49% shareholder of Thai company while on Elite/PE visa?

[Sandboxer]

As the title says, what is the experts' consensus here? Can a falang residing in the Kingdom on the Privileged Entry ("Elite") visa be a 49% shareholder of a Thai company?

 

Note: this is not a shell company to illegally "own" a house/land - I'm talking about a legit business, but one for which the falang does not do any actual work (the 51% Thai shareholders would be actual partners, not bullsh_t nominees from the lawyer). 

 

If so, how that does jive with the "employment not allowed" aspect of the PE visa in regard to drawing profits/salary? 

 

Can the falang register a tax ID and legitimately pay taxes without endangering his PE?

 

Maybe a totally stupid question, and I know I should probably first ask the Elite personnel this but frankly I haven't been super impressed with their correspondence/communication quality so I figured I'd ask here as well seeing as that a lot of you seem to be pretty knowledgeable in these matters.......any input appreciated!  

Edited February 15, 2023 by Sandboxer

[Sharp]

As long as you aren't actively signing contracts,  papers etc or physically working the director of the Company should be doing all the necessary, being a Shareholder doesn't invalidate your PE visa. 

Edited February 16, 2023 by Sharp

[Sandboxer]

4 hours ago, Sharp said:

As long as you aren't actively signing contracts,  papers etc or physically working the director of the Company should be doing all the necessary, being a Shareholder doesn't invalidate your PE visa.

Thank you. As I assumed. But what about drawing a salary?

 

[Sandboxer]

Salarly/dividends?

[Sharp]

5 hours ago, Sandboxer said:

Thank you. As I assumed. But what about drawing a salary?

 

As long as doesn't go direct from a Company account to your personal account then no problem a competent accountant can do the necessary  

[Maestro]

On 2/16/2023 at 3:21 PM, Sandboxer said:

Thank you. As I assumed. But what about drawing a salary?

 

Salaries are paid to employees and therefore you would need a work permit, regardless whether uch employee is also a shareholder.

[Maestro]

On 2/16/2023 at 5:10 PM, Sandboxer said:

Salarly/dividends?

Receiving dividends does not make you an employee. Obviously, the company must correctly document and account for these dividend payments.

[Tuvoc]

12 hours ago, Maestro said:

Receiving dividends does not make you an employee. Obviously, the company must correctly document and account for these dividend payments.

True, but receiving a salary does.

[FritsSikkink]

On 2/16/2023 at 3:21 PM, Sandboxer said:

Thank you. As I assumed. But what about drawing a salary?

 

A salary for what if you are not working? That would be fraud.

[FritsSikkink]

On 2/16/2023 at 9:05 PM, Sharp said:

As long as doesn't go direct from a Company account to your personal account then no problem a competent accountant can do the necessary  

Paying a salary to a person who doesn't do any work is defrauding the company and the tax as you are making costs which shouldn't be there.

Edited February 18, 2023 by FritsSikkink

[FritsSikkink]

On 2/16/2023 at 5:10 PM, Sandboxer said:

Salarly/dividends?

Dividends yes, salary no

[Sharp]

7 hours ago, FritsSikkink said:

Paying a salary to a person who doesn't do any work is defrauding the company and the tax as you are making costs which shouldn't be there.

Call it a shareholder dividend