Company formation ballpark figure?

[Jajazazajaja]

I’ve been here a while doing fly in / fly out. But obviously that avenue is now closed and was thinking about setting up here.

 

ballpark figure, how much will that set me back?

 

im a contractor and was previously using a Singapore company I have 

[ubonjoe]

Unless you expect to make a lot of money it is probably not worth the cost when you factor in the 4 Thai employees required and etc.

Getting a 5 year Thai Elite visa for 600k baht might be best.

[Jajazazajaja]

3 hours ago, ubonjoe said:

Unless you expect to make a lot of money it is probably not worth the cost when you factor in the 4 Thai employees required and etc.

Getting a 5 year Thai Elite visa for 600k baht might be best.

Thanks Joe

 

i think you are right, cheers 

[Excel]

In2001 it me cost 26,000 THB start to finish. No idea how much it would cost now though.

[Simon Snake]

5 hours ago, ubonjoe said:

Unless you expect to make a lot of money it is probably not worth the cost when you factor in the 4 Thai employees required and etc.

Getting a 5 year Thai Elite visa for 600k baht might be best.

Totally agree.  Four Thai per one Work Permit | VAT returns and general tax compliance (horrendous penalties if you are late) | 2M Start up Capital (although there are ways around this) AND you still need to report every 90 days.  Are you aware of an APEC card - if you are a citizen of one of the participating countries and your business meets the eligibility test then APEC membership is by far the best investment. 5 years, multiple-entry and less than THB10,000 - https://en.wikipedia.org/wiki/APEC_Business_Travel_Card 

[MarleyMarl]

I believe there is/was leniency for the first few years and you can get by with only 2 required Thai employees. Could be wrong.

 

As others have said though, elite visa could be the way to go, as with a company you need employees + monthly accounting and yearly tax audit, that could amount to same as the elite visa, but with added stress. 

 

A company purely for visa is not worth it in my opinion, but If you plan to have Thai based customers and grow a Thai company, a company would make sense. I have a company here in Thailand for 10 years now. It's worked out well for me and currently most of my client base is Thai/in Thailand.

[khunPer]

19 hours ago, Jajazazajaja said:

ballpark figure, how much will that set me back?

Apart from setup costs, which could be anything between 30k baht and 50k baht, just the annual running costs for accountant and annual tax statement would be in the range of 30k baht and up – 1k baht accountant service fee per month, plus 18k baht for auditor and balance sheets – i.e. looked over 10 years, to compare with UbonJoe's suggested Elite Card for 600k baht, company running costs are in the range of not less than 350k baht.

 

To add a work permit for one foreigner to obtain a non-B and thereafter annual extensions you need a registered company capital of 2 million baht – which might, or might not, need to be paid in cash – and four Thai employees. Just the cost of Social Security of four ghost-employees on minimum wage is 800 baht x 4 per month, x 12 for a year, x 10 for 10 years; i.e. 800 x 4 = 3,200 x 12 = 38,400 x 10 = 384,000 baht.

 

On top comes the risk of scrutiny of a kind of shell-company.

 

600k baht, it's 60k baht a year, is probably the cheaper solution...????

[Pilotman]

Mine cost 95K , but that was with a Bangkok based International Law Firm.  I would guess around 35K would be the average.