Simple...or Is It?

[Cpt_M0ney_Sh0t]

Ok here's my plan I would like to set up shop in Thailand, I have a number of excellent and viable ideas that will provide me with a great source of income and a exciting and fun life earning it.

However these ideas all require some dough,

So, keeping in mind the old adage to obtaining wealth “Other peoples money” this is what I have planned.

I would greatly appreciate feed back from any of you who may have went this way before, Thanks.

Ok

1) Next Week I open a Thai Corp (2 million Baht capitalization)

2) Shortly there after I open a Bank account in the company’s name (here is where I could use some advice as too which one would be most conducive to online banking and leaning credit)

3) For the next year I have my pay check from Iraq (I work for a sizable contractor there) direct deposited into the company account to give the appearance of steady sizable cash flow.

4) During this time I apply for a credit card and make my monthly payments on time.

5) After a year of establishing credit and cash flow I apply for a 0-10% down mortgage (like a Thai would) and grab my investment properties.

Can it work like this?

[Khun ?]

look up love sick over there who is leaving his job after one year, he can run your company for you and spend the money. Why don't you invest your money

back home with a reputable broker and live ever after on the income it produces.

forget all the glitz and glamour you may think Thailand has to offer. It is a

country that attracts some of the worst foreigners just waiting to scam someone else money. It is a dog eat dog world there in Thailand with many third rate foreigners the ones you try to aviod back home.

Why do you think there foeign people working for 25% of what they could make back home with dead end careers in Thailand. You make in 1 year what many of these drop outs make in 7 or 8 years..

You risk your life so these low life vultures can survive a few more years in Thailand. Start a company with 2 mil baht, that is a life of a loser, penny wise and dollar foolish. These types can tell you all the local bargains and where to save a few baht on a meal, but as far as to succede in life or business forget it.

Word for the wise keep your money at home and use a ATM card to live better than 2/3rds of the people who you will meet in Thailand. No hussle no hassle just

plain old common sense. There is no free lunches offshore, overseas or anywhere, specially not in a third world environment.

[bkkmadness]

What a stupid post. He's not after a free lunch, he's after setting up business in Thailand. Some people do suceed with this and many people have set up 2 million baht companies and done well from them. You obviously are not one of them.

How do you figure they are losers?

For the OP, something about the whole scheme you are trying sounds a bit dodgy, but better someone with a legal understanding of the situation give you advice on it so I'll bow out on this one.

Edited December 17, 2005 by bkkmadness

[Khun ?]

the guy most likely has a 6 figure income and is going to risk it in something he has no idea about. How long has he lived in Thailand,

most likely never. he*l this guy makes in a month what many of these

2 mil baht companies make in a year. When he adds income from safe investments to his pay it will be the same as income from a 2 mil company without the scamming and hassle. Everybody and their brother is trying to sell property in Thailand now and get a commission.

The guy is smart enough to earn good wages now, why risk it on tieing it up in something he has no idea about. Sure everybody this guy runs into is going to help him make money with his money but why didn't they do it with their own. One in a thousand foreigners living in Thailand make the type of cash this guy makes.

The only advise he needs is how to keep it safe and let it earn income in a safe manner and in a safe place. The chance of someone in Thailand advising him of doing it is slim to none.

Ten of thousands before him thought they could show up with some cash and make a go of it but the truth is few and far between that do it,

and the ones that do don't just get off the plane with an idea. Take your time and save you are missing nothing at this point in the game.

[bkkmadness]

Ok Khun, that's a more reasonable post and yep, some good advice. Of course working in Iraq on great money might not appeal to him anymore so he wants to make a go of it in Thailand. Actually, there was a good thread on this the other day.

We are off topic anyways.

[Khun ?]

Don't need to and don't want to. I started out like this guy and my income from investments back home make as much as this guy does working and I can have it 100% cash tomorrow. No offshore bullshit games to cash out of and no strings attached. No worrying about work permits, visas and thai taxes or anything else.

This guy needs wise advise and not from another foreigner in Thailand who is going to profit from him. Don't put your money where you cannot get it back tomorrow in cash.

This guy needs advise on how to make his money work without risk and not being tied up where he can lose his visa and money all in one day because someone gets pissed at him. When he knows the ropes in Thailand and uses legal advise from a lawyer that is time for him to think about business in adult disneyland better known as Thailand.

What a stupid post.  He's not after a free lunch, he's after setting up business in Thailand.  Some people do suceed with this and many people have set up 2 million baht companies and done well from them.  You obviously are not one of them.

How do you figure they are losers?

For the OP, something about the whole scheme you are trying sounds a bit dodgy, but better someone with a legal understanding of the situation give you advice on it so I'll bow out on this one.

<{POST_SNAPBACK}>

[Khun ?]

Good place to start. If the guy would of put $100K in PSPFX a year ago he would have 140K now. Choose a few funds that have done well for a

longer period of time and go with it. Plenty of people can point out good funds, even investments that if he has a couple hundred grand from working in Iraq can produe income enough for him to live ok on in Thailand without using much of his savings. Like he said next year he

will have income from there. He can sell any fund when he wishes with no locked in time or penalties and no one scimming commisions off him.

http://biz.yahoo.com/p/top.html

[rishi]

I might be wrong, but to me it looks like the OP is merely asking for advices to put up some kind of "Emperors new cloths" scheme. Invest some money, gain credibility, get loans - and then what? Disappear with his investment plus loans?

No offense meant - just trying to understand OP's setup.

[Cpt_M0ney_Sh0t]

Ok let me clear up a few things from about my history first. I live in Thailand and have been for 3 years since I left a similar contract else where in the middle east. I have owned several game lounges, a small Arab restaurant, the first shop for Shwarma on walking street in Pattaya, and possibly the only corn dog stand in all of Thailand. In the beginning I was scammed at every turn and my savings were quickly depleted by foolish mistakes and ignorance of the local market and practices. At one point I had lost everything and I mean EVERYTHING. However, unwilling to return to the states a looser I persevered, I got a job selling timeshare and when I made my first deal I had exactly 80baht in my pocket and I was wearing my last set of clean clothes.

I hustled and turned it all around, I looked around me, eyes open for money making potential in any and everything I saw. I convinced a Brit and some Arabs to invest with me and I built the business that brought me back into the game. When I got the offer to come to Iraq I weighed it heavily but at the end of the day I’m 30yrs old, I can’t turn down this kind of quick liquid, tax free cash so I sold off my shares of our endeavors and came out here.

Now, going back to my original question I want to know if my idea is a viable one for building credit.

I am not looking for some pasty old farang dead beat to give me some get rich quick scheme, I’ll sell my own thanks LOL!. What I am looking for is any advice or experiences pertaining to gaining credit WITHIN the system.

So Mr. Khun while I do appreciate the time you took to advise me on keeping my money back in the States, with all due respect that’s not what I’m looking for.

Credit in Thailand

HOW?

WHERE?

WHO?

[Cpt_M0ney_Sh0t]

I might be wrong, but to me it looks like the OP is merely asking for advices to put up some kind of "Emperors new cloths" scheme. Invest some money, gain credibility, get loans - and then what? Disappear with his investment plus loans?

No offense meant - just trying to understand OP's setup.

<{POST_SNAPBACK}>

Damm,

Why the hel_l must I running a Scam or a Scheme. People all around the world build credit and buy homes and investment properties everyday. Are they looking for a scam?

Just about all businesses large and small function to at least some extent on credit. This is not a open forum to bash my integrity. I’m merely asking fellow foreign business people here what their experiences have been and what, pray tell, is the best way of establishing credit Hence the topic of discussion.

Thanks!

[gbt71fa]

look up love sick over there who is leaving his job after one year, he can run your company for you and spend the money. Why don't you invest your money

back home with a reputable broker and live ever after on the income it produces.

forget all the glitz and glamour you may think Thailand has to offer. It is a

country that attracts some of the worst foreigners just waiting to scam someone else money. It is a dog eat dog world there in Thailand with many third rate foreigners the ones you try to aviod back home.

Why do you think there foeign people working for 25% of what they could make back home with dead end careers in Thailand. You make in 1 year what many of these drop outs make in 7 or 8 years..

You

I must be the lovesick guy they are talking about since I am marrying my Thai gf. I work in iraq but am giving it up after working here for one year as a civilian and one year in the military. I have been offered a teaching job in Taiwan at an International School that pays $2200 (U.S.) and a bonus at the end. I say do what you want to do but just be sure that you look at all the angels and be prepared to lose it, too. I still plan on getting a sports bar but it is going to take a little while longer. Live your dreams because you only live once.

[monty]

Cpt_M0ney_Sh0t,

It seems it doesn't work that way.

Thai banks do not give loans to foreigners, unless they are earning a sizable income in Thailand with a workpermit, and all proved by personal tax-invoices from the last year (or longer).

Any amount earned outside Thailand, however big and regular, is simply not taken in consideration. They would rather have you find a Thai guarantor with a 10000 baht/month paycheck!

Same goes for companies. You'll be considered for credit after a couple years of trading, and only the amount the company earned inside Thailand, and payed taxes on will be taken in consideration.

What might be possible is to get a business loan, but only with collateral. You might get about 50% of what the collateral is worth.

You'll have to present business plans, on what exactly the company plans to do with the cash, and if they approve, they will set the rules on how they will disburse the money.

I did exactly that in building a housing estate. The bank needed all the land title deeds of the land already purchased, plus an additional title deed of a condo worth 7 million.

On this collateral they approved a loan of just 2.5 million! Then they will give you 500.000 Baht. When a certain amount of construction is finished, they'll come over, take pictures, send everything of to headquarters, and you can expect another 500.000 a week or so later. And so on until

you received the full amount of the loan.

They also require you to pay back 1 million when the first house gets sold (they have the land title deeds, remember). Another million when the second goes, and the last 500.000 comes back when the third house gets sold.

This system is OK if you have property to use as collateral, so you can have some extra cash without having to sell something you'd rather hang on to...

They will not lend you one single Baht unless they can get 100% of the loaned amount back by foreclosing on your collateral!

It obviously will be a bit different for a 100% Thai owned business, operating with a sizable profit for the last 20 years or so...

So in short, you cannot increase your working capital by taking out loans, unless you already own property over here!

They have been burnt badly in '97 by bad loans, back then you could get a 1 million mortgage on a 300.000 Baht piece of land, if you gave the correct guy a couple of thens of thousand Bahts...

[Khun ?]

I would say foreign owned or operated companies/people that could run out on credit over night won't run on credit from a bank. No I would say, people from foreign countries 30 years old do not get credit in third world countries regardless of how much is going in and out of an account. You might be able to put 50% down on a house/condo and finance the rest.

Why do you want to continue with the petty stuff like the past and relie on credit where one bad move could put you back to where you were.

I would assume you have good earnings now but it seems your thinking in terms of getting ahead are misdirected. Are you avoiding child support or something back home.

What makes you think credit is the way to future, I would not give a baht for your past. I have ran into a few 50's and useless in Thailand

that try to crawl to a pension which you won't have much of if it is around when you get there. I would take off the bar glasses and stick with good earnings as long as possible until you can put the horse in front of the cart. JMHO

[Khun ?]

Yep, there he be. I know a few that teach in korea for a bit more and live when they can in Thailand. For each their own ( they didn't give up good jobs to do it) and if I would of known then what I know now I could of stopped working some years ago with plenty and no worries.

I still plan on making it to the the grave sliding in head first saying what a ride,

instead of wimpering in at the end being penniless and broke for years in the past. I may even leave a tip.

You

I must be the lovesick guy they are talking about since I am marrying my Thai gf. I work in iraq but am giving it up after working here for one year as a civilian and one year in the military. I have been offered a teaching job in Taiwan at an International School that pays $2200 (U.S.) and a bonus at the end. I say do what you want to do but just be sure that you look at all the angels and be prepared to lose it, too. I still plan on getting a sports bar but it is going to take a little while longer. Live your dreams because you only live once.

<{POST_SNAPBACK}>

[Cpt_M0ney_Sh0t]

Mr Monty,

THANKS, that’s exactly the kind of results oriented no nonsense advice I was looking for. You summed it up VERY nicely I may very well have to look at other options if what you said holds true. (which I am reasonably sure it will). I will keep that in mind and look into it further as I weigh my options in this coming year.

Now for Khun…..dude, really &lt;deleted&gt;? Am I running from child support? What kind of insulting player hater type s^%@ is that? Why am I looking at doing something Petty? Why do you assume that I am looking to do something small and petty? Because I did small businesses in the beginning you think that’s were I’m headed now? You have no clue of the scope of my future aspirations as I did not share them on this forum. I asked for advice on obtaining credit in Thailand…period. The fact that you have nothing of merit to offer on the subject dose not translate in to a open invite to berate me or my fiscal plans for the future.

Get off it, you do NOT sit up high nor look down low.

And while I’m at it I WILL succeed, I will retire in comfortable wealth, and I will make my fortune here in Thailand and have an Adventure of a time doing it!

[Khun ?]

Dudes wear sun glasses in doors and try to be kewl. Read your original post trying to cobble up an income stream for a company with no business. Just tell the bank the truth you spent time in Thailand barely getting by for some years and doing time shares. If that is not Petty

I don't know what is, who would let themselves slide as low as you have and not move on.

Due to good luck or faith you have a chance to get beyond the past or haven't you learned anything from it.

Your fixation with Thailand is just that, move on. You have a chance and yes there is much easier and better ways to make money than beating the streets of Thailand with 1000's of others doing the same thing.

Thailand isn't going anywhere and much easier and better places to put your money to work. Read your information from one dead end to another until you got a break outside of there. Don't tell me you lived as a 30 day border hopper.

Geeze get on with life now you are earning good wages

[Khun ?]

Just another way to look at it.

This income stream you cobble up and credit card debit, don't we know about people that live off credit card debit buying property. Let the tax man freeze your account because they received no taxes on this income stream and the bank fighting for the debt their owed and take your property. Then they find the company is operated in an illeagl manner and they don't let you come in country

anymore.

where is all this money for the other business you sold, did you pay taxes on it.

how do you dream up these nightmares