Forming A Company To Buy House - Need Quick Answer

[radiola]

I need to form a company to buy house.

What is the best procedure, when to do the transfer the money.

Can i do the transfer before I become a director?

Or I need to do after I became a director.

Lawyer told me I can do before.

DO you think this is dangerous? Do i need to wait till i became director?

[Khun Jean]

You are kidding right?

[radiola]

i am sjust askint if the lawyer will risk his reputation to do this...

he is first the director and then he asign me as director later.

[Khun Jean]

What reputation? With no accountability whatsoever, starting a company with a nominee.

I see only failure. Especially when you are that far in your decision making and still have to ask these questions.

Better walk away from this one, educate yourself and find an even better offer later.

[rodentwarrior]

Is it illegal to form a company for the purposes of usurping the Law on foreign ownership.

It's that simple.

Do it at your own risk - be prepared to lose your money, the house and possibly get jail-time and deported.

[p_brownstone]

i am sjust askint if the lawyer will risk his reputation to do this...

he is first the director and then he asign me as director later.

Once the Lawyer is listed as a Director in the Company documents - particularly the Nang Sue Rab Rong - he has the sole authority over all Company transactions.

Any "promise" to make you a Director afterwards is worthless and unenforceable.

If you establish the Company with the Lawyer as the sole Director (or Signatory) and then buy the house he has complete control over everything and can simply deny that he ever promised to transfer the Company to your control - in other words the Company and all its Assets (the house) are his to dispose of as he pleases.

As already stated too, any Company established with the sole purpose of circumventing Thai Property Law is already in a very dangerous legal minefield.

Finally, particularly in Thailand, the words "Lawyer" and the phrase "risk his reputation" are usually mutually incompatible!

Patrick

[cdnvic]

Is it illegal to form a company for the purposes of usurping the Law on foreign ownership.

It's that simple.

Do it at your own risk - be prepared to lose your money, the house and possibly get jail-time and deported.

There's your answer.

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Edited May 29, 2012 by cdnvic