Transfer A Company Owned House To Wifes Name

[Rob5060]

Anybody transferred a company owned house to wifes name.

I would be very interested in the procedures and costs

Cheers

[JimmyGreaves]

Can you just not sell it for say 10,000 baht and put that in the books or gift it?

[stevehaigh]

Anybody transferred a company owned house to wifes name.

I would be very interested in the procedures and costs

Cheers

why transfer to wife? you can own the house.

anyhow, if you have receipts for the building or purchase cost, sell it at cost so the co. does not make a profit, hence no co. capital gain tax. you will need a meeting report from the company then register that with the Ampur.

[JohnC]

The sting in the tail will be closing the company down after the sale, I was quoted 60,000 baht to close down a company.

[happylarry]

The quote I got for closing down my company was over 100,000, so its status quo for me.

Also I seem to remember reading somewhere that the land office now do their own valuations so you may find yourself paying the full taxes due regardless of how much you put down on the form.

HL

[ThaiLawOnline]

We closed down a company for 40K last month. All fees included (except 7% VAT) Accounting, audit, government fees, announcements, all included. etc.

But your accounting must be up to date (did you tax income last year???),

and if you have taxes to pay for this year, your will have to pay them.

Now, if you have a big company, the accounting is much more complicated and that could make it more expensive.

I perfectly understand that it's also more expensive in BKK or other cities... 60K is reasonnable. 100K seem excessive but again, I didn't the documents and if your company is up to date, where it is, what kind of accounting has to be done, etc.

The process is that you must put 2 anouncements (that was last month, I haven't check since the new law on July first). Accounting has to be done. Documents must be signed. After, an audit must also double check the accounting. So, it's a LONGGGGGGG process.

Closing a company is longer than setting up one, especially since July first 2008. Now we can settup a company much quicker and with only 3 shareholders.

The first post probably meant transferring the LAND to a girlfriend (then you will have to pay taxes, never the same), make a lease or usufruct and the land, giving you the house/building and then closing the company. I imagine that company was probably built to own the land for a foreigner. Am I right? And the foreigner can OWN the house. (but if you are married, and bought after marriage, it's into Sim Somros (common property 50-50%)

For a 2 million baht house/property,I would guess taxes at the land department (about 40K but that can VARY a lot depending where you are, etc), in many cases, you can't GIVE a property if you are not related and in other cases, for example, the director of a company can NOT sell the land to his wife. (THAT'S WHAT YOU WANT TO DO? NO? But there are tricks... (ex.: you change the director of the company, he sells to your wife, then she does the usufruct, etc.)

Add a usufruct or lease by a law firm (10 to 30K, some are more expensive), registration of it, agreement to sell the land to your girlfriend/wife, closing down the company (40K and up) finishing this year's accounting and asking an audit to sign the documents, closing the tax numbers, VAT, etc. So, everything is 100,000 K for a 2 million baht property. That's an estimation...

[Khun Jean]

A pity you can not hold the laywer responsible who adviced you to set up an illegal structure and told you it was the best legal way.

Then again, why not try. Would be nice to see them sweat and come up with some solid reasoning why they gave illegal advice.

Jail time would be nice, and a fine of course. Let's say 10.000 baht fine and 5 year jail.

Edited July 12, 2008 by Khun Jean

[JimmyGreaves]

A pity you can not hold the laywer responsible who adviced you to set up an illegal structure and told you it was the best legal way.

Then again, why not try. Would be nice to see them sweat and come up with some solid reasoning why they gave illegal advice.

Jail time would be nice, and a fine of course. Let's say 10.000 baht fine and 5 year jail.

illegal, why, a company can own land and property!

[prakhonchai nick]

If your wife is a Director or shareholder of the Company, she will first have to resign, then the Company will have a "board meeting" agreeing to close down and sell the house to your wife.

A Company cannot sell property to someone who already has an interest in the Company

Land transfer taxes apply as normal with a straight buy and sell agreement. Land office will have their own valuation of the land and will use this for tax purposes unless you use a higher figure

[CN4u]

A pity you can not hold the laywer responsible who adviced you to set up an illegal structure and told you it was the best legal way.

Then again, why not try. Would be nice to see them sweat and come up with some solid reasoning why they gave illegal advice.

Jail time would be nice, and a fine of course. Let's say 10.000 baht fine and 5 year jail.

illegal, why, a company can own land and property!

A 51 % Thai owned company can own the land (obviously!), but as a foreigner you’re always a little shoplifter taking something u’r not allowed to have or take. Today the Thai gov turns a blind eye tomorrow you can be be deemed dormant or illegal and other options available !

[Khun Jean]

It is more like when they start enforcing the long existing law that many company owners (for owning land, not real companies that have real trading and profit/loss, tax, employees etc.) are in trouble. Many (as in almost all for land owning purposes) were setup using nominees. And that is and was illegal.

Lawyers advicing (sp) such a structure are knowingly breaking the law*. Many used their own employees, familymembers and friends to act as nominees. So it seems easy to me to go after them. As laywers they should give you advice how to do business (own land) legally, not illegaly.

*Probably they are not directly breaking the law themselve as they 'only' give advice and help setting up. But i am inclined to believe there are ways to hold them responsible. Like letting them pay all the costs involved with closing down a company and paying a fine for giving advice that lead to illegal actions.