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chesternim
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Posts posted by chesternim
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I didn't know Dept of Immigration was concerned where your office was? (you better check that)
They certainly are not the Department that registers companies.
A company run by a foreigner has to be legit and that does mean occupying commercial premises and employing the Thai directors in real affairs of the business.
There is no requirement that the directors report daily to the office - especially if they are traveling salesmen etc.
So if any regulators want to see the Thai directors at work they better hop on a bus and monitor the highways around the country - or they could make an appointment! -
If the website is educational there is no VAT - as education is exempt regardless of it being an export or sold domestically!
Better yet tho - you can subcontract through Hong Kong - have the HK company handle all sales - then you are not exporting anything!
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You are looking at the wrong end of the stick. It is not the cost which you should look at but the benefit. Even 18000 Baht a year is expensive if the accountant does not save you a penny in tax. $300 a month (10k baht) is $10 a day day or 3 cups of coffee. I think that is expensive for coffee simply because I would rather pay just $1 a cup - but unfortunately the cups I can buy at Dunkin Donut at that price are about half the size of the mugs at Star Bucks - and the coffee tastes worst.
So do you want an accountant that is worth his salt or one that is very cheap?
I would not trust an 18000baht a year accountant to save me anything in taxes - so then if the tax I have to pay is like 500,000 Baht the cheap accountant probably costs a lot more than the more expensive better skilled and qualified types.
Don't look at the price tag until you feel the quality - what do you get for your money?
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How about this case: An artist (painter/photographer) or an author, who likes to spend time in Thailand, is content with a 30 day stamp in his/her passport on arrival, and tourist visa from neighbouring countries, ... sits in his private space to draw, paint or write, .. has no interest in having clients in Thailand, never shows his work in Thailand, because all the income is generated from business outside Thailand, > publisher in the UK > galleries in Europe etc Stays out of everyone's way, ships his work out via courier, in his luggage or in the case of digital files, via the WWW .. does not take a single Baht from anyone in Thailand, nor competes with any local "wanna be" artists, so jealousy is nothing to contend with ....
If that were you, would you even worry about a permit?
Thai tax law requires such a person to pay tax if he is a resident in Thailand for 186 days, and brings in to Thailand money he made overseas .. as Residents are taxed on Global Income!
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a long time ago i decided to discuss the colours of a beautiful sunset with blind people only for a limited time. that set time has been used up as far is this thread is concerned.
Sort of like the blind leading the blind?
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You have a wealth of business experience in the pre-internet era. Thailand is rapidly entering the western world of business and the internet is very much in use there. (Not sure if I want to waste my only bullet asking how are you managing in the new era - so I won't ask that)
Despite embrace the western world of capitalism Thais still predominately write and think หฟไฟกำำ and there is not always an English version of Thai laws and rules - which I have found quite frustrating in endeavouring to work out what are the facts and the correct procedures required in the area of Provident Fund investing.
Despite asking Thai professionals who work in the area they are ill-informed and they have conflicting answers - even with themselves on different days of the week. So how can a farang get the information needed in English written form and be sure that it is the correct version of Thai law in this area and so avoid breaches?
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Most foreigners have never heard of Hua Hin - but Pattaya is well known across the globe. So I'd go for Pattaya if you want raw numbers.
Regarding doing business - whether in LOS or anywhere in the rest of the world - 95% fail within 5 years. Most businesses fail for 2 principal reasons: i) insufficient capital ii) lack of management skills.
The lack of common sense driving up rents is just a fact of the market place. No point crying foul.
If the business is viable it needs to work within the framework of the real world - not a dream of what things should be.
Do your homework, get skilled and make sure you have sufficient capital before diving in. If you think rents are artificially too high then capitalize on that fact and go to where the economics make your business viable.
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that return on investment is so weak for a business. anything less than 30% is not worth looking at
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Nice dream - everyone has that! Try something different that might work. You should invest your 7m, gear it for some leverage so you might have 21m invested.
Get a job for a few years to cover the interest expense - so you can let the investment compound. It should double every 3 years - do the sums a few times - for 12 years or more.
When the numbers get big then you can borrow out some of the gains without cashing in the investment - so no tax. Then go live in Thailand and never work again.
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i Have been known to put on a bit of false tan before I go on holiday. But would never get it done once I am on holiday, that's what the sun and beach are there for.
But that shop may have made a bit of money in March when you had the flooding on Samui. They could have had the Westerners queuing up for a tan to show off when they got home!!
I bet you could make a mint with a Moonlight tanning studio for Thais - bask in the moonlight for a whitening tan.
(Would go even better in the Philippine)
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Why not try this un-tapped business: recycled toilet paper - you could probably pick up used paper real cheap. Then all you need is to wash and dry it.
Resell it for just a fraction of fresh rolls. Enormous market!
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Most of these replys are correct. Out side of Bangkok, you probably wouldn't find a job. Maybe in Bangkok, if you can prove your a real super insurance salesman and willing to go after the ex-pat market.
Thank you all ever so much for your illuminating replies. At least that has helped me to assess that it will be relatively easy to establish myself as a consultant without worrying about there being much competition.
Thanks
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You forgot about knowing the most important things,Marketing,and how to bring in the customers and keep them,the other stuff maybe ok,assest protection etc etc but if your customers don't stay there aint no assests.
I figured as you had the business idea marketing was your bag.
If you don;t set up right you can lose your business and the IP - irrespective of how good you marketing is.
Also in the set up you need to address issues such as tax and exit strategy - which make the venture worthwhile. No point generating heaps of customers and losing heaps on income tax and then again when you sell the business
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That is precisely why you need an Offshore Partner who can attend to all the formalities and show their face etc. in setting up the Corporate bank account.
and no power of attorney for the actual account holder/beneficiary? big joke!
I don't understand the joke unless you are paranoid? Ever used an accountant or settled a property transaction through a law firm?
You can become a bank account signatory without being a company director - and there are numerous legal devices for controlling the money. Not much value though laying it all out here.
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I searched for info on this last night after making this thread.
Found lots of info, still reading it all.
I am wondering re the issues of paypal or similar payment facilities with a company registered in BVI, accounts in BVI, but the main operation base of the websites being in Thailand, even if housed elsewhere.
Regarding Paypal accounts if you are in Thailand you will not be able to obtain a Merchant Account for your website.
When I was in Hong Kong there were a few firms who provided merchant account facilities - but they cost about double what PP charges.
If you have a BVI Company it is best you have your Company bank account in HK not in Thailand
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My adviser explained clearly to me the pitfalls of putting your name on the company register as shareholder or director - and giving your passport to the bank for recording - if you are endeavoring to have complete asset protection or in tax planning.
= clear evidence that your adviser is (to put it politely) not a knowledgeable adviser. an offshore company is normally formed to protect the anonymity of the owner(s)/shareholder(s) which can be easily achieved in different ways. but no offshore company can conduct any business without access to a bank/financial institution. and that is where reality starts and anonymity -as presented in Hollywood movies and novels- ends!
no corporate bank account (except publicly traded corporations where the establishment of beneficiaries is waived) without natural person(s) as beneficiary(ies) and/or general power of attorney without laying all cards on the table (submission of passport stating citizenship and proof of residence); the latter to be updated periodically based on the individual demands of the bank.
Far from it - you have in fact reiterated exactly what my adviser told me.
That is precisely why you need an Offshore Partner who can attend to all the formalities and show their face etc. in setting up the Corporate bank account.
How you control that is not something to disclose in an open forum - but it is usually why most people balk at the idea of trusting someone else. However once you have the right information and are more knowledgeable as to the procedures it is fairly simple to control the money yourself.
There is no need to look outside the major banks if you have a BVI company - best ones seem to be HSBC, DB, Standard Chartered and Hang Seng
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I sent you a reply but no response to date.
I am a Lawyer, Financial Planner and Business Adviser.
I can assist you on either a fee for service basis or in exchange for an equity position. From the sounds of it you will need on going business management - including business management, financial management, employee strategies, tax planning and asset protection.
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What do you call a "merchant account" ?
I know Thai having online stores and getting paid by customers who order directly on their websites.
They opened the Paypal accounts in Thailand and have never been abroad.
They also don't receive funds by Email, only through checkout process of their shop.
A Merchant Account is one by which you Sell things ONLINE - from your website - when people click on the BUY NOW Button.
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There should be no problem opening the Paypal account but you do need to verify by quoting the 2 tiny deposits into your bank account.
A friend had a dreadful time with Paypal - and I have heard many horror stories from a few years back.<br>I have not had any bad experiences - and in fact found them most helpful when I forgot my email address.<br>The one problem with Paypal in Thailand is you can not open a Merchant account for selling online from a website. But sending and receiving money via Paypal has not been a problem except the week wait for transfer to my Thai bank account.<br>
Oh but you can, quite easily. Check out thaiepay.com.
Have not heard of that before - I put the URL into my browser and it set off alarms with my antivirus - it said it was an attack site and posed a serious threat - Don't know where you got the URL from or if it is a mistype?
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You post is a bit dated - so chances are you made a mistake.
Not sure what you meant by this.
The same reason that I do not wish to house things here in Los would be the same reasons I do not wish to engage with a partner in some offshore jurisdiction to look after my interests.
That is just silly.
I have and always will try to control my own future as much as possible.....trusting thai authorities to help with that is just not going to happen, nor would I jump into bed with some strangers in a strange country that require partnership to transact privacy on my behalf.
I like to take care of things myself....that way if I <deleted> up....nobody to kill and I will not go to jail and leave my kids alone.
No harm with the choice you made - as it is sensible. Certainly it is preferable than trying to do something yourself which you have no experience skill or training in - nd stuffing it up for sure - so that you would more than likely end up in jail!
Your choice of partner with the taxman who gets his share without contributing towards your business profits is one way to go. In contrast there are many successful business partnerships throughout the world. If you can't trust anyone then of course forget about a JV or partnership.
Look at it as an investment. You can have 100% certainty the taxman will take a slice of your money or you can have uncertainty of whether a business partner might shaft you. Clearly you should not commit all your capital etc immediately to any venture or investment. Test the water slowly and wade in when you have certainty and knowledge. It is like learning to swim. You can't learn if you never get wet. But if you dive in the deep end before careful study or at least some testing you can easily drown.
Best wishes which ever way you choose.
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Get a Skype account to cut your phone bill to US.
If you make a lot of US calls then for $30 a year you can have unlimited FREE calls
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I had no trouble getting PP Merchant accounts in USA and Australia - in fact opened multiple accounts. EACH NEEDED distinct bank accounts and email addresses.
I opened a number of PP accounts in Thailand with no difficulty transferring funds - but they will not give Thai residents Merchant accounts - unless of course you are someone who can deal with them from a position of power - so probably Thaksin could, if he were able to make it back into the country
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The one problem with Paypal in Thailand is you can not open a Merchant account for selling online from a website.
I dont quite get this...you're saying nobody in Thailand has or can get a merchant facility for an online business ??
I am sure that is not correct.
PP will NOT give you a merchant account! but you can still transfer funds via email thru PP
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There should be no problem opening the Paypal account but you do need to verify by quoting the 2 tiny deposits into your bank account.
A friend had a dreadful time with Paypal - and I have heard many horror stories from a few years back.<br>I have not had any bad experiences - and in fact found them most helpful when I forgot my email address.<br>The one problem with Paypal in Thailand is you can not open a Merchant account for selling online from a website. But sending and receiving money via Paypal has not been a problem except the week wait for transfer to my Thai bank account.<br>
So if any regulators want to see the Thai directors at work they better hop on a bus and monitor the highways around the country - or they could make an appointment!
What Kind Of Business Would You Set Up?
in SME Business in Thailand
Posted
If you under-estimate your annual profit by 20+% I will solve it for you - just pay the excess to my offshore company and I won't charge you anything for helping save your neck!