Want To Live In Thailand Part Time

[sunluvr]

I'm a 53 year old Canadian who is looking in to the possibility of living in Thailand, more particularly in Koh Samui, part time, and eventually owning or being a partner in some kind of business establishment there. I am a retired governement pensioner who now runs my own business here in Canada, which I will continue to run but in a less active role, and want to spend lenghty periods of a month or more at a time in Thailand. Wondering what things I need to consider and whats the best approach to making my dream come true.

[johnnyk]

sunlvr,

Best advice i've heard is to come for an extended period, several months and just look around and talk to people.

Don't get involved or commit to anything as there are many sharks in the Thai sea. Not all the sharks are Thai.

[astral]

Given your sceanrio there are a number of options open to you.

1. Come here and get a retirement visa, which will allow you to stay year by year. You can always travel overseas when you want to.

2. Come here an open a business. You will need a Non Imm B visa and a work permit. Can be a lot of hassle.

3. Run your business at home and spend time here when you want.

A tourist visa allows you a 60 day stay.

[chico]

very good advice from astral, but keep in mind, what johnnyk said, by the way, there is an old saying about those sharks:

be aware of thais!

be very careful of other foreigners!!

stay away from compatriots!!!

[chingy_]

look like you have everything going perfect for you, retired on pension and owning a small business back home, why don't just relax in Thailand partime, no need to do anything.

[sunluvr]

Given your sceanrio there are a number of options open to you.

1.  Come here and get a retirement visa, which will allow you to stay year by year.  You can always travel overseas when you want to.

2. Come here an open a business. You will need a Non Imm B visa and a work permit.  Can be a lot of hassle.

3. Run your business at home and spend time here when you want.

A tourist visa allows you a 60 day stay.

<{POST_SNAPBACK}>

[sunluvr]

(1) If I apply for a retirement visa, do I understand correctly that is something that needs to be renewed annually but during each year, I would be free to come and go as I please, providing I get a multi-entry visa?

(2) I also understand that the retirement visa does NOT allow one to work at all - does this include owning or being partnered with a Thai in any kind of business whatsoever?

(3) If I want to open a new business or purchase an existing one in partnership with a Thai (one of the non-shark variety, of course), is there any way for that to be done maintaining 51% ownership.

(4) With the necessary visa and work permit needed for (3) above, would it still allow me to come and go from the country as I chose or would there be any restrictions that way?

(5) Is the minimum investment in a business 2 Million baht?

Given your sceanrio there are a number of options open to you.

1.  Come here and get a retirement visa, which will allow you to stay year by year.  You can always travel overseas when you want to.

2. Come here an open a business. You will need a Non Imm B visa and a work permit.  Can be a lot of hassle.

3. Run your business at home and spend time here when you want.

A tourist visa allows you a 60 day stay.

<{POST_SNAPBACK}>

[astral]

(1) If I apply for a retirement visa, do I understand correctly that is something that needs to be renewed annually but during each year, I would be free to come and go as I please, providing I get a multi-entry visa? 

A retirement visa allows you to renew without leaving the country at all,

though you can leave if you wish, just make sure you have a re-entry permit.

A multi-entry visa is not a Retirement Visa. It is intended for frequent visitors, with

business or family ties.

(2) I also understand that the retirement visa does NOT allow one to work at all - does this include owning or being partnered with a Thai in any kind of business whatsoever?

Correct.

(3) If I want to open a new business or purchase an existing one in partnership with a Thai (one of the non-shark variety, of course), is there any way for that to be done maintaining 51% ownership. 

I believe this is possible, but the company will NOT be able to own property,

often a reason why farangs open companies.

(4) With the necessary visa and work permit needed for (3) above, would it still allow me to come and go from the country as I chose or would there be any restrictions that way?

There is never any restriction on leaving the country.

If you want to return on the same visa setup, then you just need to make sure you

get a re-entry permit to allow that.

(5) Is the minimum investment in a business 2 Million baht?

Not as far as I know. My company has capital of 1 million.

Given your sceanrio there are a number of options open to you.

1.  Come here and get a retirement visa, which will allow you to stay year by year.  You can always travel overseas when you want to.

2. Come here an open a business. You will need a Non Imm B visa and a work permit.  Can be a lot of hassle.

3. Run your business at home and spend time here when you want.

A tourist visa allows you a 60 day stay.

<{POST_SNAPBACK}>

[sunluvr]

I've used my original thread which I started a month or so ago, to include some of my background information. I've been doing further research since then on my situation.

As an update, I'm hoping to spend several months a year in Thailand eventually, not necessarily all at one time but more likely on a month here and a month there basis. I have a trusted thai friend (TTF) there that I am planning on working together with, my idea at the moment is something like this. I would essentially buy an existing business - although from what I have read in other threads, it appears advisable to create my own thai company and acquire any assets of the business I am buying into that new company. The type of business that I am considering (which incidentally is not likely to be a bar/restaurant) could possibly have a couple of existing employees and my TTF would essentially run the day to day operations of the business and work there himself also. I would manage the overall business and look at ways of developing and expanding it and also possibly get into one or more other businesses down the road as well. One example of a business that interests us at the moment is in the 300,000 BHT range. I know I could qualify to live in Thailand when I choose on a retirement visa, as I meet the age and pension requirements, but I've decided I would rather be involved in some type of busines activity there, as well as being able to help out my friend there, realizing there will be some substantial investment required on my part. I will not be expecting any return on my investment in the short term, that I would only expect down the road, if the business(es) could be further developed and expanded.

It is unlikely I would actually ever work at one or any of the businesses, but more act as a managing director of a company that may be involved with several businesses.

What I would like to know is if my idea is feasible, and the best way to go about accomplishing it. Of particular interest is for the example of business that I used above, what total financial requirements would be necessary - for example - if 1,000,000 or 2,000,000 BHT is required, does that mean I have to have that amount in cash or assets physically existing in Thailand?

[Sunny Valentine]

 

(2) I also understand that the retirement visa does NOT allow one to work at all - does this include owning or being partnered with a Thai in any kind of business whatsoever?

Astral, are you sure a retiree on a retirement Visa cannot hold shares of a company, given the fact that he does not engage to work in the company he partially owns? No WP, no work, that's clear. But not allowed to hold shares? How about holding shares of a listed Thai Company in the Thai stock market? Can't do with a retirement Visa?

Are there some regulations concerning this?

Sunny

[~G~]

 

(2) I also understand that the retirement visa does NOT allow one to work at all - does this include owning or being partnered with a Thai in any kind of business whatsoever?

Astral, are you sure a retiree on a retirement Visa cannot hold shares of a company, given the fact that he does not engage to work in the company he partially owns? No WP, no work, that's clear. But not allowed to hold shares? How about holding shares of a listed Thai Company in the Thai stock market? Can't do with a retirement Visa?

Are there some regulations concerning this?

Sunny

<{POST_SNAPBACK}>

Anyone can hold shares of a Thai company. The visa is not relevant. You can own shares even if you have never been in Thailand. Your name should be in the sharegolders list, which means that you need to sign a form and provide some personal details, and a copy of your passport.

Anyway, just owning shares won't give you much. If you are not a director you will have very little control of the company. If dividends are not distributed you might not see one baht of the company's profits.

Now, if you want to own more than 49% of the shares, the company will be restricted to certain activities, because it's considered foreign-owned. So many foreigners open companies and own %49 of the shares. They might then use a lawyer to change the by-laws of the company and make some agreements with the other shareholders to effectively control 100% of the shares.

If you want to be able to legally run it, it means signing documents, and having control over the bank account. For this you need to be a director, which requires a work permit and a non-Imm-B visa.

[~G~]

It is unlikely I would actually ever work at one or any of the businesses, but more act as a managing director of a company that may be involved with several businesses.

A Managing Director requires a work permit and a non-Imm-B visa.

what total financial requirements would be necessary - for example - if 1,000,000 or 2,000,000 BHT is required, does that mean I have to have that amount in cash or assets physically existing in Thailand?

- A company that has a foreign employee needs to have minimum 2,000,000 baht capital. You don't need to have all in assets or cash. As far as I remember, you need to pay in 25% of it within 3 months and anyway your "know-how" can be regarded as an equivalent asset. Practically this capitalization is not a problem.

[sunluvr]

A Managing Director requires a work permit and a non-Imm-B visa.

Is that the type of visa I should obtain if there is any remote possibility of me going ahead and creating a Thai company on my next visit there, or could I go there on a 30 day visitor visa and obtain a non-Imm-B visa once I decided that possibility was going to be a reality?

A company that has a foreign employee needs to have minimum 2,000,000 baht capital. You don't need to have all in assets or cash. As far as I remember, you need to pay in 25% of it within 3 months and anyway your "know-how" can be regarded as an equivalent asset. Practically this capitalization is not a problem.

This is the first I have heard of this... just how would the value of "know-how" be established or evaluated? Can I just assume that I'd only ever need to have actual cash/assets amounting to 500,000 baht?

They might then use a lawyer to change the by-laws of the company and make some agreements with the other shareholders to effectively control 100% of the shares.

I have read elsewhere this is commonly done and that is what I would intend on doing as well.

[~G~]

A Managing Director requires a work permit and a non-Imm-B visa.

Is that the type of visa I should obtain if there is any remote possibility of me going ahead and creating a Thai company on my next visit there, or could I go there on a 30 day visitor visa and obtain a non-Imm-B visa once I decided that possibility was going to be a reality?

Non-Imm-B is relatively exspensive and not always trivial to get. If you don't really need it, why not use the free 30-days tourist visa for now?

You can create a Thai company while on a tourist visa. What you cannot do is to apply for a work permit on this visa. For that you will need to exit Thailand, get the non-Imm-B visa, come back and then apply for the work permit.

A company that has a foreign employee needs to have minimum 2,000,000 baht capital. You don't need to have all in assets or cash. As far as I remember, you need to pay in 25% of it within 3 months and anyway your "know-how" can be regarded as an equivalent asset. Practically this capitalization is not a problem.

This is the first I have heard of this... just how would the value of "know-how" be established or evaluated? Can I just assume that I'd only ever need to have actual cash/assets amounting to 500,000 baht?

Not evaluated or established since I never heard that it is actually being checked. As far as I know.