Us$50,000 In And Out In 24 Hrs?

[udon]

Since Sunbelt's post about the (new?)WP requirements on Oct 14, I would like to hear from anyone who has been able to satisfy the Thai authorities by putting 2M bt into their corp or personal a/c and getting it out safely within 24-36 hrs.

Maybe the "24 hr" comment was just a flippant remark, I'm not sure.

I have an investor for the vipvisabus project but he is VERY reluctant to trust the Thai authorities with his US$50,000 overnight.

If no good examples then, the project will be a dead duck, and I wouldn't blame my investor for pulling out.

Any positive (or negative) examples out there since Oct 14.

Thanks,

udon

PS excellent advice from Sunbelt and Indo-Siam as usual in that thread...

[Sunbelt Asia]

It is not two million cash needed.

The requirement is a registered paid up company with two 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 of just two weeks ago, before October 8th 2004, arose if you had applied for a work permit using two million baht paid up capital as THE condition you wanted to meet.

Supporting Documents required were:

A 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).

A 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 as bank deposit not less than 2,000,000 baht.

Bank account details to prove business transactions of not less than 2,000,000

baht.

As of October 10th, 2004. The main condition is now for two million baht paid up capital, but they are NOT now asking for the above supporting documentation of two million in a bank account.

As you can see if they were using the old rules, then

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.

would not have worked before in a 24 hour turn around.

As it is now, you could do a directors loan from your corporation but putting two million and taking out two million as a loan in 24 hours certainly may cause problems when you are renewing your work permit the following year, unless you have a business with income coming in. The business has to support your work permit. They give you a year to sort it out and look at your balance sheet at the end of the following year.

www.sunbeltasia.com

[udon]

Hello Greg,

many thanks for your prompt reply.

Unfortunately he is not convinced that the $50K is not req in cash.

He has read your reply.

Not much more I can do.

regards,

udon

[Sunbelt Asia]

Maybe I'm missing something...

If he wasn't investing but talking money in and out. Then that is not a investor.

A investor is someone that invests either money, 'know how", equipment or other assets.

If he is afraid he is not going to get a work permit? Then simply he should not invest until he gets one.

A separate rule (This has nothing to do with the work permit.)stipulates that a minimum of 25 percent of the company's registered capital must be paid by the shareholders when you register the company, however no proof of payment is required by the Commercial Registrar's Office. This could become an issue at the time of the company's first audit, if this has not been paid. Most companies require that shareholders pay cash at least for 25% of their shares within 60 days of when the company was formed. After all, the corporation does need working capital. 60 days gives you plenty of time to get a work permit in the meantime.

Still I would have reservations, is this person really a risk taker? Owning a business is not for everyone. Nothing wrong with that. It’s much better to find out now than later, because you need hardwork and staying power to survive.

www.sunbeltasia.com

[h5n1]

Be very reluctant to trust anyone with that sort of money here friend - and that includes even the (insolvent) banks making big time bad loans (ie 1996/7/8) to their crony friends.

If you had his best interest at heart you would not even be promoting this such a scheme. I've seen the cost of these bus rides plummet, not to mention the high cost of petrol (which will be around for some years, at least at 35++ a barrel), depreciation on the bus, etc...err how many busses line up ea day at aranyaphrathet? what is your client going to be doing that is so unique and valued? its a commodity and that is a race to the bottom.

1. As the Thai government stirs the Muslim minority in the South all it will take is a bomb or two and many will shy away from coming here.

2. As the all so clever Thai government cracks down on visa runners -so too will go the business.

3. If the Thai government was clever it would say: Alright for b1900 we will provide you with a means to move to your next visa without doing the run. The business will die in a day.

4. Many guys here are getting very tired of the visa situation -if the business is based on 30 day runners, you're doomed from the get-go.

5. About 1000 other ways to kill your business in nothing flat.

Wise advise to your client would be for him to live on this money, spending it down for about 10 years drawing b20000 a month with not a care in the world.

Nearly all business propositions in Thailand are bad for the foreigner imo. Bars seem to be the worst. Couple this with bad banks, new anti foreigner sentiment, vague visa policies, shifting alliances/landlord/police/govt alliances and its a recipe for disaster.

Only people getting rich her are the ones selling/promoting businesses to necient new commers. Of course, there are many people here that will not tell you this. This post may even be deleted -because they do not have your interest at heart and looking to take as much advantage of you as any dodgy Thai.

[udon]

h5n1,

IF you ever write a positive post about businesses or Thailand, please let me know by PM.

You have only been on this forum about 6 weeks and from most of your posts you appear to be the original Sad Sack.

Thank you & Goodbye........