How Do I Set A Bank Account For Business

[usabkk]

I want to start a small e-commerce business selling jewlry to America. I have the people ready to make the programs but I dont know how to start the business. This is my first time. I'm still a virgin.

[Indo-Siam]

Hi -

If you are asking how to start a Thai Private Co. Ltd. that would enable you to open a Thai corporate bank account, obtain an import/export license, obtain a work permit, and secure a long-term entry permit extension based on qualifying employment, please send me a conventional e-mail to which I can reply with attachments.

I will then send you some process flow charts, and similar.

Good luck!

Steve Sykes

Managing Director

Indo-Siam Group

Bangkok

[email protected]

www.thaistartup.com

[usabkk]

Now that I know that I need about 2,000,000 Bht, how do I get that kind of cash? Even if I asked everyone I know for large amounts of money I still couldnt add up that amout of money. Any suggestions?

[Doi Thong]

Forget about Thai company, open merchant account with Pay Pall that enables you to charge your customers cards online and keep the money in US. Much more easy and secure. Your business not require cargo etc, easy to do.

[Sunbelt Asia]

Now that I know that I need about 2,000,000 Bht, how do I get that kind of cash?

It is not 2 million cash needed.

It is as registered paid up company with 2 million Baht. The paid up capital is essentially the portion of authorized stock that the company has issued and received payment for.

As of now, payment of the shares can be in many forms not just money. It can be in goods, services, property, good will, know-how, or even shares in another company. (The latter is often used when one company takes over another.)

Some confusion, as just 2 weeks ago, before October 8th 2004, if you had applied for a work permit using 2 million Baht paid up capital as the condition you wanted to meet.

Supporting Documents required was

The Certificate of juristic person registration with a fully

paid-up capital not less than 2,000,000 Baht and a copy of the list of

shareholders (Form Bor-Or-Jor 5).

- Financial statement with an initial working capital not less

than 2,000,000 Baht certified by a certified auditor and after

deduction of debts, loans and other expenses, the establishment must

have assets as cash or bank deposit not less than 2,000,000 Baht.

- Account transaction to proof cash transacting in the bank for

business transaction in the amount not less than 2,000,000 Baht.

As of October 10th, 2004. This is THE condition of 2 million Baht paid up capital but they are not asking for the above supporting documentation of 2 million in a bank account.

www.sunbeltasia.com

[LadyinRed]

Are there any taxation laws in Thailand regarding e-commerce businesses, such as VAT?

[usabkk]

Forget about Thai company, open merchant account with Pay Pall that enables you to charge your customers cards online and keep the money in US. Much more easy and secure. Your business not require cargo etc, easy to do.

I think that this is a better suggestion for now, because I have a company that will ship our goods. I just mostly just need to know how to get paid. But what do I know...... like I said before......I am still just a virgin. I think what I need is some one to personally show me the ropes. But where can I find a person like that?

[Doi Thong]

I can help you out, check your PM or mail.

[usabkk]

It is not 2 million cash needed.

As of now, payment of the shares can be in many forms not just money. It can be in goods, services, property, good will, know-how, or even shares in another company. (The latter is often used when one company takes over another.)

As of October 10th, 2004. This is THE condition of 2 million Baht paid up capital but they are not asking for the above supporting documentation of 2 million in a bank account.

So can I use the pay pall first in order to gain the capital that I need? Then after words when I can present the facts to the bank, then I can open my business. ...Does this make sense?

[drand10]

You seem to know the business environment of Thailand. I'm looking to work out a deal where i have clothing manufactured in norther thailand...via a family member..and then have it shipped to USA.

I wish to fly to Thailand and get my niece in Chiang Mai setup with a business plan and business license so we can start this business. Is there any special secrets about how to setup a business? I'm basically using my family member as a "Pass thru" to do day to day dealing for me. She'll take the product and ship it to me in USA. She'll get a fair wage and do all my leg work for me. Any secrets to the exporting business? Setting up a business? My reasoning is complicated..but I want the transaction to go through my niece via invoice.

[Gleen_tea]

Forget about Thai company, open merchant account with Pay Pall that enables you to charge your customers cards online and keep the money in US. Much more easy and secure. Your business not require cargo etc, easy to do.

<{POST_SNAPBACK}>

Beware. I opened an account with Paypal from here (Bangkok) and as soon as the first transaction came through they instantly froze my account. They would not tell me why, and any attempt at reasoning with them would only result in them sending me canned responses. I later figured out that as I had logged in from Thailand but signed up as a user from Europe, I was in the eyes of Paypal a scammer. Funny that they didn't care to freeze the account until a transaction came through. Finally they said I could have the money but I'd have to wait six months. I did get the money but I had to request it, they will not just give it to you and if you don't ask for it, they will keep it. Others are not so lucky and lost a great deal. Read more about how others were scammed by Paypal at http://www.paypalsucks.com/

You have been warned.

[usabkk]

Forget about Thai company, open merchant account with Pay Pall that enables you to charge your customers cards online and keep the money in US. Much more easy and secure. Your business not require cargo etc, easy to do.

<{POST_SNAPBACK}>

Beware. I opened an account with Paypal from here (Bangkok) and as soon as the first transaction came through they instantly froze my account. They would not tell me why, and any attempt at reasoning with them would only result in them sending me canned responses. I later figured out that as I had logged in from Thailand but signed up as a user from Europe, I was in the eyes of Paypal a scammer. Funny that they didn't care to freeze the account until a transaction came through. Finally they said I could have the money but I'd have to wait six months. I did get the money but I had to request it, they will not just give it to you and if you don't ask for it, they will keep it. Others are not so lucky and lost a great deal. Read more about how others were scammed by Paypal at http://www.paypalsucks.com/

You have been warned.

<{POST_SNAPBACK}>

Wow....I checked out that site and it seems like PayPal may not be a good choice. Is there another similer site that is reliable? Or, does anyone know how to get the best out of Paypal? It seems like I am in a rut. Any other suggestion? Does anyone know of a easy way to get what we want?

[Gleen_tea]

They list a few options that may be similar to Paypal but without the Paypal style of doing things at http://www.paypalsucks.com/options.shtml you could have a look there and see if there is anything that might be suitable for you. I signed up with Moneybookers and at least they didn't shut me down just for logging in from Thailand. But Moneybookers is not very convenient for users from/in the US, unfortunately. If you're a US citizen, I think you could fairly easily get your own merchant account over there.

[cojones]

forget it , the mail system is so theft ridden anything of value going to the US would be stolen before it left the country .

especially once the local postmen /office knew what you were up to , they would home in on your mail especially .

[Gleen_tea]

forget it , the mail system is so theft ridden anything of value going to the US would be stolen before it left the country .

especially once the local postmen /office knew what you were up to , they would home in on your mail especially .

<{POST_SNAPBACK}>

Surely he wouldn't send jewelry by regular mail? Courier mail would do the trick and I've sent plenty of semi-valuables by registered mail (costs 25 baht), I can't remember even one of them go missing.

[usabkk]

forget it , the mail system is so theft ridden anything of value going to the US would be stolen before it left the country .

especially once the local postmen /office knew what you were up to , they would home in on your mail especially .

<{POST_SNAPBACK}>

Surely he wouldn't send jewelry by regular mail? Courier mail would do the trick and I've sent plenty of semi-valuables by registered mail (costs 25 baht), I can't remember even one of them go missing.

<{POST_SNAPBACK}>

I wouldn't send anything by regular mail but I would like to know the name of the company that you send your semi-valuables through.

[Gleen_tea]

It's the Thai Postal Service (Thailand Post, nowadays). 25 baht for registered mail, you can insure it as well. But if you're going to send (expensive) jewelry, I wouldn't risk it. I don't think it's THAT safe The stuff I sent had a value of about 1-2,000 baht.

[lingling]

forget it , the mail system is so theft ridden anything of value going to the US would be stolen before it left the country .

especially once the local postmen /office knew what you were up to , they would home in on your mail especially .

<{POST_SNAPBACK}>

Surely he wouldn't send jewelry by regular mail? Courier mail would do the trick and I've sent plenty of semi-valuables by registered mail (costs 25 baht), I can't remember even one of them go missing.

<{POST_SNAPBACK}>

I wouldn't send anything by regular mail but I would like to know the name of the company that you send your semi-valuables through.

<{POST_SNAPBACK}>

http://www.oneservice.com/ is one such company. I have never used them so I can not say anything about quality of service or anything.

[usabkk]

I just want to say thank you to everyone who has given me thier advice. Right now I found one investor (falang from my home town) and I am getting my business started as I write. If anyone is interested in what I am doing please dont hesitate to write me. Sincerly,

Robert E. Townsend