2 Million Baht/wp.

[Moonrakers]

I have another question sorry.

With regards to the 2 Million baht that is required for each work permit, does that money have to remain in the bank throughout, or can it be used by the company or even transferred out after the w/p is issued?

Thanks again in advance.

[lopburi3]

Don't believe it ever has to be in a bank account. Total company value is what it means by my understanding.

[ash3356]

No I think it has to be in the bank account at some point - but I am not sure whether it has to stay there. Help please!

[digitalchromakey]

I have another question sorry.

With regards to the 2 Million baht that is required for each work permit, does that money have to remain in the bank throughout, or can it be used by the company or even transferred out after the w/p is issued?

Thanks again in advance.

This is not like money required in the bank for getting a visa - it in fact reflects 'capitalisation'.

When a company is first set up there is a fee, for Paid up Capital to be registered, of a few thousand baht per million.

Your lawyer/accountant will explain how paid up capital has to be reflected in the company's books in your annual returns.

[PoorSucker]

The 2 Mbt is only on balance sheet.

Can be intellectual property, value of trademark etc. etc.

[chiangmaijohn]

I hope this helps.

In April the employment office in Chiangmai told me not to let my work permit expire as they now require the 2 million Baht to be in the bank before issuing a new one but if you possess one then no problem.Also in April they issued a one year work permit as opposed to 3 months running alongside my visa,the cost was 3400 Baht.

[merscher]

Additional question: Assumed the 2 mill are paid-up. How many thai people must be employed in order to get the work permit. one (1) or (4) ?

[digitalchromakey]

Additional question: Assumed the 2 mill are paid-up. How many thai people must be employed in order to get the work permit. one (1) or (4) ?

Stictly speaking none.

However in some regions the labour departments are now applying the same rule as for a visa extension on the basis of business; which is 4x Thai employees per foreigner employed.

[NHJ]

<br />I hope this helps.<br />In April the employment office in Chiangmai told me not to let my work permit expire as they now require the 2 million Baht to be in the bank before issuing a new one but if you possess one then no problem.Also in April they issued a one year work permit as opposed to 3 months running alongside my visa,the cost was 3400 Baht.<br /><br />

this must be a mistake or a lack of business knowloedge from the officier you saw, if the two million bath of capital are still in the bank , how can the company buy tools, vehicules, rent offices and all things required to start a business

[Twiggy44]

I have another question sorry.

With regards to the 2 Million baht that is required for each work permit, does that money have to remain in the bank throughout, or can it be used by the company or even transferred out after the w/p is issued?

Thanks again in advance.

I have a very good american friend who has a business here in Thailand I heared about this issue.I'm going to ask about his cash bond....

[kuhnjohn]

I talkedto a lawyer and he told me foe a work permit the business has to be worth 3 million and 3 or 4 Thai employees. You also have to pay tax on you salary, most European countries taxs on 40,000 a month.

[Moonrakers]

Thai employee's are not required for a work permit, only for an extension of stay.

Thanks for the replies, the outcome looks better than I was hoping for.

[monty]

Thai employee's are not required for a work permit, only for an extension of stay.

It is indeed nowhere mentioned in the law that Thai employees are required.

However many provincial labor departments do require them, and additionally want to see social security payments of at least 3 months for each of those employees.

[cqr]

I got my work permit some month ago and we should not have 2 million in the bank, it only has to be value in the company like cash, property, car etc. and we should not have any Thai employed

[cutter007]

Most people are correct, you don't need to employ Thai employees for a work permit, this is obvious because logically

if you are starting your own business, how could you hire the employees without the work permit.

IE. Hiring employees would be considered work, which is not permitted without a work permit.

You do need 4 Thais for every foreigner for an extension on your visa, and they do check for this,

in Bangkok.

The 2 million baht requirement is for paid in capital into the company.

This means that obviously the company has to have at least 2 million baht in registered capital.

And then you need to "pay in" 2 million baht worth of equity.

I am 99% sure that it could be paid in capital with assets other than cash like property, but

I don't know if you were to say book 2 million in non tangible assets, such as intellectual property

if that would fly or not with the labor department.

As it most cases in Thailand, it would probably work unless of course you are foolish enough to have some

shell company with just one entry of 2 million in IP assets on your books.

I imagine if you didn't do something that dumb, it would probably work, unless

someone took an interest in your company, and then I am not sure what would happen,

probably nothing except a "fine.........if you catch my drift"

to the inquiring party.