Jump to content

To start a new business do we have to incorporate a company?


Recommended Posts

We are soon to be opening a medical clinic. Months ago an accountant talked us out of forming a limited partnership company. She said we would pay too much tax. She said just run the business through my wifes name i.e. just pay personal tax. 

 

Is this correct?

 

The reason for this query is that we are about to apply for a schengen visa and they asked to see the certificate of incorporation. 

 

Also if we want to list our employees on the Social sec system I wonder if they will ask to see it?

 

thanks for any advice

Link to post
Share on other sites

At the least a registration of the business as a sole proprietorship is needed. I also think a license for a medical clinic is needed.

Link to post
Share on other sites

on tax issue, the ceiling for corporate income tax is 20% of net profit. The ceiling for personal income tax is 35% with much less costs could be written off. It depends on your net profit and how you would run the business.

 

Link to post
Share on other sites

3 hours ago, cincytwboy said:

on tax issue, the ceiling for corporate income tax is 20% of net profit. The ceiling for personal income tax is 35% with much less costs could be written off. It depends on your net profit and how you would run the business.

 

do we need to form a company if running a business via personal tax return

Link to post
Share on other sites

Please take this as a simple question.

 

ARE YOU <deleted> NUTS???????????????????????

 

You are going to be doing something medical and you are not incorporating.  Fire your accountant and get a good lawyer.  Accountants know many Lawyers know the law.

 

Forgetting about taxes and all that crap 1 question

 

If you got sued or had an issue would you rather lose the business money or lose all your money and your wifes for the rest of your life

Link to post
Share on other sites

15 hours ago, bbabythai said:

The reason for this query is that we are about to apply for a schengen visa and they asked to see the certificate of incorporation.

If your wife is self employed and apply for a Schengen Visa, it might be difficult for her to prove that she has a job in Thailand, and that she will return to Thailand. With a business registration, or a company registration that list your wife as director, you can prove both work, and that she has a good reason to return to Thailand.

 

My girlfriend is managing director in a Co. Ltd. A copy of company registration listing directors was accepted as proof of work when applying for Schengen Visa (four times).

 

Your should contact a lawyer experienced with business concerning the best way to handle company set-up, and also about needed approvals or registration as medical clinic.

 

Wish you good luck.

?

Link to post
Share on other sites

On 8/28/2018 at 9:07 PM, kingstonkid said:

Please take this as a simple question.

 

ARE YOU <deleted> NUTS???????????????????????

 

You are going to be doing something medical and you are not incorporating.  Fire your accountant and get a good lawyer.  Accountants know many Lawyers know the law.

 

Forgetting about taxes and all that crap 1 question

 

If you got sued or had an issue would you rather lose the business money or lose all your money and your wifes for the rest of your life

We will have medical malpractice insurance. We dont have any substantial assets in this country (yet)

Link to post
Share on other sites

15 minutes ago, bbabythai said:

We will have medical malpractice insurance. We dont have any substantial assets in this country (yet)

I just realized that there's such a thing called medical malpractice insurance. 

They pay the patient in case you get sued for malpractice? 

Link to post
Share on other sites

1 hour ago, timberpond said:

I just realized that there's such a thing called medical malpractice insurance. 

They pay the patient in case you get sued for malpractice? 

Yes, it does have. I have heard. But would they cover you if you do not have a license? That's a big question mark.

Link to post
Share on other sites

Interesting replies. but no one has actually answered the que. does one have to incorporate a company to open a business in thailand. Im sure its ok to just to personal name tax returns? can anyone confirm

Link to post
Share on other sites

You don’t need to register a company, but it may be prudent to do so. Your wife could register a sole proprietorship, but that may not satisfy the Schengen requirements for a visa. Health Care services are on the list of VAT exempt transactions, so you would have to weigh up the potential personal tax liability. If you are a foreigner you may apply for a work permit to assist your wife’s business as a sole proprietor. With a company, you may apply as a director. There will be a number of annual costs such as preparing and filing accounts for a company. These costs will be much less as a sole proprietor. I am assuming that your wife is Thai. If she isn’t, then you would have to go down the company route and have 51% in Thai ownership.


Sent from my iPad using Thaivisa Connect

Link to post
Share on other sites

  • 2 weeks later...
On 9/3/2018 at 10:52 AM, Aquaman2016 said:

You don’t need to register a company, but it may be prudent to do so. Your wife could register a sole proprietorship, but that may not satisfy the Schengen requirements for a visa. Health Care services are on the list of VAT exempt transactions, so you would have to weigh up the potential personal tax liability. If you are a foreigner you may apply for a work permit to assist your wife’s business as a sole proprietor. With a company, you may apply as a director. There will be a number of annual costs such as preparing and filing accounts for a company. These costs will be much less as a sole proprietor. I am assuming that your wife is Thai. If she isn’t, then you would have to go down the company route and have 51% in Thai ownership.


Sent from my iPad using Thaivisa Connect

thanks for your reply. but I thought that a foreigner can only get a WP when registering a partnership (not a sole trader). Are you sure about that information?

Link to post
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...