Anyone Gone Through The Process Of Company Formation For Work Permit Recently?

[Mikeheo]

I'm probably going to try and get a work permit fairly soon to make things more legitimate for the foreseeable future. I don't want to get a work permit through applying for a job, rather through forming my own (or 49% of my own) company. Has anyone gone through the process recently and have any guidance for minimizing the amount of Thai employees required to hire? I understand I need to form a company with a Thai business partner then show 2 million baht registered capital for 1 work permit. Any contacts who could deal with the whole process would be appreciated.

 

If this is the wrong section, please feel free to move, but It related somewhat to a work permit.

[DrJack54]

3 hours ago, Mikeheo said:

I'm probably going to try and get a work permit fairly soon to make things more legitimate for the foreseeable future

I don't  have advice more just bumping your thread as no replies.

IMO starting a business just to facilitate a stay in Thailand is not clever.

Your OP shows no interest in any particular business..

Clearly must be under 50 as agent assisted retirement would be best option.

PE visa (elite visa) is great option for under 50 not married to Thai national..

[BritTim]

Unless you really want to run a profitable business in Thailand, a Thailand Elite visa would be cheaper.

 

For the basic company formation, there are many lawyers who will do it cheaply, providing the necessary Thai shareholders, and ensuring you have effective control in spite of the (on paper) minority ownership. They will ensure that statutory meetings for things like bank account creation are documented. None of this is very difficult for the specialist lawyers who deal with this, and competition keeps prices very reasonable. However, the main cost comes from needing four Thai employees. You can try to fake them, but the authorities are aware that some will try to do this, and there are mechanisms in place that make it a risky proposition. Note, also, that once you have opened a Thai company, there are costs involved in properly closing it.

[SAFETY FIRST]

Good luck 

[timendres]

As others have indicated, this will be an expensive proposition.

At the very least, you can expect 100,000 THB per year in expenses.

Then you need to deal with the mandatory employees, which is more cost.

Then there are the endless headaches of filing documents, and paying taxes.

Add to that the fact that, if the company shows no profit, it will be subject to closure.

The 600K Elite Visa looks far more attractive if your time horizon is 5 years.

[RandolphGB]

1 hour ago, timendres said:

 

At the very least, you can expect 100,000 THB per year in expenses

You mean 100,000 THB a month in expenses at least.
 

x4 Thai staff, x1 foreigner salary, premises rental, submitting tax and paperwork several times a month. 

[pchappo]

it is a long and challenging road, make sure your are doing it for the right reasons.

[mokwit]

Forming a company just to satisfy the requirements to stay here is yesterday. People used to do that, but Immigration didn't used to come 'round to check you really were employing 4 Thais etc then.

 

 

[timendres]

1 minute ago, mokwit said:

Forming a company just to satisfy the requirements to stay here is yesterday. People used to do that, but Immigration didn't used to come 'round to check you really were employing 4 Thais etc then.

I was "investigated" for my 4 Thai employees last year.

Fortunately, my company is 100% legitimate and meeting all requirements, so no issue.

The IO's are "hungry" and this is a payday for them.

They create lists of companies that are most likely to be "fudging" and make the rounds.

[mokwit]

21 minutes ago, timendres said:

I was "investigated" for my 4 Thai employees last year.

Fortunately, my company is 100% legitimate and meeting all requirements, so no issue.

The IO's are "hungry" and this is a payday for them.

They create lists of companies that are most likely to be "fudging" and make the rounds.

I think it is standard for all companies now. Second hand I heard that they really were checking that the employees were real - a messenger making up one of the four was out on an errand caused a lot of questioning. It is not a formality.

[SST3D]

Thai Elite is far easier and far less expensive that what you seem to be planning, as others have suggested

[Yme]

I've had this saved for a couple of years. It's pretty detailed and I doubt much has changed. Anyway, for what it's worth 

 

Is Bangkok Really Asia’s Startup Hub? – Navigating The Thailand BOI Process
https://aseannewstoday.com/2017/is-bangkok-really-asias-startup-hub-navigating-the-thailand-boi-process/

 

 

[JFHuaHin]

Setup your company with a Thai director that also owns other businesses.

Make sure one of your companies business objectives is to provide services to the Thai directors other companies.

Then create job contracts for employees that are sub contractored to the Thai directors companies.

Basically you pay the social on 2-3 of the Thai directors employees.

 

To keep your costs right down, you need good quality Thai people involved that own their own real business.

 

[drori8]

3 hours ago, Yme said:

I've had this saved for a couple of years. It's pretty detailed and I doubt much has changed. Anyway, for what it's worth 

 

Is Bangkok Really Asia’s Startup Hub? – Navigating The Thailand BOI Process
https://aseannewstoday.com/2017/is-bangkok-really-asias-startup-hub-navigating-the-thailand-boi-process/

 

 

lol he can barely open a reguler company you want him to open one AND get approved by BOI so to not hire thai staff? dream on

[BritTim]

On 4/27/2022 at 11:50 PM, drori8 said:

lol he can barely open a reguler company you want him to open one AND get approved by BOI so to not hire thai staff? dream on

Agreed.

 

For Americans, there are possible options under the Treaty of Amity, though they do not seem as great as 30 years ago or so.

 

Otherwise, a great, well connected lawyer might succeed in getting a representative office approved (if you have an existing overseas company). Anything else will be very costly.

[Wongkitlo]

I am thinking of doing the same but have a viable business. I was quoted a one off  25000 baht to set up. Then 2000 to 3000 per month to administer. The accountant will get the work permit. You  need to pay yourself 60000b per month(i think 50000b if you are from some countries) but since you are paying yourself is not so much of an expense. You must pay the tax on the income. Is  2000 to 3000b. I have a Thai wife and she will provide the Thai company owners( who sign over their voting rights to me)  and workers ( Not sure if 3 or 4) for whom I pay health care and tax each month. The accountant will take care of showing the 2 million baht capital. I am considering all this so would be interested in hearing how you go. 

[ubonjoe]

20 minutes ago, Wongkitlo said:

You  need to pay yourself 60000b per month(i think 50000b if you are from some countries) but since you are paying yourself is not so much of an expense.

There is no minimum salary for a work permit. For a extension of stay the minimum salary for most people from western countries 50k baht. From immigration order 327/2557.

If married to a Thai you can use you income from working to meet the 40k baht income requirement to apply for a extension based upon marriage to a Thai. 

[Wongkitlo]

1 hour ago, ubonjoe said:

There is no minimum salary for a work permit. For a extension of stay the minimum salary for most people from western countries 50k baht. From immigration order 327/2557.

If married to a Thai you can use you income from working to meet the 40k baht income requirement to apply for a extension based upon marriage to a Thai. 

Thanks for the info Joe. It is a confusing journey. I am considering setting my wife up in the company but am also thinking I want to keep my business independent from her.