Giving Up Work Permit, Implications? Own A Co Ltd On Retirement ?

[MacChine]

I find the 4 employee rule is draining me, If I only needed two , I could pay well enough to get decent help , but paying for 4 means mediocre wages for 3 and no incentive for workers to do a decent job, hence I have to double up on watching the work and tolerate not showing up . .

I can no longer sustain it, so please can anyone answer? I give up the work permit and then what? I still have the good worker I pay well and whom I really only need, and so I own the company and make the worker th emanaging director ? And I go for visa runs every 90 days to top up th visa or possibly get a retirement visa? Can you own a company on a retirement visa ?

[JohnC]

Yes you can own a company on a retirement visa but without four staff you cannot renew your work permit, perhaps rethink your investment strategy.

[whybother]

Yes you can own a company on a retirement visa but without four staff you cannot renew your work permit, perhaps rethink your investment strategy.

You can't have a work permit on a retirement visa anyway.

[MacChine]

Er Ok Thanks but the question is implications of giving up a work permit.

I thinkit is doable , any reasons why not?

Buy then owning a company on retirement visa ,is it possible ?

[noob7]

Er Ok Thanks but the question is implications of giving up a work permit.

I thinkit is doable , any reasons why not?

Buy then owning a company on retirement visa ,is it possible ?

You can own it, but: you can't be the managing director, any longer!

I'm not sure, but check the option, with changing the Co. Ltd. to a Partnership (You do have a trustable partner, do you?)

I'm not aware, if you would need to be the 'hubby' of this partner, but I got told, that the '4' is not always needed, in a Partnership.

Even for extension of stay.

And I'm sorry, to mention it again, but I've checked on this:

I still no Co. Ltd.'s, these days, with 'no 4 thais' and 'no 50/65k income', but a wp for the managing director Farang 49% owner of the Company.

They only have to do visaruns, every 90 days. And facing the usual 'wp not long enough valid, can't give you multiple entry, but 90 days, and you can come again, after renewing' problems.

Maybe it's only on Phuket like this, but still it is!

[MacChine]

Ok Thanks ^ But wasconfused on some of that

The goal is to quit paying 4 workers and keep the Company Ltd as it is . One full time time well paid worker to run it and then maybe a part timer to help out - so I can quit paying 4 workers , quit paying taxes on my absurd salary and quit paying an accountant. Pay pay PAY No No NO

[noob7]

AFAIK: You can't keep the Co. Ltd. 'as it is'!

You can still be a major shareholder, but with no rights, to do anything, whatever has to do with the business.

No wp means, you can not even legally sitting on the keyboard side of the office desk! You can't even hire or fire, legally! You can't sign any company papers, or talking with customers, even on the phone!

You need to 'hire' a managing director, who has all options, to do, what needed to be done.

You wanna become a silent partner?

What I guess, to be the major problem, for 'reducing' the company to wp, but no 4 Thai employees is that the labor will see the benefit (for Thailand) going. And because it worked, before, why should they give this to you, now?

All the companies (Ltd.), I know about, with wp, but only one or two Thai workers in the company papers, got set up this way.

Thai shareholders 51%, farang shareholder 49%, Farang managing director with wp. and all rights, to sign whatever need to be signed.

No need to say, that many of these companies not even knowing the shareholders from the Thai side.

Would like to get updated, in case you find a way!

Good luck.

Edit: You can try, Thai style:

Shut down this company, re-open another one, on the same adress, with a little different name a - in it will do.

This gives you the benefit, of 2 years 'no need to make profit' (pay profit taxes, what is many times the reason, smaller businesses changing every now and then the name)

But check first, if you can open a Co.Ltd. (same shareholder) with wp but no other minimum requirements, except the 2 Million Baht. In case, you can, you need to do 90 day visaruns

Edited October 22, 2012 by noob7