Transfer Name Of Limited Comany

[pschef]

I have been offered a company free of charge, only to pay the transfer charges. I would like your advice on this subject, and later to apply for a work permit.

I will be trading as a food manufacturer, selling British style products.

My partner and I are married to Thai Nationals, is it possible to put them as directors?

I need to know also rules for work permit in my case, at present on retirement extension of stay.

[SunbeltAsiaExpert]

In cases of taking over a company, there are several areas in the company that might be affected by the change. Normally it includes changes in the following areas:

- Change of Managing Director: removing the old and adding yourself and/or your partner as new one(s);

- Change of company regulations with regards to director’s authority;

- Change of Shareholder’s list (Bor or jor 5);

- Change of Address should you change offices;

- Change of Company Name should you decide to register your own choice of company name;

- Change of Company Objectives: adding or removing objectives from the company;

- Change in company capital: increasing or decreasing owner’s equities in the company most especially if both you and your partner are opting for work permits (2 million baht per work permit applicant);

- Renewal and/or reapplication of licenses (FDA license, sanitary license, etc.)

The normal processing time is between 2-3 weeks with the first 2 weeks allotted for announcement in a local newspaper. However, change of address will further affect other matters such as Tax and VAT registration as well as address in Social fund registration which might stretch the entire process to at least a month before everything will be transferred to yours and your partner’s name.

In as far as work permits are concerned, you are not qualified to obtain a work permit under a non-immigrant O retirement visa or “extension of stay” based on retirement. Since both of you are married, it is highly recommended to obtain a non-immigrant O type visa based on marriage to a Thai National. Having this type of visa reduces part of the requirements for capitalization (1 million baht per one work permit applicant). You may obtain this visa at any Thai Embassy or Consulate abroad or by canceling your “extension of stay” based on retirement and extending it based on marriage. Once the company process is finished and both of you have the correct visa types or extension of stays (only visas/extension of stays based on business and marriage are qualified to obtain a work permit) you may then apply for the work permit under the company subject to work permit requirements and conditions.

Note that when you take over a company from someone you step into their shoes insofar as any of the company’s outstanding debts and any potential litigation for acts that may have occurred even prior to the transfer of the company taking place. Because of this potential exposure it is important that you have the current owners indemnify you and any other of the transferees for any debts prior to the transfer as well as any litigation that arises based upon any actions prior to the transfer. This Indemnification Agreement should be a part of any company transfer and we at Sunbelt can assist you in presenting this document to the current owners prior to the intended transfer.

Do you have any questions about getting a Visa for travel/business/retiring in Thailand? Please “ask the visa expert” from Sunbelt Asia here: Thaivisa.com - Ask the Visa Expert from Sunbelt Asia

This information has been provided by Sunbelt Asia Co., Ltd. Sunbelt Asia has been the main sponsor of Thaivisa.com since 2002.

You can contact Sunbelt Asia at (66)2-642-0213 or email us here. Please visit our website for more information on doing business, working, investing, traveling, owning real estate, or starting your own business in Thailand at www.sunbeltasiagroup.com. We are located at 1 Ratchadaphisek Rd., Floor 26, Bangkok, Thailand 10400 and can easily be reached by public transportation at the Rama 9 subway stop, with the office located in the CP Tower II inside the Fortune Town complex.

[sunbeltlegal][/sunbeltlegal]