.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Sunbelt Asia
-
Posts
4,286 -
Joined
-
Last visited
Content Type
Profiles
Forums
Downloads
Posts posted by Sunbelt Asia
-
-
the new minimun wage rule is for those who apply for a 1 yr visa to do biz here, to get married, or to look after family-member isn't it??? It's not meant for those who's just an employee, if i understand it correctly...
It's for employees if you apply for the one year permit. If your employeer don't apply for the one year permit for you or you don't have one, you don't have this requirement.
Multiple entry is the way to go in the case it will create financial burden for your employeer.
They could also simply pay the extra tax for you without increasing your salary.... on the one year permit.
Its all about taxes NOT creating more wealth for foreigners. Thats why the law has been introduced. Thailand needs more tax revenue so this is one way to do so. It will work.
-
Try to PM George, never no response either. Must be busy!
-
Ok, now this is were I am starting to get very interested. Are you saying that if I get a multiple entry visa I don't have to worry about this at all? Or that it will be 45,000 rather than 50,000 seeing as I am married.
I'm saying with a multiple entry, if your firm does not meet the following
- Serve workplaces with registered capital of at least two million baht. One foreigner can be hired for every two million baht of capital.
- Serve workplaces which have paid taxes of at least five million baht in the past three years. One foreigner can be hired for every five million baht in tax.
- Serve export firms which bring in foreign currency of at least three million baht a year. One foreigner can be hired for every three million baht in income, up to a maximum of three foreigners.
- Serve workplaces which employ no more than five foreign workers, where the firm observes a ratio of 50 Thai workers for every one foreigner.
Then you may qualify, if the company states you have not worked in Thailand before and gives you a letter confirming you will be paid a minimum of 18,000 Baht tax in a calender year.( the tax will be based on a minimum income 30,000 if you're single or 45,000 married. ) As it stands now, it does not matter what nationality you are and how much you are paid if you have a one year multiple entry visa. If you are looking for a one year visa with no multiple entry..different story. Where you were born.. decides the minimum pay scale and minimum tax.
If you have a multiple visa year visa then no requirement on the # of employees they employ either if you have that letter from the MD. One year visa.. different story.
Multiple entry or one year both cases, you must pay tax. You don't have to collect the salary with either visa as long as you pay the tax owed.
-
Can you clarify what you mean about what you would "never ever ever advocate" please. For many people it is not just unclear, it is clearly ambiguous.
If you are a non Thai intern for a Thai firm, you are clearly working even if it's for free. In ALL cases we would advocate to get the work permit. Thats the Thai law and that is what we follow in all cases.
-
What about the Work Permit ? Get away with it ?
?????Of course not! Once again Sunbelt Asia will never never never never never advocate not getting a work permit.Thats the whole purpose for the 50K salary he is asking about is for the work permit.
If you have a one year multiple entry you don't even have that requirement.
The Requirement is to pay tax on 30,000 if you're single or 45,000 if you're married. Thats what they want to know, if you are paying tax on that amount. If you are, you get a work permit as long as you are not taking a job away from a Thai.
As for the tax, you pay it. No problem with the extension. Didn't say to fiddle with the books. We always strongly advocate to pay the proper tax.
It's legal to get a salary but not collect it and leave the funds in the company. No law says you have to collect. As long as you pay the tax. Death and taxes....no one can get away from that.
-
As long as the gov gets tax on 50,000 Baht, they could care less if you really get the 50K per month or not. Thats not their concern, the tax is. You could even work for free as long as you or the employer agree to pay the tax.
Enjoy your stay.
www.sunbeltasia.com
-
Let's just say Customs is a Kingdom within a Kingdom. How bout being charged 1,500 Baht for Customs on brochures that cost 200 Baht.
I think what drives most people nuts is the different rate they are charged every time. No way to know what your landing costs will be beforehand. Just plan for the worse.
By the way, its not a bias against foreigners. The same situations happen to Thai College students even the Thai military when dealing with Customs.
-
Seller financing takes place in most cases rather than bank financing. The Seller knows it’s a good business and is more apt to finance than the bank. The banker just like in New Zealand is going to look at what happens to the business if you get in a car accident. If they valued the business on that stainless steel equipment you have in the kitchen, it won't be worth much if the place is closed if you are in bed. As many bankers tell me, I sure am not going to be serving beer that night if the owner can't. Unlike a house, if something happen, the house value is not going to be affected if you're sick. The business value is determined by the management. The seller is more a risk taker and if you and he can make that leap of faith that you are a good manager. He is more apt to finance than the bank.
Of course this is all based that you are convinced yourself, that your debt service will be taken out of the cash flow. The business has enough income to provide your family a comfortable living after paying any debits owed the Seller. The great thing also about Seller financing you can be creative; the Seller knows that December and January are better months than June or July in Pattaya. Perhaps you can have double the investment to give the Seller those months and nothing due in June or July or you can defer the investment for a balloon after the high season. There are no rules. Lot of times it comes down to personality between you and the Seller. Both of you’ll need to feel comfortable and take that leap of faith. More likely with the Seller especially if he’s motivated cause he needs to relocate, burnt out, etc. If by the chance, the business is losing money, the Seller won’t finance as he knows he won’t collect your monthly investment. Hence I like Seller financing better than the bank.
-
I agree with Steve, 10,000 is too high. We simply refuse to pay any bribes ourselves. Only once it even happen.
A client was told last week, a food license would take a month, If they wanted it that day, it would be 5,000 Baht.
First time any of our lawyers were asked for money. In BKK, its not common.
Customs...now that's a different animal!
www.sunbeltasia.com
-
If you decide to wire the funds out of Thailand, you'll need a Tor Tor Som. If you don't have that, you'll need to withdraw the funds and hand carry the Baht changed into dollars or another currency out. You cannot take out more than 10,000 Baht in cash.
-
Since the flow of cash through the business and the financial accounts of that business may not perfectly match (to put it mildly), it seems impossible to really know what you are/are not buying unless you know the business very well.
I would pose this question to Greg from Sunbelt, how can anyone really truly know the cashflow they are buying in an environment where it would seem that so much cash is not properly accounted for (to save tax, or to meet the needs of customers)? It seems that unless you personally know the business very well, that you can never have anything like enough certainty to do anything other than take a big gamble. I still think for this reason many of the "plum" businesses are likely to be bought by those close to them rather than via brokerages.
If a businessman declared the income and paid 30% corp tax on it. Thats a pretty good sign. In my 20 years, never saw that you couldn't take that to the bank especially if 7% was collected as well on the gross sales. To get the " cash flow" we use to recast the financial, you simply add back the depreciation, one time charges and owners salary. You then have your multiple.
Most all foreign owned businesses file as they need to for their work permit. Those tax returns are a good starting point for due diligence. Funny thing, foreign businessmen in Thailand are alot more honest on their taxes than the West. Think it comes down to Thai prisons . :-)
Some foreigners use offshore banking as well for their import and export but of course all those bank records are available as well. In due diligence you really get to look deep inside the guts of the company.
As for Thais, probably 50% of the bigger companies such as mfgs would pay 100% on their taxes. The other half don't lie on gross sales, the same as the West. They do it on expenses. If a business has been around 5 years, you can in most cases take 10% of the companies gross sales and say thats the minimum cash flow. ( profit before depreciation, taxes, owners salary)
The beautiful thing about acquiring a business is if it doesn't make you comfortable after looking at the financial books, you walk away. It doesn't cost a thing. Their are others to look at.
On small Mom and Pop shops. If its a lunch restaurant. The potential buyer monitors how many people come in for two weeks. The Seller tells the employees they are a friend thinking of acquiring a restaurant in their home country . See how many people come in for 10 straight days. Get the average check and multiply it by the ave # of guests. You know the food costs should be 25% if its a Thai restaurant. Subtract that along with the rent, electricity and labor costs. Take 10% off that number and you have a good idea of the cash flow.
On a bar, you can look at the liquor distributors invoice. Checking how much beer is ordered, etc. check bins of the customers...Check the bank accounts, life style of the seller. Watch the bar and see what the customers order, does this seem to correspond to the distributors invoice.
Laundries check the electricity bill.
Lots more rules of thumb, I can pass on..
As for the plum businesses, they sure don't want their friends going through their personal bank accounts, etc.. The seller understand that the potential buyer will need to do so. If they can agree on the price then the books are open. Strangers are fine but friends seem to talk to other friends who are their friends as well. Now everyone at the country club knows you made XXX last year. Who needs that?
Thats why Sunbelt will always get the best businesses. Confidentiality is our middle name. The buyer and seller both know its important. Hope I was able to convey the physics of our clients.
www.sunbeltasia.com or 02-642-0213
-
1) What kind of visa works best? Non-immigrant or will it be possible to apply for a work pass as a rep office?
Non-immmigrant
2) In terms of my own personal logistics, with only a non-immigrant pass, would I be able to open up a bank account in Thailand?
You could open a personal savings. corp... you need corp ID and company reg.
sign a lease on an apartment?
yes
register for a phone/fax line?
yes ... corp however need a work permit
subscribe to internet service?
yes... if you do it with a corp however you need a work permit.
handphone service?
12call.. yes but with normal handphone- you would need a work permit
-
since I assume that the best opportunities tend to come from networking and word of mouth contact (as in any other part of the world), am I a million miles away here?
Thank you for asking the question. I would love to explain.
Sorry but I don't know one company worth its salt, would ever try to sell it themselves by networking.
The Seller would simply distroy their business. The poor buyer would most likely be buying a business that would be a shadow of its former self. The reason is, the fear of the unknown by the employees and customers. They would leave before the new buyer was announced because the confidentiality was violated. Business is a dog eat dog World and competitors take no prisoners. Talk about a blood bath if the word got out. In networking, people talk. They have to in order to have networking work.
I can assure you, Sunbelt Asia gets the best businesses. Our sellers make sure we know confidentiality. If you have a open mind, review our listings. It doesn't cost you anything. I guarantee in 5 years of networking you won't hear any better opportunities with networking than we get in one single week. Do your due diligence with our listings and you'll be impressed. We have mfgs, computer companies. Many many businesses other than bars or restaurants. Not to say restaurants are bad either, the one I owned, made 280K net last month. I have a wife who is an excellent mgr. but every type of business is not for everyone. You have to own a business that you enjoy.
As for a person selling their business. its an art to transferring a business, we are the professionals with over 16,000 registered buyers in Thailand and over 500,000 potential buyers in the World through our contacts.
To sum it up it ...Why would a buyer go thru a network of 50 or 100 friends when they can get worldwide exposure with confidentiality?
No one ever finds out about a business with our firm until they sign a strongly worded confidentiality agreement. Thats why the Sellers who have human reasons for selling come to us... retirement, relocation, divorce, partnership dispute. They want the World to know, but none of their close friends and people they know, to know.
As for making it in business, I can introduce you to around 120 foreigners that acquired a business with us in 2003. I'll take you around and you can ask them " Are they happy? " I know 90% would say "YES!!!!" Even some Bar owners,anywhere from 60,000 Baht to 500,000 Baht profit per month. Who are very happy..no they are not selling. :-) You can make money in Thailand. It's hard work but I see it everyday, people who do well to supplement their income here. Have no idea, why the naysayers talk about nightmare stories. I seem to only hear and see the positive experiences.
Good luck in your move. I would be happy to sit down and have coffee with you.
[email protected] 02-642-0213
-
Congrats. You found us. We are sponsors of the Thai Visa forum.
We are Sunbelt Asia, the premier Business Advisory firm in Thailand. We have more listings of restaurants or Guest houses than any firm in the Kingdom...in fact over 300 restaurants and 80 guest houses!
Please look at www.sunbeltasia.com and review our listings.
No guarantee of success, of course, when owning a business but acquiring an existing business with a track record will put your odds on your side.
We understand, trust is important when involving your hard earn money. As for our firm, Sunbelt Business Advisors was voted #1( for the 10th time) in 2004 by Entrepreneur magazine. Were the World's largest with 389 offices in 16 countries.
Sunbelt Asia is a member of the International Business Brokers Association, the Institute of Certified Business Counselors and the American Chamber of Commerce in Thailand. So you can trust us to put your best interests forward. We act as Independent Business Transaction Intermediaries, serving both buyers and sellers, and we specialize in mergers and acquisitions in the small to mid-market arena, not only in Thailand but internationally as well.
By the way, our service is free for any potential buyers. We get our fee from the Seller when we market their business in a confidential matter.
We have three experienced lawyer on our staff who will help you form a company. No one has lower rates with getting you a visa, work permit and forming the company.
By the way, we also have a real estate division which help you with a place to stay. They will always listen to what your needs are.
E-mail us at [email protected] or call 02-642-0213
-
Guys! Guys! Calm down! No need to start a fight! Remember I started this thread off asking for clear advice?
Your answers are appreciated and - mostly - helpful. However you inevitably generate some more questions. See how you do without another scrap breaking out!
LOl.. we are not fighting I assure you! Steve and I are in fact friends. A Forum is to share ideas. Several months ago, Steve pointed out something on Amity, that we were given wrong info. It was much appreciated.
I pointed out some situations that we have been involved with and were different than Steve’s answers. Thailand changes from day to day or their interpretation of the laws. Other countries do the same. Just pointing out interpretation that Steve may not be aware of and are clients have been involved in..
1. What is the difference between a 1 year visa and a multi-entry non-immigrant visa?
One year visa.. you don’t have to leave the country. Multi entry. every 90 days
2. Each work permit holding foreigner must pay 18,000B minimum a year in income tax. Right?
No. Depends on the applicants nationality. If you use that condition rather than having 2 million registered capital than the answer is yes.
3. What's the difference between registered and paid up capital? What do these mean to us?
You register a company for how much it will be liable for. Paid up capital is how much you applied towards that registered amount.
4. What exactly are retained earnings?
Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. also called earned surplus or accumulated earnings or unappropriated profit.
5. Some areas of company activity are prohibited. If our company is 49% farang (my wife and I) and 51% Thai owned, can we open a massage/health business?
Yes
What government licences are required and how much?
None for a health massage
We may offer short 1-3 day courses in massage & reflexology although we are not a school. We hope to issue a little certificate saying that "So and So attended a short training session in refelexology at our company" Can do or not?
yes
6. (Deep breath) What do you charge for your services?
Government fees are
Duty stamp 210 Baht
Step 1 Government registration 1,000 Baht
Duty stamp for cap registration 800 Baht
Capital registration 10,000 Baht
Tax ID and Corp ID is 100 Baht
Vat 1,000 Baht
Work Permit for one year 3,000 Baht
"B' or "O" visa is 1690 Baht
Total Government Fees is 16,110
Our Legal fees our Lawyer charges is
Company registration 7,500 Baht
Tax Id and Corp ID is 3,000 Baht
VAT 3,000 Baht
Work Permit 9,500
"O" or "B" Visa 7,200 Baht
Stamp is Free
Power of Attorney is Free
Total Legal Fees is 30,200
Total cost with Government Fees is 46,310 Baht
This is for a two million company. Government fees are more or less depending on that amount. Legal fees are always the same no matter if it’s a 100 million Baht company.
Greg Lange
Sunbelt Asia
02-642-0213
-
Yes it includes everything on registering the company. However their is 7% Vat on the legal fee so the total is 14,535 Baht.14,010 baht sounds like a very good deal. Does that include everything? Legal costs, government duties, taxes, application fees, capital registration etc etc?If you want to file for the Corp ID, VAT, visa and work permit, its extra but to only register the company with 1 million capital. That’s the complete fee including the. government and our legal fee. It takes two weeks to complete the registration.
As regards maintaining control of the company myself - arranging the voting rights like this is a new idea I never heard of. Is this all done through the Articles of Association of the company?Yes
food and liquor licenses it appears that I will have to arrange all of these myself as they are in his companies name. Can your accountants and lawyers arrange these details as well?Yes our licensed lawyers do this every week. Many times in fact including the cigarette license. The liquor license will only take one day. The food license, the Thai officer will come out to inspect after you're open. takes around two weeks for them to come out. You get your license the next day, if everything is ok.
Regards,
Greg
-
Hi George,
1. I want to set up a Thai Limited Company (7 shareholders), registered capital of 1 million baht. How much should it cost for the legal work? I was quoted at 30,000 baht."
Our fee is 7,500 Baht. The Government fee will be Duty stamp 210 Baht
Step 1 Government registration 1,000 Baht, Duty stamp for cap registration 800 Baht, Capital registration 5,000 Baht
So with Sunbelt Asia, you're talking 14,010 Baht NOT 30,000 Baht.
"2. I would like to have overall control of the company with my Thai girlfriend being one of the shareholders but me and my family making up the other 6 - with our combined shares being more than hers. Is this possible? Is it done by change the Articles of Association of the Company?"
A Thai shareholder needs to have 51% of the shares in this particular case. However you as the Managing Director can bind the company and have different classes of voting shares... The GF who can have 51% of the shares…for every 10 shares =1 vote and the 49% foreign interest has 1 share =1 vote. As the 51% has the class of shares with only 1/10 of the voting rights. The Thai has the first right to liquidation proceeds. However you could put in the bylaws beforehand what valuation the 51% ratio will obtain...( note it does not have to be 51% will get 51%...it can be much lower or higher, up to you)
"3. I am buying an existing business but may not want to retain existing staff. Do I have any monetary or compensation responsibilities?"
If you are buying the assets...no. That’s why I would reco to form the company and put these assets in that corp.. In the Asset purchase agreement, this should be spelled out…heres some basic wording.
The BUYER, will not have any responsibility towards employee compensation or benefits accrued before January 10th 2004. Compensation will be restricted to only hours worked for the buyer and no compensation will be given towards work perform prior to January 10st 2004 for the Seller.
4. Can anyone recommend and give contact details for lawyers with experience in the restaurant industry.
I'm biased but think our three in house lawyers are the best. For the Asset purchase Agreement which covers non-competition, solicitation of your employees, liabilities, lease etc, Guarantee of Asset Ownership, Bill of Sale; our staffs professional fee is only 7,500 Baht.. I’m 100% positive, no one has a lower fee in Thailand but will provide these same type of professional contracts. These contracts are the same standard as several International Law firms in Bangkok that charge USD$350.00 per hour. I’m in the industry so know what’s out there. We do it as a service for our clients which acquire existing businesses.
Regards,
Greg
You can reach us at [email protected] or 02-642-0213
-
The most likely time for staff to leave is just after you take over a business, so this is the worst possible reason.
An experienced professional advisor should help you put together a realistic business plan and point out the pitfalls. You will tend to pay a premium for a successful running business, whereas the fire sale bargain may well have picked up a bad reputation, which will take years to overcome. Starting from scratch, you have the chance to mould your own reputation from day one.We really have not had a problem with staff leaving the Buyer. Its in the contracts of coursde the Seller can't hire them. Its really an art on transferring a business, we coach the Buyer and the Seller on the staff meeting. Up to this point, this has not been a issue of staff leaving. If the Buyer was an ass, it could happen but we just don't have it with our clients.
Fire Sale.. you better change the name of the business. Only reco for experienced operators.
On existing businesses, if you don't have the experience, its the only way to go. Its all about lowering the risk, sure you pay a premium but the odds are VERY high, you'll be much better than a start-up. For an experience mgr, that has a database of clients and a reputation... then that’s a different ballgame. 90% of our clients however are first time owners. They understand the risk and hardwork and the odds. They need their hand held and we do it.
-
Hi p1p,
Didn't see your post till now. If you worked with us in the past, then you know that much of our paperwork states their is risk. You probably remember signing docs like this..
Business opportunities by their very nature carry risk. Some of these risks include obsolescence or reduced demand for service or product, regulatory laws, ineffective management, changes in the local or national economic condition, and many others. Due to the risks inherent in business opportunities, a buyer could incur a loss, including but not limited to their entire investment. Buyer acknowledges that they understand these risks and that Sunbelt Business Brokers cannot and does not in any way warrant or guaranty the future vitality or prospects of any business.
Owning a business all is about risk. We find we lower the degree of risk for the buyer with an existing businesses but if a buyer is a bad manager, it simply won't work.
If he or she is a good mgr, odds go up dramatically with acquiring an existing business.
I would be VERY careful with a partnership. Unlimited liability if you get involved with management plus no protection as a shareholder. Under a limited company, you can get voting rights and the power to bind the company.
-
ICT Ministry to cut cost of broadband Internet access
Users surf the Internet at the first `GoodNet' Internet cafe on the sixth floor of the Big C superstore on Rajadamri Road. More Internet users are expected to use broadband connections to surf the Internet next year when the broadband price will drop to less than 1,000 baht per month. _ KOSOL NAKACHOL
TOT, CAT to offer the initial service
Karnjana Karnjanatawe
The Information and Communications Technology (ICT) Ministry will reduce the cost of broadband Internet access to below 1,000 baht a month with no time restrictions as a New Year gift to the people.
ICT Minister Dr Surapong Suebwonglee said the goal was to achieve one million broadband Internet subscribers by the end of 2004.
Today, there are an estimated six million Internet users in Thailand, of which only 12,000 were broadband Internet subscribers.
``It is not an aggressive goal to have one million Internet users out of six million using broadband once the price is more affordable,'' he said, adding that access providers can lower the fee but extend their customer base.
``Sale margins will be reduced in order to create more purchasing volume,'' he noted.
TOT Corp and CAT Telecom will be the initial providers for the project, called ``Broadband Ua-Arthorn,'' while business models for Internet service providers will be released in January.
At present, Telecom Asia provides the cheapest broadband Internet connections at 550 baht a month with unlimited hours of use for a 256Kbps link, but the service is limited to domestic access only.
``Our goal is to provide unlimited access including access to web servers broad and the price shall not be over 1,000 baht a month,'' Dr Surapong said.
International bandwidth consumption is expected to reduce as many popular web sites are already have their web servers here, he said, adding that the ministry had a plan to increase local web content next year.
As part of the Broadband Ua-Arthorn project, the ministry would also ask for support from modem suppliers.
``We will provide a Ua-Arthorn broadband modem and the price shall be around 1,000 baht,'' the minister said, adding that three suppliers have shown an interest in participating: Ericsson, Samsung and Siemens.
The ministry also recently held talks with ISPs to come up with a solution to offer low-cost broadband Internet access early next year and compete with the services offered by TOT and CAT.
By January it wants to have a model to help ISPs cut their operation costs in order to be able join the project.
Representatives of all ISPs met with the minister. In summary, they need the ministry to help persuade CAT Telecom to reduce its costs for Internet port rental, international fees and half circuit fees for domestic links, said Dr Surapong.
``At present, the cost of international links is one third of their operation costs while the domestic connection costs are also high. We have to find out why and talk to the CAT to find proper solutions,'' he noted.
In addition, it is also possible that the government might invest in a international pipe of at least 1GBps to support the low-cost broadband project.
CS Loxinfo deputy managing director Anant Kaewruamvongs said the ISP fully support the initiative of the ICT Ministry.
``It is a shame that other countries can provide 1,000-2,000 baht broadband access, but we cannot,'' he said.
Major obstacles were the ISPs' operation costs. If these were reduced, he argued, there would be a price war on broadband Internet next year.
CS Loxinfo, which claims around 4,000 broadband subscribers, would focus on developing content to attract new subscribers.
However, Mr Anant said the goal of one million Internet broadband subscribers might be too high.
``We're starting from almost zero, from the basement. It will need various pushes in order to achieve the one-million-user goal,'' he noted.
TA director and general manager Noppadol Dej-Udom said TA expected only 200,000 broadband Internet users for the whole market next year.
He said although the prices are more affordable, there is also a lack of content. While the project would create more awareness among content providers to host their web sites in the country, they also need to be ready for the growth of traffic on their sites, he added.
IDC senior telecom analyst Thaweesit Kun-ongkhananon said low-cost broadband was certainly a step in the right direction in terms of bringing broadband to a wider audience.
However, IDC believes that even 750 baht a month was relatively expensive for many Internet users, even in Bangkok. The research firm suggests that the target of 1 million subscribers will be hard to attain by the end of next year.
Thaweesit also noted that the subject of access is important, as many parts of Bangkok are still not yet served by broadband access. This situation cannot be immediately resolved, he noted.
Internet Thailand president and CEO Trin Tantsetthi said the cheap broadband service could also open up new services such as voice over IP. But any new business would depend on the National Telecommunications Commission.
Companies would be able to create business models once the NTC is in place and can issue licences.
After that, broadband services might be expanded to a broader range of user groups and not limited to the business sector, Mr Trin said.
With new technology, the service will not be restricted to a certain area, such as where fixed telephone lines are available, he said, adding that the business model and growth would be similar as for fixed line and mobile networks.
Mr Trin predicted that in 2004, new services would be based around applications, especially real time information services, entertainment applications and services that help customers in terms of reducing costs. Such applications would be developed by the software industry.
For ISPs, he said non-access services would grow more than access, as there was more opportunity for adding value. ISPs are the channels for users to access the network and use applications.
Applications would become of premium value, especially when large networks _ such as the government's MIS system _ take advantage of them, he said
http://www.bangkokpost.net/311203_Database...003_data10.html
-
Business brisk at top hotels over holidays
Well-heeled partiers staying in Bangkok
BANGKOK: With economic sentiment upbeat, more people seem to be going out to celebrate the New Year at restaurants in five-star hotels where business appears to be brisk this year.
Plush restaurants in Bangkok are busier partly due to foreign holiday makers who flocked to the city for the festive season while many local customers have also chosen to party in the capital rather than go out of town.
A spokeswoman at The Oriental Bangkok Hotel said Le Normandie Grill and Lord Jim's restaurants had already been fully booked for dinners on New Year's Eve while the gala dinner at The Terrace only had few seats available.
A set dinner at Le Normandie costs 15,000 baht this year while the gala dinner is 13,000 baht per head. The prices are 500-1,000 baht higher than last year.
She said business had been upbeat, as there were many repeat customers reserving for the New Year celebration. ``For example, two Japanese models came here last year, and decided to return to The Oriental again this year.''
At the Shangri-La Hotel, more advance bookings are being seen this year compared to last year.
``The reservations came in earlier than last year and there are also more in-house guests this year which helps push the restaurant business,'' said Rashana Pimolsindh, director of communications.
So far, about 20% more customers have booked tables at The Poolside restaurant, which charges 9,500 baht per head.
Other eateries at the Shangri-La including Angelini and Next 2, as well as its two cruises, are expected to be full on the New Year's eve as well. Benjawan Sudhikam, director of public relations and communications for the Conrad Hotel, said: ``We're doing extremely well. Bookings are coming in every minute, and we expect to be fully occupied on New Year's Eve.''
She attributed the brisk business to a higher number of foreigners coming to Thailand at year-end.
``At the same time, not all of Thais go upcountry so there are a number of local clients who choose to celebrate in Bangkok.''
Sawitree Daorueng, secretary of food and beverages at the Four Seasons Hotel (formerly The Regent), said bookings had been high at all of its restaurants although the prices had increased by 10-20% from last year.
Although the restaurants at the Four Season have not been fully occupied yet, Ms Sawitree believes that all the seats will have been taken on the New Year's Eve.
At the Dusit Thani Hotel, a staff member of the food and beverage department said banquet services had been busy, with wedding parties every night during the year-end period.
However, a public relations officer at the Central Plaza Hotel said business had been slow compared with last year, though there had been several company parties during the past few days and big weddings were planned on New Year's Eve as well as early next week.
--The Post 2003-12-31
-
I was told that the company has to have at least 2M Baht paid-up capital per foreigner employed. Is this still correct or have the rules changed
No
To be eligible, foreigners must do ONE of the following:
- Serve workplaces with registered capital of at least two million baht. One foreigner can be hired for every two million baht of capital.
- Serve workplaces which have paid taxes of at least five million baht in the past three years. One foreigner can be hired for every five million baht in tax.
- Serve export firms which bring in foreign currency of at least three million baht a year. One foreigner can be hired for every three million baht in income, up to a maximum of three foreigners.
- Serve workplaces which employ no more than five foreign workers, where the firm observes a ratio of 50 Thai workers for every one foreigner.
- Pay at least 18,000 baht in personal income tax in the past year.
Foreigners who have not worked here before must produce documents from potential employers confirming they will be paid at least 30,000 baht if they are single and 45,000 baht each if they are married.
The last condition would make the employee eligible if they did not have 2 million of capital .
Regards,
Greg Lange
Msanaging Directoe
Sunbelt Asia
www.sunbeltasia.com
-
What is Key Money?
Payment made to a landlord as an inducement to assure a rental. Now some Landlords use it ass a excuse in Thailand as the country has no Credit Bureau and will collect a portion of the money upfront. They then report the balance as the real payment so they pay less tax.
In this case, it would be every year or three years. Example on one Lease.. three year contract. Key money paid of 1.4 million and the rent now is 2,000 Baht per month. This is on Walking Street so of course in three years, their would be key money of 1.5 million.
If it’s treated as a gift for a premium site. Lets say, the rent is 200,000 Baht per month. The Key money was 500,000, this would in most cases be a one time charge and no key money would be paid on the renewal..
Acquiring an existing business. The investment you make and give to the Seller is not Key money. This would be a one time charge in most cases. On existing businesses, in most cases no key money needs to be paid to the Land Lord.
We have Guest Houses in most parts of Thailand. Visit our site to see some of the business summaries. www.sunbeltasia.com
Happy New Year.
Were here to help.
-
This is truly unbelieveable cus its complete crap, i know for a fact this is an untrue statement,
Pattaya may look busy but overall profits for bars is down on last year and the year before, fact
One day does not a year make, neither does a month. But at this time in November, they were pumping. That does not even mean profits as they could be selling the beer too cheap. Also the post said nothing about profits in Pattaya. It talked about the Hello Girls holding signs saying " Full.. .Try again in 10 minutes"
The question is are the tourists night life types or families? The hotels are booked full I understand in Pattaya.
Buying An Existing Business
in Jobs, Economy, Banking, Business, Investments
Posted
Advantages of Investing in an Existing Business
Business has a track record
Immediate cash flow from day one
Trained employees in place
Trained manager in place
Training by the owner
Vendors already set-up
Established customers base - on-going business
Licenses in place - easy to transfer and some assumable
Lease easier obtained - landlord knows the business
Public acceptance and awareness
All essential inventory and equipment in place
Already endured the failure time period
Advertising/Marketing on-going - knows what works
Financial institutions favors a business with a track record. (Chance with a start-up... almost nil)
Credit cards system established
Insurance in place - business has a performance model
Lower unemployment rate in most cases
Accountant/bookkeeper in place and can continue
Signage, logos, slogans and possible patents in place
Financing by the seller in a case by case basis.
Share transfer.. you have the endorse shares and assign the new shareholders. You should have a good lawyer to be sure you're protected. Our fee is 9,500 Baht for the agreement (around detailed 12 pages) which are done to your case needs.Asset purchase... you need a new corporation and asset purchase agreement. The agreement contract is 4,500 Baht. The new corporation legal is 7,500 Baht.
Financing... Never heard one bank that would finance a start up. Existing business, more likely to get financing from the Seller.
www.sunbeltasia.com Click on "Own a Thai business." on the home page. Nine articles can be found under that heading.
Did around 120 Business transfers last year and have been doing this for 20 years. 18 years in the USA and 2 years in Thailand. I'm in charge of five offices in Thailand here. Happy to help with any questions.No. You need to apply for the visa outside the country unless the firm you are acquiring has BOI status. ( Board of Investment). On the "B" visa or "O" visa we can help.
Regards,
Greg Lange
Managing Director
Sunbelt Asia
[email protected]