Non-b - Wp -own Company - Howto?

[Thanh-BKK]

Hello

I am sure my question can be answered here very quickly and non-confusing

I am in the process of getting a new passport, and once that is ready, i want to get off the 30-day-Poipet track. I am planning to obtain a Non-B via Singapore, which is supported by some paperwork i can arrange.

However i wonder, if i would enter the kingdom on a 30-day stamp via Cambodia (the first use of the passport has to be one of those), can i register a own company here without having the Non-B first? I found ads in the Bangkok Post stating "Company registration 999 Baht" etc. According to articles i read in these forums all i need is a sign with my company name on the door of my apartment, well i have a PC here and can indeed work from home, in fact i am doing so some times (internet research stuff for small pay). My landlady would be fine with that since the building i live in is half commercial, half apartment anyway.

Can it be done? IF SO, is it possible to then use my OWN company (?) to issue the papers for the Non-B and an eventual work permit? And - do i need a thai partner (i do have a boyfriend who could be the one, that's a good aspect of being gay) to be a 51% share holder? Can the company be 100% owned by myself??

I would be happy for a link to a website specialising in this kind of stuff, or a brief explanatiuon here. So the points are:

1) Can i own a company 100%?

2) can i register a company while staying on a 30-day border stamp?

3) can i legally use my own company to issue paperwork to obtain Non-B and work permit?

I am glad for any advice i will receive

Kind regards.....

your Thanh

[EVO]

Quick reply,

1) No, not for what you want.

2) Yes, you can

3) Yes you can.

I have done all three myself though for commercial reasons a little different from what you explain, though dont forget that government fees of setting up a 2 Million Baht registered capital company that you will need to qualify for a work permit will cost you 10,000 Baht in itself for government fees.

999 baht is a seriously misleading figure as that is the fee for the work only.

Steve at indo Siam will no doubt send you a reply as will Sunbelt, both will tell you much more concisely the ins and outs.

[Thanh-BKK]

Thank you for reply

The answers are shortt and useful. However a question now pops up: "2 Million Baht registered capital company", does that mean i need 2 million Baht first? Because i don't have those.

If a lesser amount (if i understand correctly, that won't qualify for a WP then) how am i supposed for "my" company w/o work permit?? That seems to be some sort of loophole for me. I can own the firm but by working for it, i'm illegal? How is that?

Is there a website of Indo-Siam? I heard about them, yet i couldn't find the address. Same for Sunbelt, if possible. Thanks in advance

Kind regards....

Thanh

[~G~]

Thank you for reply

The answers are shortt and useful. However a question now pops up: "2 Million Baht registered capital company", does that mean i need 2 million Baht first? Because i don't have those.

If a lesser amount (if i understand correctly, that won't qualify for a WP then) how am i supposed for "my" company w/o work permit?? That seems to be some sort of loophole for me. I can own the firm but by working for it, i'm illegal? How is that?

Is there a website of Indo-Siam? I heard about them, yet i couldn't find the address. Same for Sunbelt, if possible. Thanks in advance

Kind regards....

Thanh

<{POST_SNAPBACK}>

You need to pay in 25% of the 2M baht within 3 months from registration.

However, I was told that there is no enforcement mechanism even for that rule.

You cannot own the company 100%. Actually even a Thai person cannot do it, since every Thai company has to have minimum 7 shareholders. These 7 shareholders can all be foreign IF the company restricts itself to certain activities. Otherwise, there has to be a Thai majority.

It might sound very confusing, but evantually you niether fully own the company nor having the full capital, yet getting a work permit, non-Imm-B visa, and effectively controlling it 100% by using several legal ways which Indo-Siam and Sunbelt will be happy to explain to you.

Indo-Siam: http://www.thaistartup.com/

Sunbelt: http://www.lawyer.th.com/

Edited April 11, 2005 by ~G~

[Thanh-BKK]

Hello

Thank you very much for the usefull reply Several details are clear for me now and i'll see how i can get my head around this issue. I will check the provided links as well.

Again, thanks a lot for your time and effort

Kind regards....

your Thanh

[Sunny Valentine]

I will soon start up my company.

After having had some initial talks with some lawyers, I still don't understand the "paid-in" capital thing fully.

Here is my situation:

As I will need about 200000 Bt (which I have, currently on accounts overseas) for the purchase and adaption of the business I will start, I consider a 2 Million Baht Company to register.

Now, as I understand, I have to go through the process of registration, then open a Bank Account for the Company, pay in the 2 Mill Baht, and use this money to pay bills for Business Purchase, renovation, Lawyer Fees for setting up the Company, and so on.

I understand this would lead to "fully paid in capital" status, important for Work Permit.

Now, in the case I spend only 1.500000 or so (the figures are still in negotiation), I understand I could then transfer this 500000 back from the Company to my private Account (under the term of a loan, or so my lawyer told me.)

Now, who or what could stop me doing the folling procedure (in case I do not have the full 2 Million available, or maybe I would just need and have 500000 Bt for investment, but still need the 2 Mill Baht paid in for Work Permit):

Pay in 500000, take it out as a loan the next day, repeat procedure .....

I somehow doubt that would be lagal, but how could anyone stop me? Again, maybe my concept of paid-in capital is wrong? Clarifications anyone?

Sunny

[~G~]

I will soon start up my company.

After having had some initial talks with some lawyers, I still don't understand the "paid-in" capital thing fully.

Here is my situation:

As I will need about 200000 Bt (which I have, currently on accounts overseas) for the purchase and adaption of the business I will start, I consider a 2 Million Baht Company to register.

Now, as I understand, I have to go through the process of registration, then open a Bank Account for the Company, pay in the 2 Mill Baht, and use this money to pay bills for Business Purchase, renovation, Lawyer Fees for setting up the Company, and so on.

I understand this would lead to "fully paid in capital" status, important for Work Permit.

Now, in the case I spend only 1.500000 or so (the figures are still in negotiation), I understand I could then transfer this 500000 back from the Company to my private Account (under the term of a loan, or so my lawyer told me.)

Now, who or what could stop me doing the folling procedure (in case I do not have the full 2 Million available, or maybe I would just need and have 500000 Bt for investment, but still need the 2 Mill Baht paid in for Work Permit):

Pay in 500000, take it out as a loan the next day, repeat procedure .....

I somehow doubt that would be lagal, but how could anyone stop me? Again, maybe my concept of paid-in capital is wrong? Clarifications anyone?

Sunny

<{POST_SNAPBACK}>

When you apply for the WP, Labour department check what your VAT certificate and company documents say, not your bank account or financial transactions.