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!  

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. 

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?

 

Salarly/dividends?

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  

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.

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.

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.

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.

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.

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

Salarly/dividends?

Dividends yes, salary no

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