this and/or require valuation of such equipment by the Bank of Thailand.
Once capital is paid in, you need not let is sit there, it can be used for any lawful company purpose. But it does have to be paid in. You are just moving money from hand to hand, both hands are really yours if you control the corporation.
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Bangkok Women : Meet Beautiful Thai Girls
Posted on: 12:43 pm on Aug. 30, 2002
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kmanrox
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ok, that makes much more sense...
i will consult an attorney on this, and get elaboration on the multitude of partners and the % being Thai. It was my initial understanding that if you are not doing tangible business that Thai business partners were not necessary....
Thx again!
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 5:11 pm on Aug. 30, 2002
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chateaujade
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For the incorporators, the number is 8 (one of them is you) and each incorporator must have at least 1 share (not same as 1%, as there will be a large number of shares, like 10,000, or 100,000, say). The lawyer can provide the extra incorporators, it's a formality.
The minimum number of shareholders is 7, including you, and 49% is the maximum number of shares that can be held by non-Thais. Agai, the lawyer can provide a nominee or nominees to hold the rest for you, execute a Power of Attorney giving you voting authority for those shares, an option to buy them at a nominal price (like 1 baht each -- or less) and make all this sort of thing permanent and irrevocable.
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Thai Girls : Meet Active Thai Girls
Posted on: 5:49 pm on Aug. 30, 2002
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kmanrox
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that explains it to a T... thx! That makes MUCH more sense!
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Thai Women : Meet Matured Thai Women
Posted on: 8:44 pm on Aug. 30, 2002
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kmanrox
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Once capital is paid in, you need not let is sit there, it can be used for any lawful company purpose. But it does have to be paid in. You are just moving money from hand to hand, both hands are really yours if you control the corporation.
ok, let me understand this correctly... basically once the 45k is registered, i could 'pay' a friend.. heh hemmm.. i mean a consultant 45k to consult for me if i wanted to move the money. Am I correct in thinking this?
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Bangkok Girls : Meet Attractive Thai Girls
Posted on: 1:18 am on Aug. 31, 2002
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