spaceshipcrew Posted October 1, 2009 Share Posted October 1, 2009 20 motorcycles for shorttime rent need to be transferred to a new owner, it is a good option to set up a company to register them ? What is a reasonable fee to have a company setup ? Lawyers vary from 25.000 to 50.000 are this reasonable prices or can it be done cheaper ? What are monthly and yearly fees for and accountant, tax etc. and are there private persons who do this (like someone retired) How about taking over a company from someone, does it have more cons or benefits ? Many thanks in advance for your advise, suggestions etc. ! Link to comment Share on other sites More sharing options...
Heng Posted October 1, 2009 Share Posted October 1, 2009 Don't forget to factor in lost motorcycles in your profit projections. Theft gangs just pick them right up and throw them in trucks and speed off. Repainted and retagged in Laos and Burma just a few days later. Link to comment Share on other sites More sharing options...
mommysboy Posted October 1, 2009 Share Posted October 1, 2009 20 motorcycles for shorttime rent need to be transferred to a new owner, it is a good option to set up a company to register them ?What is a reasonable fee to have a company setup ? Lawyers vary from 25.000 to 50.000 are this reasonable prices or can it be done cheaper ? What are monthly and yearly fees for and accountant, tax etc. and are there private persons who do this (like someone retired) How about taking over a company from someone, does it have more cons or benefits ? Many thanks in advance for your advise, suggestions etc. ! From my own limited experience, it's generally much more expensive to set up and run a business when you go down the company route. The set up cost is around 30000bt, the yearly accounts about 15000, and if you need to close it about 30000bt. You could take over a company from someone else but this again would involve some costs,eg, re-registering MD and shareholders about 10000, and potentially you could be making yourself very vulnerable to past debts. It's generally not regarded as a good idea. The company route is a reliable route to buy property (up to now), and if played well could facilitate work permits/visas too. I have a very good and affordable lawyer. Hope I don't break any rules in inviting you to PM me if you need his number. Link to comment Share on other sites More sharing options...
LivinLOS Posted October 3, 2009 Share Posted October 3, 2009 The costs in running a company legit will swallow all and more than a MB rental company will bring in.. My missus rents bikes to tourists, its purely a pin money operation and keeps her from asking me for too many things, but dam_n if it isnt a pain !! Link to comment Share on other sites More sharing options...
gregb Posted October 4, 2009 Share Posted October 4, 2009 What is a reasonable fee to have a company setup ? Lawyers vary from 25.000 to 50.000 are this reasonable prices or can it be done cheaper ?What are monthly and yearly fees for and accountant, tax etc. and are there private persons who do this (like someone retired) The actual government fees to set up a company are only a few hundred baht plus 0.5% of the registered capital as a tax. Your wife/significant other can do it herself if she wants, or you can often find advertisements on pedestrian bridges advertising this service (in Thai of course) for maybe 1000 - 2000 baht. The hardest part is choosing an acceptable name that isn't already used, but the actual process is incredibly easy once you have located the appropriate office. The government officials are very helpful. Lawyers will make up stories why this isn't good, but the reality is they simply want to charge you vast sums of money for something that is really terribly simple for anyone who speaks fluent Thai and has a reasonable education. You are not a multinational firm. Surreptitiously offer one of the office staff at these legal firms 500 baht to just tell you where the local office is and try it yourself. You can always go back to the vultures, I mean lawyers, later if you find it too difficult. You can expect the annual fees for an accountant to be about 6000 baht if you keep good books and don't have many transactions, and you need to have the company audited once per year. If you have thousands of transactions that must be scrutinized expect the fees to be slightly higher. There are thousands of small shops all around Thailand that specialize in doing this for small businesses. You won't have any trouble finding someone. There are only 3 reasons I can think of why you would want to take your business on the company route: #1) You need a work permit. #2) You don't want the personal liability. #3) You simply want to learn all you can about the seedy underbelly of Thai regulations If you are renting to farang tourists, #2 isn't really a consideration, as suing you in Thailand isn't really a particularly useful idea. Unlike the West, courts in Thailand are much more akin to gambling casinos where lawyers bet on the mood of the judge than anything resembling a hall of justice. Non Thai residents simply won't even bother, and Thai residents are well aware of the nature of the system. Just don't rent to any influential Thai families or their friends and you'll be fine. If however you are the kind of person that likes a challenge and wants to learn, then give the company route a shot. Keep in mind you will need to charge VAT which definitely complicates the process. There are also things like 3% withholding tax on rent and other payments you might have. To be honest, closing your business down is much harder than opening it. Link to comment Share on other sites More sharing options...
Sunbelt Asia Posted February 7, 2010 Share Posted February 7, 2010 (edited) Dear SpaceShipCrew, In regards to your query about the pros and cons of taking over an existing company, there are some important points to be made. Firstly, if you intend to take over an existing company you must ensure that the account is fully upto date, in terms of monthly VAT and withholding tax submission as well as completed annual audits. If you assume control of this company without checking this information you may well discover a significant amount of funds is required to cover previous accounting shortfalls. Secondly, you must ensure that the company you are taking over has the appropriate business objectives. Each company is set up with business objectives and these must fit into your plans for the company. It is possible to add in additional business objectives but this will incur a cost so it is advisable to find a company with suitable business objectives that match your requirements. For more information on this matter, please contact Sunbelt Asia on 02-642-0213 for a free consultation. Best regards, Foreign Business Advisor Sunbelt Asia Co. www.sunbeltasia.com [email protected] Edited February 12, 2010 by Sunbelt Asia Link to comment Share on other sites More sharing options...
Kf6vci Posted February 8, 2010 Share Posted February 8, 2010 Well, you a marketing plan - leave no stone unturned. I helped my wife with such a plan and this included looking at the competition. Scooters? Nah, at around 100-150 Baht? 250 cc bikes? kawasakis? Er6's? 250 cc enduros command an amazing price in CM. Where would you open your business? I hoipe in the Petchabun province! Good luck, Chris Link to comment Share on other sites More sharing options...
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