Thai Company And Work Permit Confusion

[shutterboy]

Hi,

I'm wondering if any knowledgeable forum readers out there and offer some clarity on my situation. I registered my company here in thailand about 6 months ago with a local lawyer firm. My company was registered as a Thai company and I am the managing director, and an employee, and I have received a work permit. I currently dont have any Thai staff.

My company was registered as having 2,000,000 Baht capital, although I have never deposited that into any account. According to my lawyer, I must leave Thailand every 3 months just to get an exit stamp and a new 3 month stamp. At the end of my one year visa I must go to a Thai embassy and apply for a new 1 year non imm multipe entry visa.

I showed my company documents to another lawyer and she said that it would be better to have the company registered not as Thai owned, but as foreign owned and transfer the majority of the shares to me (currently more shares are in the name of a Thai friend who I asked to be a shareholder).

Then, if I can have 500,000 Baht deposited from overseas and show immigration, they will change my visa so I dont have to leave every 3 months. Or, after 1 year, if I have 500,000 baht in the business account I can change the visa to avoid the 3 month mandatory exit. Does all this sound correct to you guys?

Also, the main reason I started my company was to get a work permit and make it easier to stay in Thailand. But after all the fees and hassles, I still have to leave thai every 3 months, the same as I have been doing for the 2 previous years when I just had a non imm multipe entry visa. And, I assumed that having a legally registered company and paying taxes, it would be easier to get a new non imm b visa, but my lawyer says thats not so... If we set up a company and pay all the government fees, pay all our taxes and have all necessary documents, shouldnt it be simple to get a new 1 year visa...its all a little confusing.

Would like to here if anyone has a similar experience or if anyone has suggestions.

Thanks

Steve

[Cyberstar]

Then, if I can have 500,000 Baht deposited from overseas and show immigration, they will change my visa so I dont have to leave every 3 months. Or, after 1 year, if I have 500,000 baht in the business account I can change the visa to avoid the 3 month mandatory exit. Does all this sound correct to you guys?

No, it doesn't sound correct to me. One of the official requirements for a 1-year extension of a non-imm B is that the employer must have fully paid up the registered capital of 2 M baht pr employee (not married to a Thai).

[Sunbelt Asia]

I'm wondering if any knowledgeable forum readers out there and offer some clarity on my situation. I registered my company here in thailand about 6 months ago with a local lawyer firm. My company was registered as a Thai company and I am the managing director, and an employee, and I have received a work permit. I currently dont have any Thai staff.

In order to apply for the extension of stay permit based on business, you must employ 4 Thais. In order to get a work permit, no Thais are required.

My company was registered as having 2,000,000 Baht capital, although I have never deposited that into any account. According to my lawyer, I must leave Thailand every 3 months just to get an exit stamp and a new 3 month stamp. At the end of my one year visa I must go to a Thai embassy and apply for a new 1 year non imm multipe entry visa.

In order to get a extension of stay, the audited balance sheet must show a mininum of one million baht net equity.

I showed my company documents to another lawyer and she said that it would be better to have the company registered not as Thai owned, but as foreign owned and transfer the majority of the shares to me (currently more shares are in the name of a Thai friend who I asked to be a shareholder).

If you are doing mfg, exporting, hotel mgmt or are American this could make sense. If not in order to do this you must have an Alien Business License or BOI approval.

Then, if I can have 500,000 Baht deposited from overseas and show immigration, they will change my visa so I dont have to leave every 3 months. Or, after 1 year, if I have 500,000 baht in the business account I can change the visa to avoid the 3 month mandatory exit. Does all this sound correct to you guys?

Let me be blunt. It’s not correct. The only exception that would come close would be BOI approval. They require one million Baht minimum from overseas.

Also, the main reason I started my company was to get a work permit and make it easier to stay in Thailand. But after all the fees and hassles, I still have to leave thai every 3 months, the same as I have been doing for the 2 previous years when I just had a non imm multipe entry visa. And, I assumed that having a legally registered company and paying taxes, it would be easier to get a new non imm b visa, but my lawyer says thats not so... If we set up a company and pay all the government fees, pay all our taxes and have all necessary documents, shouldnt it be simple to get a new 1 year visa...its all a little confusing.

You have much more criteria to meet. Without BOI approval, as mention already 4 Thai employees, million Baht net equity. You also must have an audited P/L that shows your gross sales in 2006 were higher then your salary in 2007. ( In Pattaya, they require its net profit is higher.) You also have to have a minimum salary for your nationality.

www.sunbeltasiagroup.com