Hello, I just registered a new Thai Limited Company, with 3 shareholders: 51% Thai, 49% 3 farangs (including myself). As we didn't know any Thai person, we asked our lawyer to help on this and he put his wife as shareholder and managing director. On the company registration form, it clearly said she is the only one authorized to sign anything for the company. My understanding is that we cannot be directors or act on behalf of the company before obtaining the work permits (can you confirm it please?), which we intend to do as the next step.
My question is: what if, after we obtain the work permits, she refuses to put me as director? The company does not have any asset, as we are planning to buy a restaurant with an owner finance, so the restaurant will not be transferred to my company before it's paid off (18 months). Could she do something to harm us in the mean time? Would you consider risky to proceed without being the director? Could she claim a share of the income, even if I manage the restaurant and keep the revenue in a bank account under my name?
Of course, this is just my thinking, but I would like to be sure about what I can do to protect myself.
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Managing Director
in Jobs, Economy, Banking, Business, Investments
Posted
Hello, I just registered a new Thai Limited Company, with 3 shareholders: 51% Thai, 49% 3 farangs (including myself). As we didn't know any Thai person, we asked our lawyer to help on this and he put his wife as shareholder and managing director. On the company registration form, it clearly said she is the only one authorized to sign anything for the company. My understanding is that we cannot be directors or act on behalf of the company before obtaining the work permits (can you confirm it please?), which we intend to do as the next step.
My question is: what if, after we obtain the work permits, she refuses to put me as director? The company does not have any asset, as we are planning to buy a restaurant with an owner finance, so the restaurant will not be transferred to my company before it's paid off (18 months). Could she do something to harm us in the mean time? Would you consider risky to proceed without being the director? Could she claim a share of the income, even if I manage the restaurant and keep the revenue in a bank account under my name?
Of course, this is just my thinking, but I would like to be sure about what I can do to protect myself.
Thank you very much,
Roger