Buying A Business In Los

[milcom]

Hi, i'm totally new in this forum but i've read alot topics already.

I'm interested in a business i found on the site of the sponsor of this forum, sunbeltasia.

The business i'm interested in is a snooker club in bkk.

It looks all fine by me but there are some things i heard about.

Someone told me if you'd own a bar, restaurant, snookerclub or something like that you'll have to pay money to the police, something like corruption, also you'll have to pay money to a mob gang who are present there in the area.

Is this true, if so, does anyone has any expirience with it?

How it works and are there ways to get around it?

How much they ask and are they really dangerous?

Does this apply to all regions in Thailand or only in bkk?

I actually also have a question about the 2mill starting capital.

Do i need 2mill before or after i bought the business?

This is actually a topic for another forum but i was busy here already...

Please anyone can help me out?

regards,

Niki Lin

[Sunbelt Asia]

Someone told me if you'd own a bar, restaurant, snookerclub or something like that you'll have to pay money to the police, something like corruption, also you'll have to pay money to a mob gang who are present there in the area.

Is this true, if so, does anyone has any expirience with it?

How it works and are there ways to get around it?

How much they ask and are they really dangerous?

Does this apply to all regions in Thailand or only in bkk?

I'm involved with 6 restaurants we own. Only one restaurant I know of, we ask them to come by every hour as were open 24 hours and had problems with ladyboys soliciting. Cost was 2,000 Baht per month and the police have to sign a card in a red box located outside the back door every hour for 24 hours. Security if we had to hire would cost us 20,000 Baht per month so this is much cheaper at 90% less and very much welcome.

As for mobs, never have heard of it in BKk. I heard rumors of it in Pattaya but have never heard someone tell me they experienced it first hand. Not sure if its a urban legend or not? I know a number of bar owners and they scoff at the mention of it. One question to ask the current owner, how much they pay for security "police" and his reaction to the question of the mob.

As for Go Go Bars in Nana, think you'll be very much surprised to know the "security" is 6,000 to 9,000 per bar per month for the police. Some don't even pay that.

As one bar owner commented to me once " The police are good police here. They are not ever greedy"

actually also have a question about the 2mill starting capital.

Do i need 2mill before or after i bought the business?

Unless if you are applying for a work permit as that being the condition you want to meet or for an extension of stay visa based on business. You don't ever need 2 million baht paid up capital. Only registered capital on paper which means you and the shareholders are liability is limited to that unpaid capital. If it was 2 million and only 500,00 was applied towards the shares then your personal liability and the shareholders is 1.5 million. Once that is paid your personal liability ends as a shareholder. Most people set up a company, acquire another business by an asset purchase then put those assets in their corporation. Once you have set up the corp, deposit the funds into the account ( paying the shares) and then you invest the funds for the business you acquired.

www.sunbeltasia.com

[davethailand]

no mob stuff has ever happened to us in pattaya in 4 years

[milcom]

Thanks for the quick reply sunbelt!

I hope you're right about not having any mob asking for 'protection money'.

I'm from Holland and got alot thai friends here and they all say the same about the mob in bkk. Strange why they mention it but cannot find any topic about this on this site. Maybe it's a thai related thing, not for farang or something.

About the business on your website, could you pm me so we could discuss more about this? Or send an email to [email protected]

I already signed and faxed the confidentiality agreement...

The strange thing is that the information i get from the businesses i'm interested in are all in the ad. There is are no new details for what i signed for?

Then what's the point of the confidentiality agreement?

I'm still interested in the businesses and would like to schedule an appointment with the current owners somewhere in the last week of november and the first week of december.

A week ago i emailed Roongtiwa Siripraiwan, Personal Secretary to the Managing Director Mr.Greg Lange, but i haven't heard from him since.

Please help me out with this.

regards,

Niki Lin

[Darknight]

i thought you just had a conversation with greg here ?

normally he post here.

[TRIPxCORE]

There most definitely is criminal organizations in Thailand but they are not the mob or mafia. They are generally referred to as being part of the Triads or "Chinese Mafia." The extent in which they get involved with extortion of business' could only be answered by the people running them.

As you saw Dave tell you in an earlier posting, he hasnt heard or seen them in four years of running his business in Pattaya so thats good news.

[Sunbelt Asia]

The strange thing is that the information i get from the businesses i'm interested in are all in the ad. There is are no new details for what i signed for?

Please look closely. The profile has the company name and address. You need to visit the location.

If you can see yourself owning it. A meeting is setup with the owner where you ask them all the questions you like.

If that meeting goes well. You put in a offer to purchase with conditions.

Either that offer is accepted or counter offer.

When you and the Seller can agree on terms, then the due diligence starts. You have to be satisfied everything you've been told is true in reference to financials, you can get a new lease, no competition, training etc.

If it is and you are comfortable you go to the closing table.

If you're not, the deal is off and you look at the next opportunity.

Will follow up by e-mail. Thanks.

Regards,

Greg