Sunbelt Asia

Sunbelt Asia Co., Ltd.

Sunbelt Asia is part of the world's largest business transfer specialist company, Sunbelt, which was formed in 1979 in the U.S.A. Starting out as a single office in Charleston, South Carolina; the Sunbelt Network has grown dramatically to become Internationally renowned, with over 350 offices located throughout the world.

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. 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.

We also work with franchises looking to expand to Asia, and help to develop franchises for local Thai firms. Our Business Immigration Lawyer can help in attaining Visas, Work Permit, Licenses, Company Establishment and other legal services for foreigners who are looking to reside or own a business or property in Thailand.

www.sunbeltasiagroup.com

We are looking for the candidate who is mature, efficient and self-motivated to join our team in the following position :-

Accountant

Job descriptions:

-Bookeeping in Accounting software

-Issue cheque payments

-Monthly accounting report

-Coordinate with other department and Government Officer

-Other job that necessary

-Submit PND 1353, VAT and Social Fund

-Petty cash daily report (receive and payment)

Sunbelt Asia Co., Ltd.

Fortune Town Building, 26 Floor, 1 Ratchadapisek Road,

Dindaeng, Bangkok 10400

Tel: 02-642-0213 Fax: 02-641-1995

Contact by PM

You don't say if your company is Thai majority owned or foreign majority owned which can make a difference.

Apart from the company registration, the company is required to be obtain

1. Commercial Certificate (similar to Sole Proprietorship) at the District Office,

2. Direct Market at the Consumer Protection Board

3. Electronic Commerce license at the Department of Business Development

[sunbelt][/sunbelt]

In order to dispose of your assets as you wish in Thailand you must write a will designating an executor and an heir. If you or your wife dies without a will then Thai law will distribute the assets to the statutory heirs: spouse, children and parents (if still alive). Please note that if your wife owns property you will have one year to dispose of it as foreigners cannot own land.

A handwritten will that is witnessed by two people is valid under Thai law but it must be translated into Thai as well. Alternatively, you and your wife can file a will at your local Amphur.

For the law in the UK it is best to contact a UK solicitor who will be aware of all legal requirements but at a minimum you should write a will in the UK and lodge it with a solicitor there.

[sunbelt][/sunbelt]

Your employer is required to deduct taxes from your paycheck but it is your responsibility to file a yearly return on the income where you may either get a refund or be required to pay more depending on deductions.

Sunbelt Asia has an excellent team of experienced accountants that can help you with your taxes and determine all necessary deductions to ensure that you do not overpay on your tax.

http://www.sunbeltaccounting.com/

[sunbelt][/sunbelt]

Some law firms charge by the hour while others by the job, additional expenses can depend on who handles the case, a junior lawyer will be less expensive than a senior lawyer. You may be able to request a cap on the fees charged.

Sunbelt Asia charges no fees for consultation on company registration while for legal advice our professional fees are 2,500 Baht per hour. Sunbelt Asia has 72 staff that work in the legal department, most with excellent English speaking skills

[sunbelt][/sunbelt]

Expenses related to the business are deductible but must comply with the rates set in the Revenue Code; depreciation rates must not exceed the rate set by the Revenue Department.

What are the rates? See http://www.rd.go.th/publish/6044.0.html for more detail info.

As a sole proprietor she can deduct 100% of the equipment expenses for the first year. Reserves set aside for insurance premiums are deductible but other reserves are not. Actual entertainment expenses may be deducted from gross income but it cannot exceed .3% of total gross revenue or gross sales in an accounting period or of the paid up capital, whichever is greater. Donations to public charities of up to 2% of net profits and donations for education or sports of up to 2% of net profits may be deducted, and operating losses may be carried forward for five accounting periods to offset against future profits.

[sunbelt][/sunbelt]

As a Thai citizen you can start a sole proprietorship business but it would be very difficult to obtain a work permit for your girlfriend through such a set up. She can obtain a work permit if you set up a majority Thai owned Limited Company (you can even have her as a minority shareholder) with four employees and 2 million baht in capitalization.

Sunbelt Asia has lawyers and accountants fluent in both Thai and English and can easily help you set up a Thai Limited Company.

There are other alternatives for your girlfriend but those involve marriage!

[sunbelt][/sunbelt]

The company accountants should deduct taxes and provide filing services for you.

[sunbelt][/sunbelt]

The Labor Office may allow you to run the company inactively for a couple of years but generally by the third year they require you to start showing income, enough to cover salaries at the very least in order to renew your work permit.

[sunbelt][/sunbelt]

Silver futures and night trading to be available in June

The minimum contract allowable is equal to 100 ounces of 99.99% silver with the value calculated at the silver spot price x 100 x THB. So, for example, if the spot price is $49 and the THB is valued at 29.9 to the dollar then the contract value will be 146,500 Baht.

Tick size or minimal fluctuation is in 1 Baht per Ounce. Because of the contract size, each tick will equal 100 Baht.

Commissions and margins to be announced.

Trading sessions will begin on the 20th of June for Gold, Mini-Gold and Silver options. There will be 3 sessions; 9:45-12:30, 12:30-16:55 and 18:30-22:30.

The contract will expire in even months; February, April, June, August, October and December and will have just 3 series available for trade.

The Daily Settlement Price will be the average of the future price in the last 5 minutes of the trading day.

The Final Settlement Price will use the London Silver Fixing Price (as with gold futures on TFEX) multiplied by the currency exchange (THB Fix).

More information about Silver:

The contract size of Silver Futures in the U.S.A is 5,000 ounces per contract and the mini-contract is 1,000 ounces per contract (50 and 100 times bigger than the Thai market respectively).

At the start of the 21st century, gold prices were at $US 288 per ounce and has reached $US 1,508 per ounce or 5.23 times the price of 11 years ago. The silver price has climbed from $US 5.40 per ounce to $US 46.60 per ounce or 8.63 times higher.

At the beginning of last year, gold was at $US 1,096 per ounce, the current price of $US 1,508 reflects a 37.6 % return in 16 months. The price of silver was $US 16.86 in 2010 and has jumped to $US 46.60 per ounce giving a176.4 % return in only 16 months, offering investors a 5 times higher return than gold.

Since the beginning of this year, gold has given a 6.14 % return while silver has offered 51%.

During the ten years from 2000-2010, the ratio of gold:silver peaked at 1:85 and hit bottom at 1:45. However, in 2011, the ratio is 1:32. While many feel that silver is now quite expensive, historically the ratio has been 1:16 so many feel that silver has more upside potential.

Source: UOB Bullion and Futures (Thai) Co., Ltd.

[sunbelt][/sunbelt]

According to this link that shows article 80 of the Thai Revenue Code, VAT must still be paid

http://www.rd.go.th/publish/5206.0.html#mata81

[sunbelt][/sunbelt]

A handwritten will in English is valid in Thailand but it must be translated into Thai and certified by the Ministry of Foreign Affairs in order for the Court to appoint the executor of the estate.

The following rules apply both for handwritten wills in English and in Thai:

A holographic or handwritten will must be written entirely in the hand of the person making the will, including the date and the signature according to Chapter 2, Section 1657 of Civil & Commercial Code. No erasure, addition or other alteration in such will is valid unless made by the testator’s own hand and signed by him/her. But under the provision of Section 1656 of the Civil & Commercial Code a will can be made in the following form; in writing, dated at the time of the making of the will and signed by the testator before at least two witnesses present at the same time who shall then and there sign their names certifying the signature of the testator. No erasure, addition or alteration in such will is valid unless made in the same form as prescribed by this section.

Additionally, a will can be witnessed at the local District Office that has jurisdiction over the property with 2 witnesses.

In this will you can ascertain what assets are distributed and to whom.

Assets situated outside Thailand will have to be distributed with a will written according to the laws of that nation.

[sunbelt][/sunbelt]

Under the Amity treaty an American can own a bar, restaurant or guesthouse with no Thai partners required and once the certificate is granted they are entitled to the same rights as a Thai owned business.

Correct me if I'm wrong but this is not entirely accurate ... I understand that Amity companies can't buy land

Hi chiangmaibruce, apologies if there is some confusion here but we do not state you can own land. We state you can own a bar, restaurant or guesthouse with no Thai partners required. This is, of course, not the same thing as owning land as it is possible to own a business without owning the land but simply leasing.

Apologies for the delay in response but things have been quite busy post-Songkran.

Firstly, let me point out that what the guidelines are on a website and what is actually practiced are two different things and can vary, as all things do in Thailand.

Like the ocean tide changes so does the interpretation. Look at our post on this back on Feb 28th, 2007

We insisted it could only be 2 million for a work permit and the Labor Dept from Dec 2006 to Feb 2007, insisted it was 3 million and they wanted to see cash in the bank! We told them they were violating Thailand's Ministerial Regulation; Prescribing the Minimum Capital and Time Period (2004.) Even though Amity companies have preferential treatment compared to other nationalities,,they still would nevertheless need to satisfy the Minimum Capital 3 million baht requirement under the FBA but this Ministerial Regulation exempted it. However, after countless hours with our lawyers, the Labor Dept finally saw the light that this 2004 Ministerial Regulation was the guideline and it would end in Aug 2009. The Labor dept then gave a two year extension until they would then enforce it in Aug 2009. In Aug 2009, a new Ministerial Regulation 2009 gave a new 10 year extension till August 30th, 2019 where we have been told it will be 3 million Baht per business objective. We'll worry about that then in 2019 :-)

As of this time, however the Labor Dept in Bangkok wants to see only 2 million Baht for a work permit. The Ministry of Commerce however wants to see registered 3 million Baht for a Limited company if its a restricted business to foreigners, two million Baht if its not restricted, (but then why would you do Amity? ) however because of the Ministerial Regulation 2009 you do not have to bring the funds into Thailand till 2019. These funds are required to be shipped in 2019 to Thailand regardless of whether the Treaty Enterprise is a newly commencing business in Thailand or if it is an already-existing business. Now as I mention like the ocean tide changes so does the requirements. One day it might be any share capital and you may be approved ( still need 2 million for the wp)

Everyone has different experiences but given the large volume we do, this has been our experiences in the main.

[sunbelt][/sunbelt]

Under the Amity treaty an American can own a bar, restaurant or guesthouse with no Thai partners required and once the certificate is granted they are entitled to the same rights as a Thai owned business. Sunbelt Asia has set up over a thousand Amity Treaty companies and has found that permission from the Board alone can take anywhere from 2 to 6 weeks. The Board that approves the applications only meets once a month, so timing would depend on how soon before they meet the application is submitted. However, from start to finish, it can take up to 3 months (including tax and VAT registration) as the necessary paperwork must also be submitted to the US Business Bureau before going to the Ministry of Commerce. Both Thai and US independent offices approve the application so it is a bilateral agreement that is still in force and there has been no insistence on the part of the Thai government to end the treaty.

The Amity Treaty and Economic Relations, was signed in Bangkok on May 29, 1966. The treaty allows American citizens and businesses incorporated in the U.S. to maintain a majority shareholding or to own a company in Thailand in its entirety, thereby engaging in business on the same basis as a Thai national. The Treaty permits American companies to maintain a majority shareholding or to wholly own its company, branch office or representative office located in Thailand. American companies receive national treatment, meaning U.S. firms may engage in business on the same basis as Thai companies, and are exempt from most of the restrictions on foreign investment imposed by the Alien Business Law of 1972. For American companies who wish to be covered by the Treaty of Amity, it is required to have at least 50% American directors and a minimum of 51% of the shares must be held by American citizens.

However, under the Treaty of Amity, Thailand restricts American investment in the following fields of business:

1. Communications

2. Transportation

3. Fiduciary functions

4. Banking involving depository functions

5. Exploitation of land and natural resources

6. Owning land; and

7. Domestic trade in agricultural products.

A limited company in Thailand formed under the Amity Treaty must have at least 3,000,000 baht of registered capital. It is recommended to pay up for 25% of the shares when setting up the company, to show that the business has working capital and has not been set up purely to provide a work permit. Providing you have four Thai employees and 3,000,000 baht of registered capital, you will be able to obtain one work permit through the company.

[sunbelt][/sunbelt]

Anyone can own a house, either an individual or a limited company, it is the land ownership itself that is the issue and the member does not mention if this includes land or just a house.

Possible liabilities would be an issue but this should be covered in the purchase agreement and due diligence would be necessary before purchase to ensure that all tax filings are current.

[sunbelt][/sunbelt]

Most banks will require a non-immigrant visa while some will also require a work permit. And then others will accept a tourist visa and an address to set up a bank account. It will vary from bank to bank and branch to branch. Sunbelt Asia can liase with the Kasikorn bank in Fortune Tower at no charge but the applicant will still need to meet their requirements.

Your best bet is to ask around to find a bank that will allow you to open an account.

[sunbelt][/sunbelt]

To properly execute a mortgage on a property, both the borrower and the lender (or their representative) are required to be at the land office to register the collateral status on the property. In the case of a loan shark, they may only execute an informal loan agreement and the lender would hold on to the title deed certificate (Chanote).

If the collateral status (lien) has been registered on the property the best way to secure the property is for the lender or his representative to be present at the Land Office where a 3 party transaction would take place. First the lender would release the collateral status on the property and transfer it back to its owner. then the owner (seller) would transfer the ownership of the property to you or your designated party. You would have to be certain of the exact date such transfer would take place so that the lender can calculate the incurred interest and outstanding loan amount where you can then have two checks. One for the lender and other for the seller.

If the seller has borrowed money from a private party such as a loan shark then the lender will need to be present at the Land Office in order to receive the loan repayment and hand over the title deed back to the seller.

Acquiring just a portion of the property does make things more complicated as the land segmentation may take 1-3 months depending on the availability of the Official Surveyor. It would also involved the neighboring land owner's acknowledgement and consent that the segmentation would not take up part of their land.

One option would be to have the seller list the buyer as one of the co-owners of the property (and you must indicate which part would be in their name). Once both names are on the title you could then proceed with the land segmentation and the issuance of a new title deed for the separated plot.

Sunbelt Asia suggests that a pre-purchase agreement be drawn up requiring the name and address of both seller and buyer (ID card and house registration copies, land information, payment scheme, each parties responsibility and any other special conditions that may apply.

[sunbelt][/sunbelt]

Normal valuation is set at 2 and a half times the annual owner's discretionary cash flow (ODC) . Generally it is the pre-tax earnings of the business before non-cash expenses. Other factors to include when determining owner's discretionary cash include net ncome, owner salary, depreciation, interest expenses, non-recurring expenses and owner perks that are written off such as trips, car etc.

Another way to look at owner's discretionary cash flow (ODC) is the amount of money a new owner is expected to be able to take home out of the business annually.

In order to determine the ODC take the business pretax earnings and add non-operating expenses then subtract non-operating income. Add in unusual or one time expenses and subtract non-recurring income. Then add depreciation and amortization expenses as well as interest expenses. Deduct interest income and add a single owner's total compensation. Adjust any other owners compensation to market value.

The valuation of the business would then be 2.5 times this figure.

Sunbelt Asia's professional brokerage fee is 10% on the selling price if we introduce a buyer who does his due diligence and acquires the business.

[sunbelt][/sunbelt]

Sunbelt Asia simply took their wording directly from the Thai government, found here:

http://www.boi.go.th/french/how/legal_issues_for_foreign_investors.asp

2.1. Exemptions

The Act grants exemptions from the work permit requirement to persons occupying the following professions:

– Members of the diplomatic corps

– Members of consular missions

– Representatives of member countries and officials of the United Nations and its specialized agencies

– Personal servants coming from abroad to work exclusively for persons listed under the above items

– Persons who perform duties on missions in the Kingdom under an agreement between the government of Thailand and a foreign government or international organization

– Persons who enter the Kingdom for the performance of any duty or mission for the benefit of education, culture, arts, or sports

– Persons who are specially permitted by the Thai Government to enter and perform any duty or mission in the Kingdom

[sunbelt][/sunbelt]

You can do either a 30 year lease or a usufruct which would be for the length of your life. Both would be registered on the chanote at the District Office.The lease or usufruct is not dependent on marital status but you must ensure it is properly registered. Any 3rd party interested in purchasing the property would be aware of the lease and the terms of the lease would be transferred to the new owner so that the tenant's rights would remain ensured. Under a usufruct the land cannot be sold or transferred until the termination of the usufructary.

Either one can be terminated at any time by going to the Land Office and removing them there.

The right to transfer a lease contract must be included in the contract between the lessee and lessor. Thai law requires that the right to sublet is in the written lease agreement. If this is not included in the lease agreement the lessee is not allowed to sub-rent or assign his lease right under Thai law.

[sunbelt][/sunbelt]

While a handwritten will in English is valid in Thailand it must be translated into Thai and certified by the Ministry of Foreign Affairs in order for the Court to appoint the executor of the estate.

A holographic or handwritten will must be written entirely in the hand of the person making the will, including the date and the signature according to Chapter 2, Section 1657 of Civil & Commercial Code. No erasure, addition or other alteration in such will is valid unless made by the testator’s own hand and signed by him/her. But under the provision of Section 1656 of the Civil & Commercial Code a will can be made in the following form; in writing, dated at the time of the making of the will and signed by the testator before at least two witnesses present at the same time who shall then and there sign their names certifying the signature of the testator. No erasure, addition or alteration in such will is valid unless made in the same form as prescribed by this section.

Additionally, a will can be witnessed at the local District Office that has jurisdiction over the property with 2 witnesses.

Assets situated outside Thailand will have to be distributed with a will written according to the laws of that nation.

[sunbelt][/sunbelt]

You don't state what kind of work you will be doing? If your work is done online but inside the Kingdom of Thailand then that is considered working in Thailand and you will need to set up a company with the usual 2 million baht capital and Thai employees to obtain a work permit.

As the Director you have an obligation under Thai law to manage the company to the best of your abilities and to answer to its shareholders. Thus no zero-interest loans as the company has a duty to its shareholders to earn a profit. Since the interest is income then the

tax will need to be paid. The minimum allowed' for a loan is 3% interest.

[sunbelt][/sunbelt]

According to the Condominium Act:

Section 42/252 In case of necessity, the following persons have the right to call an extraordinary general meeting at any given time:

(1) the Manager;

(2) the Committee by a majority vote of its members at a Committee Meeting;

(3) co-owners that hold not less than 20% of the total votes who jointly sign a written request to the committee to organize an extraordinary meeting. The committee shall organize the meeting within fifteen days from the date of receiving the written request. If the committee fails to organize such meeting, the referenced co-owners have the right to convene the meeting thereof and to appointment one of its members in the group to release the meeting invitation.

Section 42/353 Calling a general meeting shall be made by sending out a Notice for the General Meeting specifying the meeting location, date and time and the meeting agenda as well as the details of matters to be presented in the meeting that shall be sent to co-owners at least seven days before the meeting date.

Section 4354 A general meeting shall be attended by at least one-fourth of the members who have the right to vote of the total number of the qualified members in order to constitute a quorum.

If the co-owners do not attend the meeting in the number to constitute a quorum pursuant to paragraph one, another general meeting shall be announced and held within fifteen days from the published date of the previous meeting. For this new meeting the constitution of a quorum shall be irrelevant.

The Manager and the marriage party of the Manager shall not preside over the meeting.

[sunbelt][/sunbelt]