No Proof Of Investment In Company Start Up...?

[Zen]

Posting on behalf of friend:

My friend came to Bangkok 5 yrs ago and set up a small company mainly to get a work permit and live in Bangkok. His small business grew, so after few months he registered his company for VAT.

Now 4 yrs passed and his business is growing slowly but surely, and now his company is generating almost a million baht per month.

BUT the problem is, when he started his company, he did not bring in his cash by telegraphic transfer. So he has no proof that he brought in the money. He has no proof that he contributed any money. He is starting to worry what will happen if his business grew further? Will his "sleeping partners" be able to overthrow him? His partners did not contribute any money, just use their name only. The company registration certificate states that my friend is the only authorised person to sign documents. He is also the sole signatory of the bank accounts.

Any advice?

[p_brownstone]

I think your friend is getting confused.

There is no requirement to bring in the the Companys' Registered / Paid Up Capital from overseas - in fact the Paid up Capital need not even be Cash, it can be Assets, Stock, even "Goodwill".

If a Farang buys a Condo here then he needs to bring in the Purchase money from Overseas, unless he holds Permanent Residence or qualifies under a couple of other alternatives which I forget.

Patrick

[Naam]

I think your friend is getting confused.

There is no requirement to bring in the the Companys' Registered / Paid Up Capital from overseas - in fact the Paid up Capital need not even be Cash, it can be Assets, Stock, even "Goodwill".

If a Farang buys a Condo here then he needs to bring in the Purchase money from Overseas, unless he holds Permanent Residence or qualifies under a couple of other alternatives which I forget.

Patrick

correct