Work permit and M.E visa to non b

[xtoreus]

Hi guys, I was wondering if someone can help with the following:

I am planning on opening a limited company. I am not married to thai national and therefore will opene the company with a thai friend. I understand that as a foreigner I can only own 49% of the company with 51% for the thai partner.

I will need a work permit and therefore will be transfering 2 Million bath in Thai bank account. My questions are:

+ Can anyone have access to these funds or can I protect the access so that ideally I can control this and not my partner?

Any details about this and how to set it up would be awesome.

Thanks a lot for your time

Cheers

[Soutpeel]

First of all you dont need THB 2.0 million cash in the company...its 2.0 captialisation..it can be assets etc etc.

49/51% split is correct..but you can set up a preferentional share structure so you can be out voted.

If you put the money into a Thai company and both partners are signatories, both can access the money, however the sensible thing would be to have dual signatory on the account, ie any money can only be released when both parties sign.

I would strongly suggest you consult you own lawyer and get things set up properly before getting involved in this, do not use a lawyer recommended by your partner, find your own and do your due dilligence properly...it appears to me that there already is some distrust about your future partner anyway based on your questions...get it wrong and your money could disappear very quickly

[xtoreus]

Thanks for the input, this is great.

All good, No distrust just business prevention and transparency

Above you mentioneed "but you can set up a preferentional share structure so you can be out voted" I assume you meant "you Can't be outvoted"?

cheers

[Soutpeel]

Thanks for the input, this is great.

All good, No distrust just business prevention and transparency

Above you mentioneed "but you can set up a preferentional share structure so you can be out voted" I assume you meant "you Can't be outvoted"?

cheers

cant be out voted..yes sorry..

[h90]

So you put in money and give a friend the controlling majority......

I would really think if that is smart.