Sunbelt Asia

The importance of good accounting services cannot be underestimated.

After you have a work permit you have to register for Monthly income tax, when your work permit needs to be renewed that time you have to show it to the Labor Department Audit. However if the company is registered less than one year there is no need to show it to the officer at the Labor Department.

At Sunbelt Asia Accounting we offer the following services:

# Your Personal income tax

# Some Deductions and Allowances

# Value Added Tax (VAT)

# Withholding Tax

# Half year -corporate income tax (CIT)

# Workmen’s compensation fund

Get more information on our services on our website at:

http://www.sunbeltaccounting.com/accountingService.aspx

Lots and lots of Bangkok license plates. Funny, here in Bangkok, the streets are relatively empty! Everyone went to the beach for the weekend.

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

These are the Shepard variety of avocados that you are seeing in Bangkok.

http://www.gorgecreekorchards.com.au/avocado1.jpg

At 49 Baht an avo, Tops has these as a loss leader as they are selling them for 1372 a tray( 28 avocados in a tray) and they pay wholesale 1.400 Baht a tray from Choice Foods who imports them.

The normal price per tray this time of year is 1,100 Baht a kilo.

In the AU, the normal price is $20 Aussie dollars per tray and is now at A$25. The price increase is due to shortages in the Western Australian crop because of adverse seasonal conditions. Several weeks ago the price skyrocketed to A$45 a tray but is back now to A$25

The Shepherd variety has seen severe water-logging bring on disease in many avocado plantations on the Atherton Tableland which has caused the damage spots and fiber you are seeing inside the avo. It's not because they are freezing them. The Shepherds also are not as creamy as the Hass.

The Shepard avocados is finishing up its season, which will be followed by large production lines of the Hass avocado, and those will be shipped to Bangkok in this month.

In Jan of this year, Hass tray prices were seen of up to A$60, double last year’s price because in West Australian as well as NZ the winter was cold and they had hail damage causing a significantly shortage. Consumer demand then outstrip supply by a wide margin. Reports that one single avacado was fetching A$5 per piece at that time. In Bangkok a tray then was selling for 1,650 Baht a tray versus 800 Baht a tray in November 2009.

At Sunrise Tacos, I take pride we've done a good job on not raising the price of our famous guacamole in spite of the record increase. In normal times our food costs are in the 35% range to make guacamole, now we are hitting the very high area of 72%; add to that the 25% rent on gross sales at Emporium or Paragon and there is not much left to pay the staff salaries, electricity, etc . on sales of our guacamole. Fortunately we do sell a few more items like nachos, tacos, burritos and enchiladas so it looks like I can still pay this month’s rent!

Why not raise the price of guacamole? A number of other Mexican restaurants are priced much higher in Bangkok, with several being in the 200-300 Baht range. At Sukhumvit Soi 12 we sell chips and guacamole for 119 Baht, 75 Baht extra for guacamole in a burrito or 25 baht extra per taco. Sunrise Tacos is quite popular not only for its quality but also for being 20-80% lower priced on some items. Our guests appreciate that we don’t raise prices at the drop of a hat as we are in for the long run.

Why not use fillers? A popular way to stretch the amount of guacamole per avocado is by using sour cream, milk or even mayo as a filler. At Sunrise Tacos we have never done this and never will as it changes the flavor from the true Mexican guacamole. Our signature dish at Sunrise Tacos is our guacamole and we do take pride in a food critic and many of our guests stating that it is ‘”best guacamole this side of the Pacific.” http://bkmagazine.com/feature/happy-cinco-de-mayo

We love it when our guests are happy.

Why not use Thai avocados? Thailand has many great fruits and vegetables. Unfortunately many avocados grown in Thailand are too watery and have a bland taste compared to imported Haas avocados. The only ingredient we import at Sunrise Tacos is the avocado, everything else we source in Thailand.

The guests and our Mexican chef is looking foward to the Hass avocados in the coming weeks, they simply make a much better guacamole. At Sunrise Tacos because of the demand for our guacamole, the folks at Choice Foods,tell me, we are the number 1 importer of AU avocados. It's all about the Hass and some spices... also don't overmix the guacamole.

The Hass avocados are the best! Coming to all supermarkets in Bangkok soon!

www.sunrisetacos.com

Dear Pemberly,

If you intend to work in Thailand you must have a work permit. This will enable you to actively work in your business. The types of that visa that support a work permit are Non-Immigrant B (business) and Non-Immigrant O based on marriage. A work permit can be obtained through your own company or alternatively through employment in a Thai limited company, providing that the requirements are met. The company must have four Thai employees and 2,000,000 Baht of registered capital to qualify for one work permit. Once your company has been set up you will be able to open a company bank account. In order to do this you will need to bring certain company documents to the bank, such as shareholder list etc, as well as your work permit.

The minimum salary requirement for an Australian national working in Thailand is 50,000 Baht per month. Therefore you will be required to pay personal income tax on a salary of at least 50,000 Baht. This will equate to approximately 3,750 Baht in taxes per month, including social fund contributions. In Thailand, the first 150,000 Baht of earnings is tax free and earnings in excess of this amount will be taxed on a rate dependant upon your total annual earnings.

For a free consultation on the company set up process, please contact Sunbelt Asia at your convenience on 02-642-0213.

Best regards,

Legal Advisor

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

[email protected]

Dear Deepsea,

When setting up a Thai limited company you are required to have 3 shareholders. In the majortity of instances, the company must be 51% Thai owned. However, if you are an American national you can set up a company under the Amity treaty and qualify for 100% foreign ownership. In addition, if the company is 100% export or a manufacturing business (specific categories only) then it may also qualify for 100% foreign ownership. Certain types of companies can also qualify for 100% foreign ownership through the BOI (Board of Investment).

When setting up the company it must have at least 2 million Baht of registered capital. Thai nationals are required to display an amount equal to the value of their shares in a bank account. This amount will be checked during the company set up process but is not required to be kept there for a certain period of time. However, foreigners are not required to display these funds. Therefore, you will not be required to display the full 2,000,000 Baht in a bank account upon setting up the company. Providing you have 4 Thai employees and 2,000,000 Baht of registered capital, you will be able to obtain a work permit.

For a free consultation on the company set up process, please contact Sunbelt Asia at your convenience on 02-642-0213.

Best regards,

Legal Advisor

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

[email protected]

Dear Nick,

A disadvantage of setting up a limited partnership are that the Director must be Thai, meaning that as a foreigner you will not be able to open a business bank account. The other complication relates to the Non-Immigrant business visa and work permit. The labour office may opt to issue only a 90 day work permit as opposed to a one year. In this instance your Non-Immigrant business visa would follow suit and need to be renewed every 90 days. A Thai limited company is an option that you may wish to consider as you will be able to obtain a work permit and can be a Director in the company.

For more information on the company set up process, please contact Sunbelt Asia for a free consultation at your convenience on 02-642-0213.

Best regards,

Legal Advisor

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

[email protected]

Dear Jon,

The only type of visa you can operate a work permit on is the Non-Immigrant B visa or the Non-Immigrant O visa based on marriage. As you already have a work permit in place it will straightforward for you to obtain a Non-Immigrant B visa. You will require company documents including the shareholders list and company affidavit as well as a sponsor letter in order to obtain the Non-Immigrant B visa. If you apply through a Thai consulate or embassy in South East Asia you will receive a 90 day Non-Immigrant B visa, which will be sufficient to tie you through until your intended trip to Hawaii in April.

Best regards,

Legal Advisor

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

[email protected]

Dear Colin,

If you were to leave Thailand and re-enter through a land border you will only receive 15 days. If you leave Thailand and re-enter by plane you will receive a 30 day transit visa. Tourist visas can only be obtained from a Thai embassy or consulate outside of Thailand. You will be able to obtain a 60 day tourist visa from outside of Thailand and this can be extended for an additional 30 days at immigration within Thailand.

Best regards,

Legal Advisor

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

[email protected]

Dear Bracken,

The process for closing a Thai limited company is outlined below.

(1) Hold a Board of Directors' meeting to adopt and approve the proposed liquidation of the company and to fix the dates for two separate General Meetings of the shareholders to consider the issue. Any of the directors or a person authorized by the directors may issue notices calling for such shareholders' meetings, unless required otherwise by the Articles of Association of the company.

(2) Hold the first General Meeting of the shareholders to adopt a special resolution to liquidate and dissolve the company. A liquidator and an auditor shall be appointed by the meeting for such purpose.

(3) Hold the second General Meeting of the shareholders to confirm the special resolution adopted in the first meeting. The second meeting must be held not less than fourteen days and not more than six weeks from the date of the first meeting, unless a longer notice period is required by the Articles of Association of the company.

(4) Place two successive advertisements in a local newspaper announcing the liquidation of the company to alert creditors (if any) so they can make a claim for debts owed to them by the company.

(5) Send to all creditors a letter by registered mail requesting them to file a claim for debts owed to them by the company.

(6) File the relevant application documents together with copies of the special resolutions with the Company and Partnership Registration Office, Commercial Registration Department, Ministry of Commerce, within fourteen days from the date of the second shareholders' meeting.

(7) The appointed auditor must prepare and certify the financial statements (Balance Sheet and Accounts) as of the date of dissolution. The date of such financial statements must be the date of the second shareholders' meeting (i.e., the confirming meeting).

(8) Hold a shareholders' meeting to approve the financial statements for submission to the Ministry of Commerce.

(9) Submit a report of the liquidator every three months to the Ministry of Commerce. This obligation shall continue until completion of the liquidation process.

(10) Once the liquidator has cleared the assets and liabilities and has called on debtors for payment of debts to the company, the liquidator must call a final meeting of the shareholders to approve the final liquidation of the company. The minutes of the meeting shall be submitted to the Ministry of Commerce within fourteen days from the date of the meeting.

(11) Submit application to the Thai Revenue Department for liquidation of the company and return the original Value Added Tax Certificate and original Tax Identification Card in the name of the company.

(12) Once the Revenue Department grants approval, the liquidator shall notify and submit a copy of such approval to the Ministry of Commerce in order to obtain final approval from the Ministry.

(13) The liquidator has the duty to deposit all the company's books of accounts with the Registrar's office, where they shall be kept for ten years counting from the date of final approval of the liquidation. (In practice, the Ministry does not keep the books of accounts. Instead, it asks the liquidator to keep the books and notify the Registrar of such fact by letter.)

The liquidation process takes approximately four months to complete, depending on the number of years the company had been in operation and whether its books were properly maintained and tax returns filed as required by law. During this time the company will be required to submit VAT monthly, even though the entity has ceased trading.

For more information on the company closure process, please contact Sunbelt Asia for a free consultation at your convenience on 02-642-0213.

Best regards,

Legal Advisor

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

[email protected]

Dear Rellim,

The process for company closure is outlined below.

(1) Hold a Board of Directors' meeting to adopt and approve the proposed liquidation of the company and to fix the dates for two separate General Meetings of the shareholders to consider the issue. Any of the directors or a person authorized by the directors may issue notices calling for such shareholders' meetings, unless required otherwise by the Articles of Association of the company.

(2) Hold the first General Meeting of the shareholders to adopt a special resolution to liquidate and dissolve the company. A liquidator and an auditor shall be appointed by the meeting for such purpose.

(3) Hold the second General Meeting of the shareholders to confirm the special resolution adopted in the first meeting. The second meeting must be held not less than fourteen days and not more than six weeks from the date of the first meeting, unless a longer notice period is required by the Articles of Association of the company.

(4) Place two successive advertisements in a local newspaper announcing the liquidation of the company to alert creditors (if any) so they can make a claim for debts owed to them by the company.

(5) Send to all creditors a letter by registered mail requesting them to file a claim for debts owed to them by the company.

(6) File the relevant application documents together with copies of the special resolutions with the Company and Partnership Registration Office, Commercial Registration Department, Ministry of Commerce, within fourteen days from the date of the second shareholders' meeting.

(7) The appointed auditor must prepare and certify the financial statements (Balance Sheet and Accounts) as of the date of dissolution. The date of such financial statements must be the date of the second shareholders' meeting (i.e., the confirming meeting).

(8) Hold a shareholders' meeting to approve the financial statements for submission to the Ministry of Commerce.

(9) Submit a report of the liquidator every three months to the Ministry of Commerce. This obligation shall continue until completion of the liquidation process.

(10) Once the liquidator has cleared the assets and liabilities and has called on debtors for payment of debts to the company, the liquidator must call a final meeting of the shareholders to approve the final liquidation of the company. The minutes of the meeting shall be submitted to the Ministry of Commerce within fourteen days from the date of the meeting.

(11) Submit application to the Thai Revenue Department for liquidation of the company and return the original Value Added Tax Certificate and original Tax Identification Card in the name of the company.

(12) Once the Revenue Department grants approval, the liquidator shall notify and submit a copy of such approval to the Ministry of Commerce in order to obtain final approval from the Ministry.

(13) The liquidator has the duty to deposit all the company's books of accounts with the Registrar's office, where they shall be kept for ten years counting from the date of final approval of the liquidation. (In practice, the Ministry does not keep the books of accounts. Instead, it asks the liquidator to keep the books and notify the Registrar of such fact by letter.)

The liquidation process takes approximately four months to complete, depending on the number of years the company had been in operation and whether its books were properly maintained and tax returns filed as required by law. During this time the company will be required to submit VAT monthly, even though the entity has ceased trading.

For more information about the company closure process, please contact Sunbelt Asia for a free consultation at your convenience on 02-642-0213.

Legal Advisor

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

[email protected]

Dear Pulpfiction,

The process for closing a Thai limited company is outlined below.

(1) Hold a Board of Directors' meeting to adopt and approve the proposed liquidation of the company and to fix the dates for two separate General Meetings of the shareholders to consider the issue. Any of the directors or a person authorized by the directors may issue notices calling for such shareholders' meetings, unless required otherwise by the Articles of Association of the company.

(2) Hold the first General Meeting of the shareholders to adopt a special resolution to liquidate and dissolve the company. A liquidator and an auditor shall be appointed by the meeting for such purpose.

(3) Hold the second General Meeting of the shareholders to confirm the special resolution adopted in the first meeting. The second meeting must be held not less than fourteen days and not more than six weeks from the date of the first meeting, unless a longer notice period is required by the Articles of Association of the company.

(4) Place two successive advertisements in a local newspaper announcing the liquidation of the company to alert creditors (if any) so they can make a claim for debts owed to them by the company.

(5) Send to all creditors a letter by registered mail requesting them to file a claim for debts owed to them by the company.

(6) File the relevant application documents together with copies of the special resolutions with the Company and Partnership Registration Office, Commercial Registration Department, Ministry of Commerce, within fourteen days from the date of the second shareholders' meeting.

(7) The appointed auditor must prepare and certify the financial statements (Balance Sheet and Accounts) as of the date of dissolution. The date of such financial statements must be the date of the second shareholders' meeting (i.e., the confirming meeting).

(8) Hold a shareholders' meeting to approve the financial statements for submission to the Ministry of Commerce.

(9) Submit a report of the liquidator every three months to the Ministry of Commerce. This obligation shall continue until completion of the liquidation process.

(10) Once the liquidator has cleared the assets and liabilities and has called on debtors for payment of debts to the company, the liquidator must call a final meeting of the shareholders to approve the final liquidation of the company. The minutes of the meeting shall be submitted to the Ministry of Commerce within fourteen days from the date of the meeting.

(11) Submit application to the Thai Revenue Department for liquidation of the company and return the original Value Added Tax Certificate and original Tax Identification Card in the name of the company.

(12) Once the Revenue Department grants approval, the liquidator shall notify and submit a copy of such approval to the Ministry of Commerce in order to obtain final approval from the Ministry.

(13) The liquidator has the duty to deposit all the company's books of accounts with the Registrar's office, where they shall be kept for ten years counting from the date of final approval of the liquidation. (In practice, the Ministry does not keep the books of accounts. Instead, it asks the liquidator to keep the books and notify the Registrar of such fact by letter.)

The liquidation process takes approximately four months to complete, depending on the number of years the company had been in operation and whether its books were properly maintained and tax returns filed as required by law. During this time the company will be required to submit VAT monthly, even though the entity has ceased trading.

For more information about the company closure process, please contact Sunbelt Asia for a free consultation at your convenience on 02-642-0213.

Best regards,

Legal Advisor

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

[email protected]

Dear Rick,

When setting up a Thai limited company you are required to have 3 shareholders. In the majortity of instances, the company must be 51% Thai owned. However, if you are an American national you can set up a company under the Amity treaty and qualify for 100% foreign ownership. In addition, if the company is 100% export or a manufacturing business (specific categories only) then it may also qualify for 100% foreign ownership. Certain types of companies can also qualify for 100% foreign ownership through the BOI (Board of Investment).

When setting up the company it must have at least 2 million Baht of registered capital. Thai nationals are required to display an amount equal to the value of their shares in a bank account. This amount will be checked during the company set up process but is not required to be kept there for a certain period of time. However, foreigners are not required to display these funds. Providing you have 4 Thai employees and 2,000,000 Baht of registered capital, you will be able to obtain a work permit, enabling you to actively work in your business.

For more information on the company set up process, please contact Sunbelt Asia for a free consultation at your convenience on 02-642-0213.

Best regards,

Legal Advisor

Foreign Business Advisor

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

[email protected]

Dear TB,

If you wish for your mother to be a shareholder in the company you would require a signed copy of her passport. There would also be various company set up documents that your mother would be required to sign. It would be more convenient for your mother to be in the country when you are setting up the company but it can be acomplished via post.

One option for the set up would be using a professional Joint Venture service, which would negate the need for your Thai wife to hold 51% of the shares in the company. Another point to mention is that the company must be set up with 2,000,000 Baht of registered capital. . Thai nationals are required to display an amount equal to the value of their shares in a bank account.

For a free consultation about the company set up process, please contact Sunbelt Asia on 02-642-0213.

Best regards,

Legal Advisor

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

[email protected]

Dear Nadica,

In order to obtain a work permit you must in fact have a either a Non-Immigrant B visa (business) or a Non-Immigrant O visa based on marriage. If your intention is to come to Thailand to work, I would recommend arriving on a Non-Immigrant B visa.

You will need to get the work permit obtained during the 90 day period upon entering the Kingdom. Once you have the work permit and you reach the end of the 90 day period, you will be able to extend your Non-Immigrant visa and obtain a new one year visa. You will have the option of either a single entry or a multiple entry. Although the multiple entry will cost 3,800 Baht, it provides you with the convenience of not having to pay 1,000 baht for a re-entry permit everytime you leave the country under this visa.

For a free consultation please contact Sunbelt Asia on 02-642-0213.

Best regards,

Foreign Business Advisor

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

[email protected]

Dear Bannangio,

For your information, Thai citizenship can be obtained under the following conditions:

At least 3 consecutive Non-Immigrant B or Non-Immigrant ) visa extensions

In the case of a Non-Immigrant B visa, applicant must be able to prove that he or she has paid taxes for this duration on a salary of at least 80,000 Baht

In the case of a Non-Immigrant O visa, taxes must be able to prove that he or she has paid taxes for this duration on a salary of at least 30,000 Baht.

For more information, please contact Sunbelt Asia on 02-642-0213.

Best regards,

Foreign Business Advisor

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

[email protected]

Dear Vans,

When setting up a Thai limited company you are required to have 3 shareholders. In the majortity of instances, the company must be 51% Thai owned. The company must have at least 2 million Baht of registered capital. Thai nationals are required to display an amount equal to the value of their shares in a bank account. This amount will be checked during the company set up process but is not required to be kept there for a certain period of time. However, foreigners are not required to display these funds. Providing you have 4 Thai employees and 2,000,000 Baht of registered capital, you will be able to obtain a work permit.

You cannot in fact transfer a work permit. If you have an existing company it is possible to add another company to the work permit but this requires consent from the first company you have been working for. Otherwise, you can cancel this work permit and obtain a new one for this travel agency.

For more information on the company set up process, please contact Sunbelt Asia for a free consultation at your convenience on 02-642-0213.

Best regards,

Foreign Business Advisor

Sunbelt Asia Co.

www.sunbeltasia.com

[email protected]

Dear Mrlob,

If you have a Non-Immigrant B visa you are not obliged to get a work permit. The Non-Immigrant B visa is the first step in obtaining a work permit but there is no requirement that states you must obtain the work permit.

A good option in this instance is a Non-Immigrant B visa sponsor package. This package will provide you with the paperwork you require to obtain a 1 year multiple entry Non-Immigrant B visa. You mentioned that you are Dutch, if you are currently residing in Holland I would recommend applying for this visa in Amsterdam. The closest destination to Thailand for making the visa application would be Australia. Under this visa, if you intend to stay in Thailand for the duration of the year, you will be required to go to the border every 90 days to get a stamp in your passport.

For more information on this option, please contact Sunbelt Asia on 02-642-0213 .

Best regards,

Foreign Business Advisor

Sunbelt Asia Co.

www.sunbeltasia.com

[email protected]

Dear Asdfrules,

If you intend to actively work on Thailand then you must have a work permit. The only way to obtain this is through a Thai limited company of your own, or through employment offered by a Thai limited company.

At Sunbelt Asia, we will be happy to offer you a free consultation on this issue. Please contact us on 02-642-0213 for more information.

Best regards,

Foreign Business Advisor

Sunbelt Asia Co.

www.sunbeltasia.com

[email protected]

Dear Torrenova,

If you require one work permit from your Thai limited company then you must employ 4 Thai nationals, regardless of whether or not you are married to a Thai national. If you are from Europe the minimum salary requirement is 50,000 Baht per month. Therefore as a European, you will be required to pay personal income tax on a salary of at least 50,000 Baht. This will equate to approximately 3,750 Baht in taxes per month, including social fund contributions. In Thailand, the first 150,000 Baht of earnings is tax free and earnings in excess of this amount will be taxed on a rate dependant upon your total annual earnings. In regards to the 2,000,000 Baht of registered capital, Thai nationals are required to display an amount equal to the value of their shares in a bank account. This amount will be checked during the company set up process but is not required to be kept there for a certain period of time. However, foreigners are not required to display these funds. Therefore, you will not be required to display the full 2,000,000 Baht in a bank account upon setting up the company.

In order to obtain a work permit you must first have a Non-Immigrant B visa. This can be obtained using your company documentation (company affadavit, shareholders list etc.) as well as a sponsor letter from your company.

For a free consultation please contact Sunbelt Asia on 02-642-0213.

Best regards,

Foreign Business Advisor

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

[email protected]

Dear SpaceShipCrew,

In regards to your query about the pros and cons of taking over an existing company, there are some important points to be made. Firstly, if you intend to take over an existing company you must ensure that the account is fully upto date, in terms of monthly VAT and withholding tax submission as well as completed annual audits. If you assume control of this company without checking this information you may well discover a significant amount of funds is required to cover previous accounting shortfalls. Secondly, you must ensure that the company you are taking over has the appropriate business objectives. Each company is set up with business objectives and these must fit into your plans for the company. It is possible to add in additional business objectives but this will incur a cost so it is advisable to find a company with suitable business objectives that match your requirements.

For more information on this matter, please contact Sunbelt Asia on 02-642-0213 for a free consultation.

Best regards,

Foreign Business Advisor

Sunbelt Asia Co.

www.sunbeltasia.com

[email protected]

Dear Dave,

In regards to your query about the capitalisation of a Thai limited company, Thai nationals are required to display an amount equal to the value of their shares in a bank account. This amount will be checked during the company set up process but is not required to be kept there for a certain period of time. However, foreigners are not required to display these funds. Therefore, you will not be required to display the full 2,000,000 Baht in a bank account upon setting up the company. Providing you have 4 Thai employees and 2,000,000 Baht of registered capital, you will be able to obtain a work permit.

If you require any further information please do not hesitate to contact Sunbelt Asia on 02-642-0213.

Best regards,

Foreign Business Advisor

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

[email protected]

Dear Timmy,

It is certainly advisable to set up a Thai limited company to operate your business. There are many reasons for this but the most obvious is that you will be able to obtain a work permit through your company, which will enable you to actively work in your business and also obtain a non-immigrant business visa. When setting up a Thai limited company you are required to have 3 shareholders. In the majortity of instances, the company must be 51% Thai owned. However, if you are an American national you can set up a company under the Amity treaty and qualify for 100% foreign ownership. In addition, if the company is 100% export or a manufacturing business (specific categories only) then it may also qualify for 100% foreign ownership. Certain types of companies can also qualify for 100% foreign ownership through the BOI (Board of Investment).

When setting up the company it must have at least 2 million Baht of registered capital. Thai nationals are required to display an amount equal to the value of their shares in a bank account. This amount will be checked during the company set up process but is not required to be kept there for a certain period of time. However, foreigners are not required to display these funds. Therefore, you will not be required to display the full 2,000,000 Baht in a bank account upon setting up the company. Providing you have 4 Thai employees and 2,000,000 Baht of registered capital, you will be able to obtain a work permit regardless of your individual expertise.

For more information on the company set up process, please contact Sunbelt Asia for a free consultation at your convenience on 02-642-0213.

Best regards,

Foreign Business Advisor

Sunbelt Asia Co.

www.sunbeltasia.com

[email protected]

Dear Gravion,

If you intend to obtain a work permit through your company then you must employ at least 4 Thai nationals. There are also certain accounting requirements that must be fulfilled. Firstly, you must submit VAT on a monthly basis, even if the company is not yet trading and the figure is 0, as well as monthly witholding tax. On an annual basis the company must carry out an audit and beginning in the second year after formation, a half year report must also be completed. If you obtain a work permit from your company then as a foreigner you must pay personal income tax. The minimum salary for a foreginer is dependant upon your nationality. For example, the minimum salary requirement for a British national is 50,000 Baht per month and personal income tax must be paid on this salary. Corporate tax in Thailand is based upon the annual net profits of the company. For a company with an annual net profit not exceeding 1,000,000 Baht, the corporate tax rate is 20%.

For more information about our company set up fees, please contact Sunbelt Asia on 02-642-0213.

Best regards,

Foreign Business Advisor

Sunbelt Asia Co. Ltd

www.sunbeltasia.com

[email protected]

Dear Deejah,

The tax rates for 2010 remain the same as in 2009. It may be the case that you joined your place of work in the middle or towards the end of last year, in which case the taxation would have been less as the first 150,000 Baht of earnings are in fact tax free in Thailand. Salary above this amount will be taxed on different rates depending upon your total annual earnings.

For more information please contact Sunbelt Asia at your convenience.

Best regards,

Emile de Marsac

Foreign Business Advisor

Sunbelt Asia Co.

www.sunbeltasia.com

[email protected]

Dear Buzzer,

In order to close your company you must carry out an audit, regardless of when your previous audit was carried out. Therefore, certain accouting costs must be anticipated during the process as well as legal fees. It will take approximately three months to close the company. During this period of time the company must continue to submit monthy VAT, despite the fact that the company will not be trading. At Sunbelt Asia, we provide a full company closure service.

For a free consultation please contact Sunbelt Asia at your convenience.

Best regards,

Emile de Marsac

Foreign Business Advisor

Sunbelt Asia Co.

www.sunbeltasia.com

[email protected]