Howz This Possible ?

[rinku]

Hiii there , I come from New Delhi in India and have recently registered my Company . While reading the Co. Regiatration rules in thaivisa it was told that minimum 500,000 Baht is necessary to show in Bank before opening a Co. Ltd.

I want to know does that rule applies only US , UK , etc. or thats a general rule ?

[rinku]

Sorry I forgot to mention I am 24 year old guy

[YimSiamTelecom]

Hi Rinku

I thought it is 1,000,000 Baht to form a limited company. I set up one last year with my Thai partner and we had to issue a share caplital of 1,000,000 Baht and have seven shareholders in the company. As a foreigner, I think you can only hold up to 49% of the shares - the other having to be held by Thai national's.

I stand to be corrected - as I am not an expert on this subect- a Lawyer and an Accountant set up my company for me - and I recall the seven shareholders having to stump up their proportion of the Baht 1,000,000, which was duly paid into the corporate bank account of the company. So it seems you don't only have to show that you got the money in your bank to start up a Ltd. Co. - but you got to put the money into the company bank account, so it is propoerly capitalised from the outset.

If anyone else in this forum knows better, I would be grateful for them to 'chip in' their 5 baht worth. I am but a simple Farang, with a 30% shareholding in a Thailand Limited company.

[shellman]

Hi Rinku

I thought it is 1,000,000 Baht to form a limited company. I set up one last year with my Thai partner and we had to issue a share caplital of 1,000,000 Baht and have seven shareholders in the company. As a foreigner, I think you can only hold up to 49% of the shares - the other having to be held by Thai national's.

I stand to be corrected - as I am not an expert on this subect- a Lawyer and an Accountant set up my company for me - and I recall the seven shareholders having to stump up their proportion of the Baht 1,000,000, which was duly paid into the corporate bank account of the company. So it seems you don't only have to show that you got the money in your bank to start up a Ltd. Co. - but you got to put the money into the company bank account, so it is propoerly capitalised from the outset.

If anyone else in this forum knows better, I would be grateful for them to 'chip in' their 5 baht worth. I am but a simple Farang, with a 30% shareholding in a Thailand Limited company.

1,000,000 Million is what I thought it to be, abd be aware that if you want to act as a director for a PCL - you need to have permanent resident status, not for a Co. Ltd. though - more information on these things can be found at the site of the Board of investment (including some interesting legal information)

BOI

shellman

[Indo-Siam]

Incorporating a company can be done by any seven individuals, of any nationality, with whatever initial registered capital you want, and with none of it paid in. With that, you get just a company registration certificate.

Thai law states that at least 25% of registered capital must be paid in within 90 days of incorporation. But - up until you try to actually DO something with your company, there is no mechanism to check this.

Basically - up until you seek to employ non-Thai's, you can do what you want. It is when you attempt to obtain a work permit fora foreigner that you first encounter requirements for certain minimum registered capitalization.

If you have never worked in Thailand before, are not married to a Thai, and will serve as a paid director, you basically need to have 2,000,000 baht registered capital, and sign off on a statement that this has been paid in.

If you wish to operate as a foreign majority-owned company, you will in most cases require an Alien Business License - and the Foreign BusinessAct of 1999 states that you must have a minimum of 3,000,000 baht registered capital - see Section 14 (second paragraph) at http://www.thailawforum.com/database1/foreign.html

Aftera company has been around for a year, you start having to attach copies of your most recent audited balance sheet to various applications. It is at that point that you have to start showing assets that exceed your .

Good luck!

Steve

Indo-Siam