Need Advice.. Setup Shop Or Not?

[noBuzz]

Hi all.

I'm employed (software developer) halftime by a Swedish Company

and where I'm physically situated is up to me.

All I need is my comp and an internet connection. I also use the Swedish

Company to bill clients that I serve as a freelancer.

I have stayed in Thailand for about 6 months now, have a newborn, and

I am married here. I recently got my O-visa after doing 5 poipet runs.

Not knowing if I needed it or not I registered a LTD company here.

To have it, just in case.

As for now I can not say if I ever will need locally generated income.

But who knows what the future brings?

Eventually however, I will want to buy a house and a car here.

I don't have the funds to pay cash, and will definately need financing.

So the Question is.. what to do?

To get a good credithistory here, I will need to have myself employed

by my company. But to do this I need to employ 4 Thais, get an office,

phoneline etc. I reccon this will cost me about 35k/month inc everything.

Plus cost of WP and who knows what.

On a monthly basis I bring in about 80K from my employer and about

another 30-70k from freelance-stuff.

My thinking is to make my wife the only director/employee and give her

a salary of about 80k/month.

Deducting all I can relate to company expenses (part of rent, internet,

phone, car etc) will result in a fairly low overall expenditure on taxes.

Then she would get the nice history. But if asked anything about the

business and the origin of the income, or what she does to earn the salary,

she would be dumbstruck. She has her 6 yrs of school.

I would like to establish a nice record for myself but paying 35k/month

to get a good creditrecord feels expensive to say the least.

All thoughts and ideas on how to go about this are highly appreciated.

Best regards,

NoBuzz

[dugdig]

Could you employ four relatives thus reducing your expenses? And likewise why get an office? or an extra phone line? Seems to me that the only expense you couldn't dodge is the business and income taxes....but I'm not familiar with the current business laws.

[Sunbelt Asia]

You don't need to have 4 Thais employed to obtain a work permit. Apply for the extension of stay based on marriage.

www.sunbeltasia.com

[noBuzz]

You don't need to have 4 Thais employed to obtain a work permit. Apply for the extension of stay based on marriage.

www.sunbeltasia.com

<{POST_SNAPBACK}>

Do I understand this correctly?

Can I apply for a WP based on the extension of my O-visa, then have myself

employed by my own company, and not have to have 4 thai's empoyed?

/NoBuzz

[Sunbelt Asia]

[

Do I understand this correctly?

Can I apply for a WP based on the extension of my O-visa, then have myself

employed by my own company, and not have to have 4 thai's empoyed?

You are correct Sir.

www.sunbeltasia.com

[noBuzz]

You are correct Sir.

Now thats good news!

I wonder why my lawer/accountant didn't inform me of this.

Mr Sunbeltasia.com, why dont you guys have an office in Pattaya?

Regards,

NoBuzz

[dugdig]

I thought your question was how to develop a credit history in Thailand.

[noBuzz]

I thought your question was how to develop a credit history in Thailand.

<{POST_SNAPBACK}>

Yes.

Getting a WP is essential. Without it I can't get a decent mortgage.

And by being employed by a Thai company I can show a regular

local salary.

I've been told local salaries are helpful when obtaining mortgages.

No credit history without a credit. And no credit without a WP.

Right?

/NoBuzz

[Sunbelt Asia]

Mr Sunbeltasia.com, why dont you guys have an office in Pattaya?

Glad that we were able to help.

On the company setup and work permit end, it seems we are getting 2-3 Pattaya clients a week coming into our Bangkok office because they are unhappy with the "sharks" in Pattaya. At lease one of our lawyers seems to be in Pattaya at least twice a week so my default it seems we almost have a office in Pattaya. :-)

Several months ago, we got a letter from a Rotary member stating that our low fees would not be welcomed in the Pattaya community by the lawyers there and not to upset the apple cart. It could of been BS but no reason to stir the pot. Our lawyers are only 2 hours away from Pattaya. We have and still handled cases all over Thailand when the client is paying the travel expense.

www.sunbeltasia.com

[noBuzz]

I'll contact you regarding my WP a.s.a I get my extension.

All the best,

NoBuzz

[noBuzz]

Oh, i forgot.. (was reminded when I read another thread).

What about the 2mill paid-up cash requirement on companies held by foreigners

applying for a WP?

If the company is owned 50/50 by me and my wife, and I get the WP based on

marriage, will the company capital need to be paid up?

As for now it's only registered, not paid up.

NoBuzz

[Sunbelt Asia]

What about the 2mill paid-up cash requirement on companies held by foreigners

applying for a WP?

If the company is owned 50/50 by me and my wife, and I get the WP based on

marriage, will the company capital need to be paid up?

Proof of cash is being asked on companies that have a Alien Business License and for Limited Partnerships. Not for startup limited companies that have 7 promoters and own 49% by the foreigners.

In case of being married, the paid up registered capital only has to be one million Baht not two million baht.

www.sunbeltasia.com