Owning House With Company

[Rob5060]

Could anybody who has bought a house by using a company advise me what documents they get if any from their leagl people

I pay for accounting etc but as yet have not recived any copies.

I am going to ask for some but it wuld be nice to know if I was getting the correct info

Cheers

[monty]

Rob,

First you should have your company papers.

You should be able to find the share structure, catitalization, articles of association etc.

If the sole purpose of the company is to own the house, it should clearly state in the articles of association that the purpose of the company is to invest in real estate, and then derive income from rentals!

The person living in the house should have a rental agreement with the company, and the company will have to pay tax on this rental received.

If it is not done this way, the company might be considered sleeping, and as such deemed being illegally used to circomvent land ownership laws resulting in seizure of the assets. Eventual proceeds of selling of the seized assets will go to the shareholders as per the share structure...

Obviously there are also the blank signed share transfer documents from the shareholders. Do check the copy's of their ID cards for the expiration date on the ID cards. You cannot transfer any shares if you only have a copy of an expired ID card!

Theoretically each shareholder has to be able to prove that they actually invested in the company as per the share structure / capitalization! However, if your company is not sleeping, and actually making profit from the rentals and paying the according taxes, it is very unlikely the share holders will be investigated. Not so when the company is sleeping!!!

So try to get all relevant papers, get them translated, and see if you can find all above stuff...

I reckon that at the moment a minimum of around 20000 Baht in taxes should be payed yearly, depending of course on the size/value of the property. Add accounting costs etc...

If you only pay 10 to 15 thousand a year, then get a decent lawyer-accountant to get the company out of sleeping mode ASAP

[astral]

My last annual bill was 20K including tax and accounting.

My company is definitely not sleeping.