New Company Bank Account Setup

[JimmyGreaves]

I decided to buy a small plot of land via the company route but did not have a company (late Jan 06). Paid a small deposit via my personal account to secure the signed contract via my g/f and agreed a 3 part payment plan over the next 2 months.

Ok here goes.

I went to a Bangkok lawyer the day before I left and set-up a company (Now it is active). 49% me, 5 * 1% shares from the law office, the rest my g/f.

My g/f will set up the company bank account in the next few days while I'm out of the country (I asked the lawyers to give her permission). I will transfer another small amount to allow her to pay the second installment (End of this month).

Next month I will travel to Thailand and get the Bank signing signatures back in my control and the contract switched (All ready agreed) and complete the deal.

I do not want to get a work permit. My question is what type of Bank Account do I need her to set-up so that I will have no problems in switching it when I get back to Thailand? I currently have a personal SCB account and do not want any problems with the bank.

Cheers

Sorry I require: Advice

Edited February 13, 2006 by jflundy

[Sunbelt Asia]

A corporate savings acct and this depends on the bank and branch if you will have problems or not. A current corporate account and you certainly would have a problem being able to sign on behalf of the company without a work permit.

Are you the MD or signing Director?

www.lawyer.th.com

[Taxelite.com]

I decided to buy a small plot of land via the company route but did not have a company (late Jan 06). Paid a small deposit via my personal account to secure the signed contract via my g/f and agreed a 3 part payment plan over the next 2 months.

Ok here goes.

I went to a Bangkok lawyer the day before I left and set-up a company (Now it is active). 49% me, 5 * 1% shares from the law office, the rest my g/f.

My g/f will set up the company bank account in the next few days while I'm out of the country (I asked the lawyers to give her permission). I will transfer another small amount to allow her to pay the second installment (End of this month).

Next month I will travel to Thailand and get the Bank signing signatures back in my control and the contract switched (All ready agreed) and complete the deal.

I do not want to get a work permit. My question is what type of Bank Account do I need her to set-up so that I will have no problems in switching it when I get back to Thailand? I currently have a personal SCB account and do not want any problems with the bank.

Cheers

Sorry I require: Advice

Yeap, you just open a company bank account. There are some documents required to open a company bank account there.

In regarding the work permit, if you just only have power to sign documents for the company, you don't need a work permit.

In my opinion, the thing you should be taken into your account is the control of the company. We have many problems in regarding this issue where the lawyer tried to trick you.

Good luck

[JimmyGreaves]

I am currently the MD but my girlfriend is the signing director until I get back in the country when I will switch to me being the signing director. That's why I don't want any problems with the bank when I request the switch.

Cheers

[Taxelite.com]

I am currently the MD but my girlfriend is the signing director until I get back in the country when I will switch to me being the signing director. That's why I don't want any problems with the bank when I request the switch.

Cheers

Use the company bank account. Normally Bank will ask the authorised signature from the company. In case of any change of the authorised signature, you just make a notice to tell the bank that you want to change and attach with the required documents such as Company Affidavit.

Confirm with the bank what documents they will require.

[Sunbelt Asia]

I am currently the MD but my girlfriend is the signing director until I get back in the country when I will switch to me being the signing director. That's why I don't want any problems with the bank when I request the switch.

Cheers

Have her set up a corporate savings acct. If you don't mind what bank it is, ask her to call us and we'll introduce her to a Thai bank that won't have any problems with the change on a savings acct. The Thai "Foreign" banks in most cases will without a work permit. You will need minutes of the meeting in Thai authorizing you as having signing power on the acct.

Cheers

www.lawyer.th.com

[JimmyGreaves]

Much appreciated Sunbelt.

I am based in Hua Hin and really wanted to open the account there, looks as though I will have to do some investigating. I wanted to open an SCB account as I currently deal with them on a personal account with internet access and wanted the same.

Cheers

[Sunbelt Asia]

I wanted to open an SCB account as I currently deal with them on a personal account with internet access and wanted the same

Most banks will not allow a corporate bank account with internet access without a work permit. You are correct to check beforehand and its best to do it in Hua Hin. Otherwise the fees will be higher when you need to submit funds using your acct in BKK.

www.lawyer.th.com