Bringing In Money For Property Purchase Under Company Name

[paul771]

Hi, I am a shareholder in my thai friends legit company here in bangkok. I want to purchase a house under the company name but I'm a little unsure about the process of bringing money into thailand. I've read that when buying a condo here you need to get a foreign exchange transaction form stating exactly the purchase price and what the funds are to be used for so you can easily transfer the money back out again in the future. I'm buying a house, and as the company is buying the property, should I state that the funds coming into thailand are for company investment or specifically to purchase property under the company name?

I also want to purchase a new car.. I know I don't need the company for that but I'm guessing that I also have to have the F.E.T form stating the funds are for the car?

One more question please! I have a uk Nationwide Flex account that I will use to make the funds transfer to my thai Bank of Ayudhya account. Does anyone know the best way of me getting around the onshore/offshore conversion exchange rates before sending?

Thanks in advance!

[PattayaParent]

Any incoming funds over 600,000 Baht need to have a FET form stating the pupose of the funds.

So yes you can state it's for buying a car but the bank may want proof (they want sales contracts for condo purchases) to satisfy the government regulations.

Regards the company I'd guess it would be best to state company investment? Otherwise they might think it's a nominee company and start and investigtion?

[SamuiRes]

Hi, I am a shareholder in my thai friends legit company here in bangkok. I want to purchase a house under the company name but I'm a little unsure about the process of bringing money into thailand. I've read that when buying a condo here you need to get a foreign exchange transaction form stating exactly the purchase price and what the funds are to be used for so you can easily transfer the money back out again in the future. I'm buying a house, and as the company is buying the property, should I state that the funds coming into thailand are for company investment or specifically to purchase property under the company name?

I also want to purchase a new car.. I know I don't need the company for that but I'm guessing that I also have to have the F.E.T form stating the funds are for the car?

One more question please! I have a uk Nationwide Flex account that I will use to make the funds transfer to my thai Bank of Ayudhya account. Does anyone know the best way of me getting around the onshore/offshore conversion exchange rates before sending?

Thanks in advance!

I believe the onshore/offshore rates have narrowed now, but that is irrelevant as to get the FETC the funds must arrive in Thailand in foreign currency. Neverthless in all the transcations I have been invovlved with for clients over the years, we have always got a better rate converting in Thailand.