Cruise Boat

[DanBlack]

Hi There

I am just new here. I am hoping someone can advise me on what would be the most simple way to open a new business (single owner, incorporate, limited Co. etc.) I am currently here on a 3 month visa and have a Thai wife. I am about to start construction on a small cruise boat, and would probably need a working visa to stay.

Thanks to any replys

[KronbergTH]

Hi,

Putt the boat under Panama flag and you will have no more problems

Otherwise, you have to make a 2 mil co.,ltd., but w/p and travel licenses in combination are no longer that easy.

Maybe Sunbelt has a comment?

[Sunbelt Asia]

Hi There

I am just new here. I am hoping someone can advise me on what would be the most simple way to open a new business (single owner, incorporate, limited Co. etc.) I am currently here on a 3 month visa and have a Thai wife. I am about to start construction on a small cruise boat, and would probably need a working visa to stay.

Thanks to any replys

Please be aware to register ownership of the Thai vessel under the Thai Vessels Act B.E. 2481 (1938)

A person who may acquire ownership of a vessel to be registered as a Thai vessel

1) in case of a natural person, all partners shall have Thai nationality

2) in case of juristic person, it must have been registered under the Thai law as follows:

A... in case of an ordinary partnership, all partners shall have Thai nationality

B... in case of a limited partnership, all partners jointly and unlimitedly liable shall have Thai nationality, and not less than seventy per cent of its capital shall be owned by natural persons having Thai nationality

C...in case of limited company, the majority of its directors shall have Thai nationality and not less than seventy per cent of its capital shall be owned by natural persons having Thai nationality, and such company shall have no rule permitting the issues of shares, to bearer

A limited company would be the way to go with you having more voting rights.

www.lawyer.th.com

[DanBlack]

Hi,

Putt the boat under Panama flag and you will have no more problems

Otherwise, you have to make a 2 mil co.,ltd., but w/p and travel licenses in combination are no longer that easy.

Maybe Sunbelt has a comment?

That does sound easier and cheaper, but I am after the W/P

Thanks

[DanBlack]

Thanks for the advice, I did go with a limited company. I am doing it through a friend of my wife's and it ended up costing twice as much as I think it should have.

Hi There

I am just new here. I am hoping someone can advise me on what would be the most simple way to open a new business (single owner, incorporate, limited Co. etc.) I am currently here on a 3 month visa and have a Thai wife. I am about to start construction on a small cruise boat, and would probably need a working visa to stay.

Thanks to any replys

Please be aware to register ownership of the Thai vessel under the Thai Vessels Act B.E. 2481 (1938)

A person who may acquire ownership of a vessel to be registered as a Thai vessel

1) in case of a natural person, all partners shall have Thai nationality

2) in case of juristic person, it must have been registered under the Thai law as follows:

A... in case of an ordinary partnership, all partners shall have Thai nationality

B... in case of a limited partnership, all partners jointly and unlimitedly liable shall have Thai nationality, and not less than seventy per cent of its capital shall be owned by natural persons having Thai nationality

C...in case of limited company, the majority of its directors shall have Thai nationality and not less than seventy per cent of its capital shall be owned by natural persons having Thai nationality, and such company shall have no rule permitting the issues of shares, to bearer

A limited company would be the way to go with you having more voting rights.

www.lawyer.th.com

[Sunbelt Asia]

I am doing it through a friend of my wife's and it ended up costing twice as much as I think it should have.

In most all cases, the problem with forming a company with friends of the wife, the odds are VERY high that strategies were NOT utilized to protect your interest, such as you having control over the Limited Company, or other safeguards to protect your rights as a minor shareholder.

it ended up costing twice as much as I think it should have

Sorry to say, but this price even if it was double other law firms may just be a hiccough in the future, compared to the ultimate price paid with your interests not being looked after. Lets hope your case does not end up like many before you.

All the best.

www.lawyer.th.com