Buying A Partner Out Of A Business

[wcr]

Hello all,

I have decided to buy my partner out of my business. I have found out I can transfer him out as both a shareholder and director whilst he is not in the country with him signing the relevant forms and giving a signed copy of his passport.

He is in Australia and really doesn't want to come back to Thailand. So, anyone tell me if I can just transfer his money to him from my Thai bank account into his Australian bank account without it creating any problems for my company or me here?

Any advice from anyone who has transferred sums of around 1M Baht out of Thailand to another person in another country give me guidance?

Thanks

[Ungabunga]

Do you have any sort of Tor Tor 3 or bank transaction record of monies coming into thailand from abroad previously? If so, you should be able to transfer out of Thailand without hassle.

Failing that, you can try transferring smaller amounts. Provided you give enough information to the local bank here about where the money is going and for what purpose, they should be able to do it for you. They have to inform the B.O.T about any foreign transaction where there is no Tor Tor 3 and it makes it easier if its 'small' amounts.

[Chang_paarp]

Another way of doing this is the reverse of the "support your favorite lady" system.

Open an account, get a ATM card or Visa debt card.

Check it works

Send the card to your soon to be ex partner.

He can withdraw the money in lots of $1000 Au/day, or more with Visa debt card over the counter at the bank.

Even easier if he has an existing Thai bank account.

The challenge with recieving B1M (or about $35-40KAu) is answering all the questions at the other end, proving it not to fund terrorism.

Of course if he sends you an invoice for the amount the money can be to pay invoice 12345. He then has all the tax questions to deal with.

[theseveredhead]

if youre both from oz why dont you just have someone pay him out of your of their accts in oz? he can sign the papers and fedex them to you

???????

[wcr]

if youre both from oz why dont you just have someone pay him out of your of their accts in oz? he can sign the papers and fedex them to you

???????

We're not. I'm a Brit and I don't have the funds in the UK to pay him off. Has to come out of Thailand I'm afraid!