Police break up network aiding foreigners to stay in Thailand

[Roo Island]

6 hours ago, stoner said:

 

they had no problem signing off on the formation of these companies and taking the fees. 

Perhaps these were the ones?

 

Quote

Additionally, 37 Thais have been implicated in related offenses.

 

Edited June 1 by Roo Island

[Roo Island]

They need to do the same in every tourist hot spot....crazy how many I see running businesses. Especially real estate and weed shops.

[crazykopite]

This is what happens and will continue to happen when you make it much easier to obtain visa especially for Russians and Indians I notice a lot of individuals have arrived recently from Israel 

[Robert Paulson]

Hub of crackdowns 

[rudi49jr]

So have they arrested only the foreigners involved in this ‘network’, or also the (countless) Thai officials who had to have been aiding and abetting them? Or have the latter just been transferred to inactive posts?

[crazykopite]

If they closed every foreign owned company down the country would go bust there are 1,000s upon 1,000s of these companies some sleeping and some working and every year the government collects taxes from them it’s time this stupid law changed the same with property ownership The super rich Thais are happy to buy properties all over the world without any fuss but any foreign er wishing to buy in Thailand has to do it by illegal ways !

[khunjeff]

9 hours ago, webfact said:

The operation...facilitated foreign residency by setting up bogus companies.

 

9 hours ago, webfact said:

The crackdown led to charges against 98 foreigners, including 68 Russians, accused of operating businesses without proper permits.

 

So are the companies "bogus", or are they actually being "operated"? Is this about doing business illegally, or about opening shell companies that don't do business at all?

[Kinok Farang]

2 hours ago, Galong said:

Not all Americans are jerks. What delightful country is lucky that you left?  

You are the first then.Nice to meet you.

[Kinok Farang]

1 hour ago, impulse said:

 

What's this "we" crap?  You got a mouse in your pocket?

 

Yanks don't even need Thai nominees.  We can own 100%.  That's gotta sting.

 

 

Sorry,i forgot Yanks don't do fun.

I was only teasing Bud,chill.

[CANSIAM]

3 hours ago, easydoor said:

And then we don't speak about all the people who are using VIA AGENTS....

Many of them are people what doesn't fulfil the financial requirements for

a one year extension of stay..

 I heard ED visas during the early stages of the Russian runners on a one way ticket were being sold for 50-70,000 baht.....great paydays now they are busting them up with their illegal behaviour...😂

[gravity101]

1 hour ago, rocketboy2 said:

 

Yes and many of us, chose not to do this company thing.

25 years latter, I'm still ok with not doing it.

But I never invested all my dosh in Thailand, like some have done.

You just can't trust this place 100%, When will the next witch hunt start, with this PM in-charge ?

It comes down to that old saying.

Never invest more money, than your prepared to lose, in Thailand.

No bottom burps here. 

 

 

 

 

23 years later, mine still does this company thing. As long as their is no wp and income is recorded and taxes are paid (usually called house rent payments), this model is fine. In fact it's so long now, no one would be able to figure out if the wife didn't pay capital to the company or not.

 

Interestingly I just had a friend buy a house with a brand new conpany that has a Thai foreign living friend as the 51. Went through creation and land department easily and very quickly.

[JBChiangRai]

34 minutes ago, gravity101 said:

23 years later, mine still does this company thing. As long as their is no wp and income is recorded and taxes are paid (usually called house rent payments), this model is fine. In fact it's so long now, no one would be able to figure out if the wife didn't pay capital to the company or not.

 

Interestingly I just had a friend buy a house with a brand new conpany that has a Thai foreign living friend as the 51. Went through creation and land department easily and very quickly.

 

Normally the Thai owns 100% until the transfer at land department is done and then acquires the 49%.

[NorthernRyland]

5 hours ago, JBChiangRai said:

but it's indefensible if you're questioned.

I don't understand how all these illegal purchases happen in the first place. I guess the land office just signs off the papers and doesn't escalate the company in question to the some other agency? seems this would be easy to catch if they had any actual systems in place.

[Liverpool Lou]

10 hours ago, soi3eddie said:

A very greay area as to what is "fraudulent" or "bogus". The companies were formed as per the rules by all accounts (or they wouldn'y have been formed) but the authorities don't like it.

They used Thai nominees to circumvent the rules, which is illegal; it was not done "per the rules"!

Edited June 1 by Liverpool Lou

[JBChiangRai]

9 minutes ago, NorthernRyland said:

I don't understand how all these illegal purchases happen in the first place. I guess the land office just signs off the papers and doesn't escalate the company in question to the some other agency? seems this would be easy to catch if they had any actual systems in place.

 

Generally, the Land Office doesn't know.  When they transfer a house/land to a Thai company, all the shareholders and directors are Thai.  Within a week, there's a sole Farang director who acquires 49% of the company.

[Liverpool Lou]

10 hours ago, soi3eddie said:

Who is actaullay being defrauded and losing their money?

The foreigners who paid her for the illegal companies through which they illegally owned businesses and/or property are the ones being defrauded, they risk losing their investments and property. 

[Liverpool Lou]

8 hours ago, stoner said:

 

they had no problem signing off on the formation of these companies and taking the fees. 

...until they found out that the shareholders were, in fact, illegal nominees.

[Liverpool Lou]

7 hours ago, Thumbs said:

How is this possible without at least one immigration officer involved ?

What have IOs got to do with the incorporation of Thai companies?

[n00dle]

10 hours ago, soi3eddie said:

 

...but gave no specific details in the story. Other than the business must not have more than 49% foreign ownership. A very greay area as to what is "fraudulent" or "bogus". The companies were formed as per the rules by all accounts (or they wouldn'y have been formed) but the authorities don't like it. OK the Thai lady has interests in 270 companies. Maybe she's just very successful. It is clear that "authorities" do not like what is happening but to call it "fraud" is a stretch. Who is actaullay being defrauded and losing their money? As usual the story is light on specifics.

 

 

Ah, its just nice to have a Thaksin led government back in power to put pesky foreigners back in their place. 

[rocketboy2]

1 hour ago, gravity101 said:

23 years later, mine still does this company thing. As long as their is no wp and income is recorded and taxes are paid (usually called house rent payments), this model is fine. In fact it's so long now, no one would be able to figure out if the wife didn't pay capital to the company or not.

 

Interestingly I just had a friend buy a house with a brand new conpany that has a Thai foreign living friend as the 51. Went through creation and land department easily and very quickly.

 

What will happen on your demise.

do the Thai share holders, just sign it all over to your wife ?

Assuming they are all trust worthy, up standing members of Thai society.

Would you not be leaving a possible train wreck for your wife and possible family. ?

just asking, as a newbie on this subject. 

 

BTW, if a government official ask you a question about origin of funds.

The onus,  is on you, not them. well I would assume this,  as I'm a newbie to this subject.

 

But good luck and I wish you all well, for the company route.

But I just think,  its all just a race against time ( foreigner dying ) and wife / family ( Thai ).

good day.

 

 

Edited June 1 by rocketboy2

[impulse]

1 hour ago, Kinok Farang said:

Sorry,i forgot Yanks don't do fun.

I was only teasing Bud,chill.

 

And I forgot that some can dish it out, but can't take it.

 

 

[JBChiangRai]

21 minutes ago, rocketboy2 said:

 

What will happen on your demise.

do the Thai share holders, just sign it all over to your wife ?

Assuming they are all trust worthy, up standing members of Thai society.

Would you not be leaving a possible train wreck for your wife and possible family. ?

just asking, as a newbie on this subject. 

 

BTW, if a government official ask you a question about origin of funds.

The onus,  is on you, not them. well I would assume this,  as I'm a newbie to this subject.

 

But good luck and I wish you all well, for the company route.

But I just think,  its all just a race against time ( foreigner dying ) and wife / family ( Thai ).

good day.

 

 

 

You can't leave it in a will as it's not your property.

 

The company has to be wound up and the proceeds split 49% to your estate and 51% to the nominee shareholders.

[zyphodb]

7 hours ago, oldestswinger said:

Thailand does pretty well at 108.

 

How can there be so many countries MORE corrupt than here? Everyone's involved, how can anywhere be worse 555

[rocketboy2]

46 minutes ago, JBChiangRai said:

 

You can't leave it in a will as it's not your property.

 

The company has to be wound up and the proceeds split 49% to your estate and 51% to the nominee shareholders.

 

Ok., so unless you have your family as the other share holders.

Most likely the dosh is gone, Somchai  and mates 51% just got a windfall. with no come back from your estate.

Sounds like a recipe for a train wreck. 

but each to there own. 

Have I missed something ?

 

 

[NativeBob]

Just a walk at Sala Daeng [Bang Rak, BKK] and you can catch few hundreds of such bogus companies. No need to travel to Phuket. 

Bogus Co can be purchased at 2X,XXX thb 

Not a biggie

[Moonlover]

9 hours ago, Presnock said:

8 hours ago, IamNoone88 said:

There should be no valid reason that a foreigner cannot own 100% of a bonafide company that is usually 100% foreigner financed. This 51/49% rule is totally without merit. 

 

9 hours ago, Presnock said:

other than Thai law which is very specific and most likely will no change in our lifetime

And is a very common practice quite a number of countries where 'foreigners' choose to set up business. 

[jacob29]

8 hours ago, wensiensheng said:

when in reality the companies did no business.

 

Not in itself illegal, I would wager a great number of shell companies exist, and not just in Thailand.

 

5 hours ago, BerndD said:

It is fraudulent to set up a company that does not operate as a company, i.e. does not carry out any business, but only serves to create opportunities to stay in Thailand.

Citation? Employment agencies are very routine, found in all countries - they sit between employer and employee and skim a commission. It's a legitimate business, and the work permit is incidental to this operation.

 

What is illegal, is Thai nominee shareholders, and (where it applies) not actually employing four Thai employees per foreign work permit, not paying tax etc. In this case it sounds like the issue was Thai nominees, and potentially bogus Thai employees on payroll.

Edited June 1 by jacob29

[sambum]

TAT - You wanted the Russians - now you got 'em - still want 'em?

 

(They've done the purpose  - swelled your tourist figures even if lots of them are undesirables)

[Kinok Farang]

1 hour ago, impulse said:

 

And I forgot that some can dish it out, but can't take it.

 

 

I see that you need to have the last word so don't get upset when i don't reply to your next post.Bye.

[VBF]

9 hours ago, klauskunkel said:

It's not a merit based society...

But it's (supposed to be) Buddhist!