Could Someone Help?

[Jennifer]

First off I apologise for asking such a newbie question, but I've tried reading through the visa info and I can't make head nor tail of it, so please go easy on me!

My parents have just bought a house in Koh Samui, after employing a lawyer to set up a company. Am I right in thinking that this is not technically legal?

So, could anyone tell me where would my parents (my Mum will be going with him) stand on obtaining a work permit to set up and work in their own business? My Dad has a farang friend in KS and they have discussed going in to business together with what seems like a pretty sound idea (no, it's not a bar ).

Also, as it stands at the moment the house is in my Dad's name via the company. If anything should happen to him (God forbid) where would that leave my Mum? Would the property pass automatically to my Mum under Thai law?

Sorry to bother you all with this, but it seems that my Dad has acted first and is now having to deal with all the questions he should have been looking in to while he was still in Thailand. God only knows what he was doing with his time instead

I'd really appreciate any guidance offered.

Cheers,

Jen

[astral]

Your father can own the property via a Thai company, where he holds 40% of the shares,

the other 60% must be held by 5 Thai shareholders. The lawyer should have dealt with all this.

As the managing director, you father will be the only one with signing power,

so the other shareholders cannot sell the house.

I suggest that you father make a Thai will giving the company shares to either, you, if you are 21, or to your mother, just in case anything happens to him.

Then you will have control of the house, otherwise it could be quite messy.

As for the other business venture and a workpermit, I suggest you father talks to Indo Siam, who sponsor this forum, before he signs anything.

[Jennifer]

Your father can own the property via a Thai company, where he holds 40% of the shares,

the other 60% must be held by 5 Thai shareholders.  The lawyer should have dealt with all this.

As the managing director, you father will be the only one with signing power,

so the other shareholders cannot sell the house.

I suggest that you father make a Thai will giving the company shares to either, you, if you are 21, or to your mother, just in case anything happens to him.

Then you will have control of the house, otherwise it could be quite messy.

As for the other business venture and a workpermit, I suggest you father talks to Indo Siam, who sponsor this forum, before he signs anything.

<{POST_SNAPBACK}>

Many thanks for the info astral. Much appreciated.

[withnail]

Can I also add that you should tell your dad to be equaly weary of his farang "friend" in KS as in my experience they are usually more likely to rip you off than the Thai landowners.

[davethailand]

Your Mum and Dad should set up there own company where they will be the managing directors owning 49%, 51% in the thai names will be signed over to them leaving them in control.

Its very easy to do and theres no reason why your Dad and his business partner can't open another company for the business.

What Withnail says is probably the main thing you should worry about, If he house in in the business name with your Father and his mate, if anything happens to him then the partner owns half of your mum and dads house.

For the sake of 30000bht set up a new company for the house.

[Jennifer]

Thanks guys. My Dad's farang friend is a sound guy. They've known each other for years and both just finished a year long stint in Iraq together. It's pretty certain that they both trust each other with their lives, but I will tell him to get a Thai will sorted out immediately and keep business and private dealings under different companies.

I'm more concerned about how he's going to go about getting a work permit. Honest to God, the man just spent three months in KS, bought a house and doesn't have the faintest idea of how to go about working legally. I think he just fell in love with Koh Samui (as I'm sure a lot of people do) and decided to pack up the rest of the family and move out there. I suspect he's having a mid-life crisis

Anyways, although the situation isn't ideal, I just want to bring him back down to earth by trying to get the details ironed out for him seeing as he seems to be off on another planet for the time being.

I have however taken astrals advice and been in touch with Sunbelt for some advice re: buying a business.

Many thanks for your help - if I can't get back to my Mum with some decent information I suspect my parents will be heading for the divorce courts But then, maybe my Dad's met a Thai lady out there and that's what he's hoping for!