How to create a FAMILY CORPORATION

[4675636b596f75]

What is involved in creating a Family Corporation?

 

Shares to be apportioned as follows:

Thai Minor Child 51 Percent

Me as foreigner 29 percent

Thai Wife 20 Percent

 

I want the company to be able to open a business bank account and make money online. 

 

What types of corporations do they have here?

[NightSky]

My understanding is..

 

For a standard limited company a foreigner can own a maximum upto 49% of shares, the remaining 51% shares would then need to be owned by at least 2 Thais and can be split any which way.

 

[PerkinsCuthbert]

Ask a lawyer familiar with Thai company law; you are unlikely to receive a succinct answer to such an abstruse question in these pages.

[hugocnx]

Why give the minor 51%?

If officially married you can setup a simple Co., Ltd. in which your wife is the director and you and the minor are share holders; preferent or not. The division is up to you as long as Thai have >50% of shares.

1 Mill company that needs no personel. Have a visa extension based on marriage and if your skills are special you can even get a work permit.

That's how it worked for me.

Edited April 23, 2019 by hugocnx

[4675636b596f75]

Why give the minor 51%?
If officially married you can setup a simple Co., Ltd. in which your wife is the director and you and the minor are share holders; preferent or not. The division is up to you as long as Thai have >50% of shares.
1 Mill company that needs no personel. Have a visa extension based on marriage and if your skills are special you can even get a work permit.
That's how it worked for me.

I trust my son more than my wife. 51 percent. Yes I want a work permit from it.

Sent from my SM-G930F using Thailand Forum - Thaivisa mobile app

[KhaoYai]

On 4/23/2019 at 2:35 PM, hugocnx said:

Why give the minor 51%?

If officially married you can setup a simple Co., Ltd. in which your wife is the director and you and the minor are share holders; preferent or not. The division is up to you as long as Thai have >50% of shares.

1 Mill company that needs no personel. Have a visa extension based on marriage and if your skills are special you can even get a work permit.

That's how it worked for me.

Never heard of this type of company. Are you saying that although the foreigner (you) is a shareholder, they are not a director?  Only the wife is a director?  What type of skills would be classed as 'special' enough to get a work permit, can you give some examples please?

 

I was under the impression that 4 Thai staff have to be employed for a every foreigner's work permit and always thought that a little difficult. Depending on the nature of the business, those staff are likely do be doing very little for the first few months of a new company start up.

[hugocnx]

16 hours ago, KhaoYai said:

Never heard of this type of company. Are you saying that although the foreigner (you) is a shareholder, they are not a director?  Only the wife is a director?  What type of skills would be classed as 'special' enough to get a work permit, can you give some examples please?

 

I was under the impression that 4 Thai staff have to be employed for a every foreigner's work permit and always thought that a little difficult. Depending on the nature of the business, those staff are likely do be doing very little for the first few months of a new company start up.

Many people have doubted me here on TVF, some just bluntly have said that it is not true. Ignorance is bliss.

I went to an established lawyer, who said that it couldn't be done. I expected this guy to misinform me to be able to rip me off. Another lawyer knew better and set it up for me. (1M Co., Ltd.)

Well, as I wrote before, I have personal experience with this kind of company and I know of other people who went the same route.

No staff required; it's a man - wife company simply speaking.

 

The foreigner in this case can only be share holder though the shares can be preferred stock which means that in fact the foreigner may have the final say in the company decision making.

 

Special skills can be a French Chef, a German butcher for example.

 

[KhaoYai]

2 hours ago, hugocnx said:

Many people have doubted me here on TVF, some just bluntly have said that it is not true. Ignorance is bliss.

Just to be clear, I'm not doubting you at all. I was genuinely interested because it is my intention to set up a business in the near future. However, as I said earlier - the 4 Thai staff I will be required to employ to comply with the usual work permit ratios, would have very little to do in the early days of the company.

 

Anyway, thanks for your clarification, it won't work for me as I intend working in the business and will need a work permit. No special skills required in my proposed business.

[hugocnx]

1 hour ago, KhaoYai said:

Anyway, thanks for your clarification, it won't work for me as I intend working in the business and will need a work permit. No special skills required in my proposed business.

Requirements for work permits have eased recently. Gotta check at labor dept.

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