Is it possible to get a WP via a 'Unregistered Ordinary Partnership' OR a registered one

[ghworker2010]

I was informed by one of the esteemed mods on this forum that I can get a WP by setting up a partnership company - as long as 1 million baht of registered capital is sorted and employing the thai folk. 

 

My question in the title should really be asking if its possible to get this WP via either of the 2 types of partnership:

1. 'Unregistered Ordinary Partnership' which is deemed to be subjected to personal tax rates

2. 'Registered Ordinary Partnership' which is subjected to the corporate tax rate. 

 

Is a WP available for both options?

 

Also, if you have this type of company operating for your partnership business which one do you recommend? Which one is more tax effective? 

 

What sort of annual accounting fees are you having to pay? I read that Businesses are required to keep certain accounting  and other records with the exception of sole proprietors and ordinary 'unregistered partnerships'. Thus it seems that the unregistered option might be a better option?

 

Many thanks on any of this. 

[PoorSucker]

You will need two million in registered capital unless you are married to a Thai, you will also need 2/4 employees to get a work permit. 

Whom are you intending to join in the comp structure? 

If you trust them, unregistered is better option but leaves you with liable for any loans that other parties do in the company name. 

[ubonjoe]

44 minutes ago, PoorSucker said:

You will need two million in registered capital unless you are married to a Thai, you will also need 2/4 employees to get a work permit. 

I don't think you can have registered capital without it being a registered partnership (it is really not a company).

He is married to a Thai so it will be 1 million.

[ghworker2010]

5 minutes ago, ubonjoe said:

I don't think you can have registered capital without it being a registered partnership (it is really not a company).

He is married to a Thai so it will be 1 million.

Is it beneficial to keep that registered capital to a minimum of 1m ? so that then the liability is limited in the event of something going wrong. 

 

I intend to pay 5m for the building and the wife will be borrowing the other half. Is it a daft idea to register 5m or not?

 

Finally, do you know if I can get a WP in either 1 or 2 above? or both situations?

thanks

[ubonjoe]

2 minutes ago, ghworker2010 said:

Finally, do you know if I can get a WP in either 1 or 2 above? or both situations?

thanks

Only with a registered partner ship since their would be no registered capital with the other.

All you need is the 1 million required for the work permit. 

[stevenl]

Option one is possible, been using that for 15 years now here on Phuket.

 

Sorry, correction, my wife has a sole proprietorship.

[khunPer]

23 hours ago, ghworker2010 said:

Is it beneficial to keep that registered capital to a minimum of 1m ? so that then the liability is limited in the event of something going wrong. 

One partner will be personal liable in a partnership, others are limited to their nominel capital.

Quote

A Limited Partnership is in several ways similar to an Ordinary Partnership, though it provides for two types of partners. One partner whose liability is limited and the other partner whose liability is unlimited.

Source and read more, Siam Legal: Thai Partnership

[bhatmasterson]

On 12/31/2017 at 2:38 PM, PoorSucker said:

You will need two million in registered capital unless you are married to a Thai, you will also need 2/4 employees to get a work permit. 

Whom are you intending to join in the comp structure? 

If you trust them, unregistered is better option but leaves you with liable for any loans that other parties do in the company name. 

My ordinary partnership started as a "Group of People" or Khun Ah Bu Khun (sp) and was forced to become an ordinary partnership a few months ago because of changes by the government. We have never shown much of a profit so tax is almost nothing. However, if I want to get a work permit and deposit 1 million, I'm married to a Thai, will that money be taxed before I can get it out again?

[PoorSucker]

53 minutes ago, bhatmasterson said:

My ordinary partnership started as a "Group of People" or Khun Ah Bu Khun (sp) and was forced to become an ordinary partnership a few months ago because of changes by the government. We have never shown much of a profit so tax is almost nothing. However, if I want to get a work permit and deposit 1 million, I'm married to a Thai, will that money be taxed before I can get it out again?

It's registered capital in your balance sheet, not cash. 

It can be intellectual capital, patents, goodwill, trademarks, talk to your layer. 

[bhatmasterson]

On 1/2/2018 at 11:32 PM, PoorSucker said:

It's registered capital in your balance sheet, not cash. 

It can be intellectual capital, patents, goodwill, trademarks, talk to your layer. 

Thanks!

[Kon Kaoli]

On 12/31/2017 at 3:38 PM, ubonjoe said:

Only with a registered partner ship since their would be no registered capital with the other.

All you need is the 1 million required for the work permit. 

Hi Ubonjoe.

You are so knowledgeable in terms of visa and WP, please allow me to bother you some.

 

Myself, Korean nationality, I was thinking of opening up a ordinary partnership with my Thai wife (non-register), but I am seeing your comment saying that I might not be eligible to obtain WP under non-register ordinary partnership as its form is not required for 1M capital. 

 

However, I am seeing a lot of postings that people who have Thai spouse but runs business with their WP. Could you advise what sort of form that I will have to consider to open? My business is a small Korean restaurant and I opt save as much taxation as I can by avoding from "company (juristic person)".

 

Thank you so much in advance

 

[Kon Kaoli]

On 12/31/2017 at 11:47 PM, stevenl said:

Option one is possible, been using that for 15 years now here on Phuket.

 

Sorry, correction, my wife has a sole proprietorship.

Did you obtain WP under your wife's sole properitorship without any partnership?

I heard from associates that it is not eligible to apply the WP under sole proprietorship (even my wife is Thai nationality). Your kind advice will be greatly appreciated!

[onera1961]

On 1/2/2018 at 10:32 AM, PoorSucker said:

It's registered capital in your balance sheet, not cash. 

It can be intellectual capital, patents, goodwill, trademarks, talk to your layer. 

I have a US state registered sole-proprietorship company in the US that runs three Website with a combined approximate profit of $2KUSD/month. How can I open a company in Thailand? Can I put the three websites as my intellectual property for registered capital? Worth of Web lists the combined value of the three websites as approximately 200KUSD.