Starting A Business

[dave111223]

Hi, I'm 21 and a UK citizen, but by next year should be also a US citizen (applying for dual citizenship at the moment).

I want to come to Thailand next year, A) to get married to my Thai fiance and B ) to start a cyber game cafe.

I've been reading the forums and reading this http://www.thaivisa.com/314.0.html (how to start a business in Thailand) but so far i'm just really confused. I managed to register a US Corporation and it only cost me $125! And i'm not even a US citizen, so i figured starting a business in Thailand must be even easier.

I will have maybe about 1,600,000 baht to bring, and thats it. And i'd like for as much of that to go directly into the business and not into all kind of fees.

In this write up it says you need atleast 2,000,000 baht in registered capital, does this mean i actually need this cash money right now?

I'm the only foreigner who will be working there, maybe i should just create the business in my fiance's/wife next year's name and just "hang out" at the business. Or is this a risky business?

I want to start the business in about 9 months, can anyone give me some insights into what i should do first, and how much cash i'll actually need, and how much of this will go into fees etc?

Thanks

[~G~]

The business law in Thailand makes it pretty tricky to set up a company if you are a foreigner. To begin with, you need 7 shareholders (as any company in Thailand). For the type of business you described you cannot have more than 49% of the shares (as a foreigner). If you want a WP sponsored by the company you need to be VAT registered and to have 2M registered capital (25% to be paid-in within 90 days).

There will be goverment fees, and for setting up all the documents and go through all the beaurocracy you might want to use a company specializing in that, such as Indo-Siam.

Overall, the whole thing might cost around 50,000 baht.

Yes, it will be much simpler if you do start a business as a Thai person. Then it doesn't have to be a company, it can be a sole proprietor. and not neccesarily required to be VAT registered (depends on how much you make), and no high capital requirements. But - no work permit for you, and no real, legal, control over the business.

Edited July 29, 2005 by ~G~

[Braccobaldo]

..21 years...you want to live in Thailand and married....I wish you good luck...but if I was you I would work in my homecountry and accumulate enough experience before going abroad...and about marriage.....think twice....

[dave111223]

Thanks for the help ~G~

Really surprised that the cost is only 50,000 for fees etc, the write up made it seems like your going to end up paying so much its not even worth trying.

Couple of questions though, what is "registered capital", i'm guessing it means the par value of the stock issued? Such as par value of 100 baht per share then you'd need to register 20,000 stocks? But you only actually need to receive 500,000 for the stocks or what?

The 7 stockholders doesnt seem to be that difficult, just give 51% to my wife, keep 48% myself and divy the other 1% amount family members, that works right?

You said about the sole proprietorship, i've looked at this and it seems super easy if my wife were to setup this company via this method, only problem is if the police come in and i'm at the shop tinkering with a computer or something will i be headed for jail? As with this method i'd be here on a non-immigrate visa, but no work permit.

Because if i wasnt actually able to be at the shop enjoying some hands on business, it would take all the fun out of owning a business i think.

As for BRACCOBALDO's comments: unhelpful

Edited July 29, 2005 by dave111223

[Indo-Siam]

Dave -

Send me a conventional e-mail message to which I can reply with attachments, and I can send you information that will address most of your questions about starting a Thai Private Co. Ltd.

After you are legally married, you can bring over 400,000 baht - into a Thai personal bank account bearing your passport name. With that, you can then get a one-year non-immigrant entry permit. You can then use that 400,000 baht to pay-in capitalization for your company. By law, you are supposed to pay-in at least 25% of your registered capital within 90 days of incorporation. Both a company, or even a sole proprietorship, must document at least 1,000,000 baht registered capital, in order to sponsor a work permit FOR A FOREIGNER MARRIED TO A THAI SPOUSE (the figure is 2,000,000 baht for everyone else).

As long as you are married, company has 1,000,000 baht registered capital, and at least 25% of that amount paid-in, and you have an entry permit extended on the basis of supporting a Thai spouse, you are good to go for a long-term (one year) work permit.

Good luck.

Cheers!

Steve Sykes

Managing Director

Indo-Siam Group

Bangkok

[email protected]

www.thaistartup.com

[Braccobaldo]

...nevermind...good luck for you.

[Harmonica]

Hi, I'm 21 and a UK citizen, but by next year should be also a US citizen (applying for dual citizenship at the moment).

I want to come to Thailand next year, A) to get married to my Thai fiance and B ) to start a cyber game cafe.

I've been reading the forums and reading this http://www.thaivisa.com/314.0.html (how to start a business in Thailand) but so far i'm just really confused.  I managed to register a US Corporation and it only cost me $125! And i'm not even a US citizen, so i figured starting a business in Thailand must be even easier.

I will have maybe about 1,600,000 baht to bring, and thats it.  And i'd like for as much of that to go directly into the business and not into all kind of fees.

In this write up it says you need atleast 2,000,000 baht in registered capital, does this mean i actually need this cash money right now?

I'm the only foreigner who will be working there, maybe i should just create the business in my fiance's/wife next year's name and just "hang out" at the business.  Or is this a risky business?

I want to start the business in about 9 months, can anyone give me some insights into what i should do first, and how much cash i'll actually need, and how much of this will go into fees etc?

Thanks

Remember that name -- Braccobaldo! ... and what he said. No reason to disqualify him just because he's Italian!

On a different note, how are you going to manage your internal conflicts, you being both a Brit and an American? You're going to spend most of your time badmouthing/arguing with yourself; I would seriously recommend a 3rd nationality just to be able to keep internal peace -- French?

And for heavens sake don't go near any terrorist -- they'll score an easy twofer!