Fully Paid Up

[KronbergTH]

Hi,

I am to open a new company. I have W/P in an old one already and I want to transfer the W/P to the new one.

According to the new law, the share capital has to be paid fully up. And it is easy, if you can show that the money is transferred in from abroad.

However, I do not have 2 million baht in cash, and I consider it complicated to circulate 2 million Baht in and out of Thailand.

So, any suggestions to make the share capital fully paid up?

Regards, Robert

[Indo-Siam]

To obtain a work permit for new company, it need only have 2,000,000 baht REGISTERED capital. It need not have ANY capital paid up. We regularly obtain work permits for new company owners before company even has a bank account.

Where you need the capital fully paid-in is to obtain an extended etry permit based on employment - and you also need four Thai employees per foreigner so extended.

Immigration does not make - on its own - any determinations about paid-in capital - all they look at is a letter that you must obtain from your bank, and also at your VAT registration papers - both of which must reflect 2,000,000 baht paid-in. Alternately, you may show title (or bill of sale) for a capital asset owned by the company (such as a condo) that makes up the difference.

Good luck.

Steve Sykes

Managing Director

Indo-Siam Group

Bangkok

[email protected]

www.thaistartup.com

[KronbergTH]

Thank you Indo-Siam!

BTW, if I decide to make the new company as a consultancy then I need one Thai employee, right?

But then, I am subject to 5% Withhold Tax (and VAT of course).

Cheers, Robert

Edited July 23, 2005 by KronbergTH

[Sunbelt Asia]

BTW, if I decide to make the new company as a consultancy then I need one Thai employee, right?

No

But then, I am subject to 5% Withhold Tax (and VAT of course).

By having one employee?... No

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