Migrating To Retirement Visa From Non-imm B, Legally

[walrus]

After living and working in Thailand for several years running my own small business, I'm making the transition from a non-immigrant business visa to a retirement visa. Naturally I have had to cancel my work permit and business visa on my last day of work, before seeking an extension of stay based on retirement. That's been educational and I'll make another post on that subject shortly. In the meantime I have a question regarding the transition from company shareholder/owner to retiree: am I permitted to remain as a non-executive director and shareholder of the privately owned Thai company that formerly employed me (and of which I still own 49%) without breaking the terms and conditions of a retirement visa?

I don't wish to remain a director indefinitely and I would like to sell or transfer my interest in the company - which leads to another interesting question: am I permitted to sign documents such as a sale agreement, share transfer, etc etc without the copy of a current work permit that is often required by government departments to accompany such documents? How can I avoid legal pitfalls while maintaining my interest in the company as the single largest shareholder, until I can find a buyer?

[lopburi3]

Believe if you sign paperwork as a company executive you will be in violation of law as that would require a work permit. Selling of stock I suspect would be fine as that would be as an owner/investor. Would suggest you obtain legal advise to be sure.

[monty]

You cannot act on behalf of the company. You cannot sign documents, sign of on the yearly audit, nothing.

Actually you can, if you are not physically in Thailand, i.e. you are in your home country, somebody FedExes everything to you, you sign and send back.

You can indeed transfer your shares if you so wish, no work permit needed for that.

The most common solution is to appoint a Thai national as director in the company and let him/her sign all needed papers.

[walrus]

Thanks very much for the reply and suggestion. How about signing cheques for payment of invoices? Would that be in breach of the law?

And attending board meetings?

walrus

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You cannot act on behalf of the company. You cannot sign documents, sign of on the yearly audit, nothing.

Actually you can, if you are not physically in Thailand, i.e. you are in your home country, somebody FedExes everything to you, you sign and send back.

You can indeed transfer your shares if you so wish, no work permit needed for that.

The most common solution is to appoint a Thai national as director in the company and let him/her sign all needed papers.

[Tanaka]

Thanks very much for the reply and suggestion. How about signing cheques for payment of invoices? Would that be in breach of the law?

And attending board meetings?

walrus

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Yes. As has been said, you cannot sign anything for the company. Your retirement visa says "Employment forbidden" and that to the letter means you cannot remain employed by your company. Without WP you are not allowed to do anything that requires energy and/or knowledge! Matters not if you get paid or not. You could, theoretically, attend board meetings but must not participate in any way. The risk, I guess, would be minmal but that is how the law is written.

And should we take the law by theletter, we would not be able to go to the bathroom without help. Or eat or drink. It requires some sort of energy.

[walrus]

Hmm, guess I'd better stop doing the crossword puzzle too.....