Company Capital Question.

[ThaiBasil]

I have been adviced to ask this question in this forum by moderator so here I go (original thread: http://www.thaivisa.com/forum/Question-Wp-...25&start=25)

I am a bit stuck at the Company Capital. Some months ago I went to the office for a work permit for advice (Chiang Rai), there was only one person who could speak a bit english. He adviced me to bring the marriage documents and arrange a Non-B and then come back to sort out all the rest (company papers, contracts etc.).

I arranged these two things and came back last Tuesday to get started on the rest. The english speaking person wasn't there and I had to deal with the head of the office. He wasn't helpfull at all as he didn't understand my business (real estate marketing) and he kept on saying that the capital needed to be 2 mill instead of 1 mill. But I am married to a Thai (he didn't see the documents, but kept saying it was 2 mill). He also said in Thai to my wife (who is the Director) that he doesn't worry about my company even if I had all the correct documents, simply because he didn't understand my work. So it seems like he doesn't want to help me. This is the way I set it up:

- I am the only one actually working in the company, I just made my wife the director as there was not really another option to start a business.

- Capital is 1 mill (I am planning to hire an accountant who can make it a Directors loan from the company, but still need to figure out a good accountant and the proper way to do this).

- I am working at my home in my study, behind the computer (I have a baby so I want to stay here as much as possible and thought this was a pretty good option).

What to do now? I can't arrange a 2 mill capital at this point (and don't want to) and don't want to bride the guy or work without a permit!

[opalhort]

- Capital is 1 mill (I am planning to hire an accountant who can make it a Directors loan from the company, but still need to figure out a good accountant and the proper way to do this).

1M capital should be okay if married to a Thai, but be careful about the loan to Director. This could cause problems with the Revenue Department in a year or two and as a result also problems with WP renewals.

They want to see interest payment by the Director to the company, which then has to record it as taxable income! They may or may not also want to see a loan contract between the Co and the Director.

opalhort

[NHJ]

the fact of being married only divide the need of employees per two to qualify for immigration extension of stay and in to get work permit.

i think this doesn't change the requirement to have two million capital.

[d0ndela]

I might be wrong but for every work permit you need the company to register you need to prove that you have 3-4 thai people employed in the company as well. At least we have had to for the two work permits we have in our company. No thai wifes so maybe that makes a difference?

[ThaiBasil]

the fact of being married only divide the need of employees per two to qualify for immigration extension of stay and in to get work permit.

i think this doesn't change the requirement to have two million capital.

This is what I found out in research a while ago (can't track the source anymore) it is said here on TV as well. If you have a source of information confirming what you are saying please let me nkow as well. Ohw and thanks for the info ofcourse you guys .....

PS. I do have 2 Thai guys registered as well, which was sufficient first but we didn't talk about it last time in the office. The headman of the office only said I now needed 2 mill instead of the first said 1 mill.

PS2. will need to find out more info on the loan to Director anyway, so thanks for your comment on that opalhort