Give Away Thai Company Registration

[scorecard]

I registered the company more than 10 years ago. I no longer need it.

Willing to give the registration to anybody who needs a company registered in Thailand. No fees payable whatever to me. Taker obviously needs to pay the fees to transfer the shareholdiers names etc.

My understanding is that set-up regulations now require that new companies must be started with Thai shareholders only, however non-Thai shareholders can be added after 6 or 12 months.

My company was set up years before this regulation and the legal advice I have is that the one non-thai shareholders can be changed from my name to another non-Thai person immediately.

The current Thai sharholders listed are NOT available to the taker.

All Thai Companies Office annual reports, taxation and auditors reports are totally up to date. My accountant says change of shareholders names (fees by the lawyer or accountant plus government fees) would be about 10,000Baht, which is considerably cheaper than new registration fees. Plus the advantage of being able to immediately include a non-thai shareholder.

My accountant (owns her own professional accounting firm, totally happy with her past services, totally reliable, speaks advanced English, located in Pattaya) is willing to do the transfer work if anybody is interested.

Timing - I'll be ready for the change-over about three months from now.

[mrtoad]

What is the Company registered for,in respect of what type of trade it can undertake?

[mommysboy]

What is the Company registered for,in respect of what type of trade it can undertake?

Usually, it's to buy a house, under the mistaken impression that you can get to own the land it sits on in the capacity of MD. It didn't work for me, and 2 years down the line I'm still in a court case which I think I'm going to lose.

Less than worthless IMHO.

[Ta22]

as it x'mas , i try to be nice on what i am about to say .

The OP had shown Good will in giving away Something that belong to him .

But , Not everything is a Free meal . specially when it come to a COMPANY

First of all It would be kinda illegal to backdoor a ownership in someway .

second of all . i am not saying the OP is bad intent in anyway , What if those in the company see a new boss and then show you a Huge Debt .

and since you since the paper you will be offically be the one paying the debt Hidden away . during the FREE GIFT

In my world notthing is for FREE .

.

If your intention is to stay in THAILAND .

My words for anyone is , DO IT THE RIGHT way.

Many joe had been Burn from such deal . and many more will come .

Merry x'mas to the OP

Vice versa , if someone took your company and make a huge debt , and it trace back to you .

You may get in trouble even if you are not gulity of doing so,

Cos you had help to create a Illegal Backdoor . for someone who should had register his Own company .

Good luck

[scorecard]

Thanks for the comments. My replies as follows:

1. I have solid legal advice that this is not illegal / is not seen by the appropriate government dept., as a 'backdoor' activity. Changes of company shareholdings, directors, set-up of structure, who is assigned to the structural positions is effected continuously and is part of normal business activity in Thailand and anywhere.

2. The comment about debt is a good observation. In this case there is no debt. In fact the company has never incurred any debt of any nature, and I am very prepared to sign a statement to the effect that any debt up to the date of transfer is my responsibility.

3. I don't quickly have the various business categories in front of me, however the purpose is trading and the company has received rents (within the business category recorded when the company was registered) and paid taxes on the rents. The company currently owns two houses and I am quite prepared to show any genuine person the chanut papers (land title documents) to prove there is no mortgage or any other encumberance on the two properties. The two properties don't of course come with transfer, these would be transferred to other ownership before transfer of the company name.

4. Regarding the comment about using the company so that ' the MD can own land ', etc. In fact this is not possible in those exact words. What is possible is that the company owns the land and the MD has control of the company. The poster also mentioned ' in court for 2 years already and will probably lose the case '. I wonder whether the poster might like to share some overview of this so that other members are more informed about this whole subject area. If, I repeat if, the poster is in some legal personal legal dispute with ex-wife or perhaps the company wasn't set-up carefully to ensure full control, then perhaps this is is a different scenario. I wonder???

In reality, hundreds, perhaps thousand of non-Thai have used this route to gain ontrol of property, over many many years. Is it subject to scrutiny from time to time? YES, of course, and this is true in any country. One reason it's subject to regular scrutiny is to check whether it's the front for laundering drug money, etc.

My intention is totally genuine and I am very prepared to privately answer any detailed qestions.

[lingnoi34]

So you are "giving away" your company for purely altruistic reasons.....?

L

[junkofdavid2]

It's a pain in the arse to go through the red tape of legally shutting down a company.

Thus, assuming the OP means well, he's giving it away for free to save himself the hassle of legally closing it down, whilst benefiting whoever takes it from him for free. Assuming everything's above board, it's a fair deal.

[bunnaag]

Why dont you just close down.Why making it complicated by giving it away involving a lot of paperwork?

[mommysboy]

Thanks for the comments. My replies as follows:

1. I have solid legal advice that this is not illegal / is not seen by the appropriate government dept., as a 'backdoor' activity. Changes of company shareholdings, directors, set-up of structure, who is assigned to the structural positions is effected continuously and is part of normal business activity in Thailand and anywhere.

2. The comment about debt is a good observation. In this case there is no debt. In fact the company has never incurred any debt of any nature, and I am very prepared to sign a statement to the effect that any debt up to the date of transfer is my responsibility.

3. I don't quickly have the various business categories in front of me, however the purpose is trading and the company has received rents (within the business category recorded when the company was registered) and paid taxes on the rents. The company currently owns two houses and I am quite prepared to show any genuine person the chanut papers (land title documents) to prove there is no mortgage or any other encumberance on the two properties. The two properties don't of course come with transfer, these would be transferred to other ownership before transfer of the company name.

4. Regarding the comment about using the company so that ' the MD can own land ', etc. In fact this is not possible in those exact words. What is possible is that the company owns the land and the MD has control of the company. The poster also mentioned ' in court for 2 years already and will probably lose the case '. I wonder whether the poster might like to share some overview of this so that other members are more informed about this whole subject area. If, I repeat if, the poster is in some legal personal legal dispute with ex-wife or perhaps the company wasn't set-up carefully to ensure full control, then perhaps this is is a different scenario. I wonder???

In reality, hundreds, perhaps thousand of non-Thai have used this route to gain ontrol of property, over many many years. Is it subject to scrutiny from time to time? YES, of course, and this is true in any country. One reason it's subject to regular scrutiny is to check whether it's the front for laundering drug money, etc.

My intention is totally genuine and I am very prepared to privately answer any detailed qestions.

Yes you are about on track. Yes an ex-wife. Well actually her mother who was a shareholder who has lived there, refused to move and has put in an absurd claim saying it was her 'sin sod'.

Confirm I have a top lawyer, who has been very successful before and since. The company is set up properly in every respect, the chanoot ti din in the company name, and my signature and seal on the white form stapled to said chinoot. I am the MD and other shareholders are my fiance, lawyer and some trusted colleagues.All the documents have been forwarded to the court, plus other circumstancial evidence such as a tenancy agreement with a previous tenant who used to rent the property from me.

Nevertheless the old bag has seized control of the property and the court seems to be accepting her argument. Each time we go to court it gets adjourned on a technicality.

Hence my assertion that a company reg. is worth less than nothing for buying a property, and may even count against you as every one knows you are basically trying to circumvent the law. Also trying to get the law enacted is very difficult in Thailand anyway from my experience.These people, judges included just don't think things out too well.

The word that comes up time and time again is 'absurd' : TIT.

I think worth less than nothing.

[junkofdavid2]

It's a hel_l of a lot more paperwork and government approvals and deadlocks for up to many years in closing a company, compared to just transferring shares and changing directors, etc.

[bunnaag]

Why dont you just close down?What is the real reason for making it so complicated?Or are you just a nice person wanting to help somebody?

[Who, me ?]

Why dont you just close down?What is the real reason for making it so complicated?Or are you just a nice person wanting to help somebody?

Try to close a company in Thailand, and then come back and post again ....

[JohnC]

Why dont you just close down?What is the real reason for making it so complicated?Or are you just a nice person wanting to help somebody?

When I looked to closing a company I was quoted costs in the region of 64000 baht for legal fees, taxes etc, taking this into consideration the op can make a saving by giving it away.

[george]

When you buy a business, you never buy the company limited. You buy the assets and the goodwill, except from the company.

[BSJ]

Hi scorecard, if what JohnC said is true, than it's a good offer. Although some may fear a sinister intent is lurking in the fine print. But they will be fine once they put their tinfoil hats back on!

[scorecard]

Hi scorecard, if what JohnC said is true, than it's a good offer. Although some may fear a sinister intent is lurking in the fine print. But they will be fine once they put their tinfoil hats back on!

The bottom line is this:

1. The 'company' served it's purpose for many years. It was started under very detailed advice about what could go wrong and i've been very careful to stay well away from anything that could turn into a problem (e.g. MIL says it's hers for dowry).

2. Coming very soon I will transfer the chanut papers and therefore ownership to my adult son. (Please, no comments on this point.)

3. I have checked with two lawyers who i've used for many years (both are highly respected people and their professional services are used by numerous multimationals) and my long time accountant, they all advise that it will cost about 60,000 to 70,000Baht to close the company.

Therefore I'm offering to allow someone who needs a 'company', to take it over. It's true and I don't deny that it will save me money.

On the other hand, it's a good deal for the receiver.

[mommysboy]

Hi scorecard, if what JohnC said is true, than it's a good offer. Although some may fear a sinister intent is lurking in the fine print. But they will be fine once they put their tinfoil hats back on!

The bottom line is this:

1. The 'company' served it's purpose for many years. It was started under very detailed advice about what could go wrong and i've been very careful to stay well away from anything that could turn into a problem (e.g. MIL says it's hers for dowry).

2. Coming very soon I will transfer the chanut papers and therefore ownership to my adult son. (Please, no comments on this point.)

3. I have checked with two lawyers who i've used for many years (both are highly respected people and their professional services are used by numerous multimationals) and my long time accountant, they all advise that it will cost about 60,000 to 70,000Baht to close the company.

Therefore I'm offering to allow someone who needs a 'company', to take it over. It's true and I don't deny that it will save me money.

On the other hand, it's a good deal for the receiver.

Oh wonderful!

So I'm losing the house and have to pay 60,000 bt odd to close the company.

Great year this one.

[mrbojangles]

Oh wonderful!

So I'm losing the house and have to pay 60,000 bt odd to close the company.

Great year this one.

If she gets the house, can't you just transfer the company over to her and not actually close the company? I don't know, i'm just trying to cheer you up, for the remainder of what is left of this year

[mommysboy]

Hi scorecard, if what JohnC said is true, than it's a good offer. Although some may fear a sinister intent is lurking in the fine print. But they will be fine once they put their tinfoil hats back on!

The bottom line is this:

1. The 'company' served it's purpose for many years. It was started under very detailed advice about what could go wrong and i've been very careful to stay well away from anything that could turn into a problem (e.g. MIL says it's hers for dowry).

2. Coming very soon I will transfer the chanut papers and therefore ownership to my adult son. (Please, no comments on this point.)

3. I have checked with two lawyers who i've used for many years (both are highly respected people and their professional services are used by numerous multimationals) and my long time accountant, they all advise that it will cost about 60,000 to 70,000Baht to close the company.

Therefore I'm offering to allow someone who needs a 'company', to take it over. It's true and I don't deny that it will save me money.

On the other hand, it's a good deal for the receiver.

What detailed advice were you given? it's alright as long as it's certainty is never tried in a court of law?

Are you sure about cost of closure by the way?

Good deal? Well it's cheaper than setting up from scratch yes, but as I've said it's not worth a great deal mate from my own experience, and as I remember it cost me 10,000bt to amend shareholder list.

I'm not entirely sure you are so clued in, although I accept you are not acting maliciously.

[mommysboy]

Oh wonderful!

So I'm losing the house and have to pay 60,000 bt odd to close the company.

Great year this one.

If she gets the house, can't you just transfer the company over to her and not actually close the company? I don't know, i'm just trying to cheer you up, for the remainder of what is left of this year

I'm not that bothered any more. I've kind of written off the house in my heart and head. I think I'll try to change the structure of the company.

I think I'll be filing a suit on the initial lawyer too.

[Gary A]

There are still people who are naive enough to start companies to own property. If someone actually wants to start a company. then it is a win win situation. The person starting the company saves money and the person transferring the company saves money. What's wrong with that?

[Kerryd]

There are still people who are naive enough to start companies to own property. If someone actually wants to start a company. then it is a win win situation. The person starting the company saves money and the person transferring the company saves money. What's wrong with that?

Nothing, I hope.

[12DrinkMore]

I also have a Thai company.

Still debating what to do with it. The legal company never told me that it costs between 24,000 and 84,000 to close it. I now have to pay some 13,000 / year accounting fees, for a "zero balance" set of accounts. I regard this as a "stupidity tax".

I am rather hoping that because it has never traded it will be placed in some "suspended" state by the company registration lot. However, this being TIT, it would probably mean a forced closure. I also have wondered what would happen if I simply stop submitting accounts. Would anything happen? I could instruct my accountants to simply state "director left country, broke". Maybe the Thai shareholders (1,000 Baht/signature) would then have to pick up the tab?

A couple of years ago I tried to get the lawyer to close the company for 15,000 baht (a third of what he asked). I pointed out that ALL the Thaik shareholders were illegal proxies and subject to very hefty fines. He basically smiled and indicated that this was "no plobrem" and no "cut price deal".

So I continue to pay the "stupidity tax".

Anybody else tried to simply bin a company and walk away from it?

[mommysboy]

There are still people who are naive enough to start companies to own property. If someone actually wants to start a company. then it is a win win situation. The person starting the company saves money and the person transferring the company saves money. What's wrong with that?

Nothing at all, in fact it's a good deal.

Personally, I'm questioning the worth of a company at all, especially as an instrument for buying property.

I think a company might be worth it if you have a medium sized trading business, as it might afford protection and would certainly be useful for obtaining visas, that's assuming the Articles of the company allowed for trade.

And I'm also pointing out it's not really for free, far from it.

[Wiresok]

I thought they had stopped the thai company route for property ownership , because of the problems for the 6 thai nominee directors proving their income.

[Jambo]

12Drinkmore,

Im in exactly the same position as you!

Does anyone on TV have any experience of closing a company? Does it really cost about 60,000 to close???

Cheers,

[Vato]

putting the company into a 'Dormant' state is faster, cheaper and much easier....but i belive it can only be done for 6 month intervals, then after that im not sure if you can do it again consecutively.

[12DrinkMore]

putting the company into a 'Dormant' state is faster, cheaper and much easier....but i belive it can only be done for 6 month intervals, then after that im not sure if you can do it again consecutively.

What is the procedure?

[john b good]

Why dont you just close down?What is the real reason for making it so complicated?Or are you just a nice person wanting to help somebody?

From what I have already read I think that some of the foregoing posts have clearly explained the reason why

[HorseDoctor]

I'd be interested but would the company have to be in Pattaya?