Thailand Company Formation Questions - Part 2

[asdfrules]

I am Canadian, wanting to form a company in Thailand. It would be

selling selling Thai made clothing, online, internationally. Mostly

retail, and a little wholesale. I want to use the minimum starting

capital.

• Would this fall under List 3 of restricted businesses in the FBA?
• Can it be a 100% foreign owned company?
• If not, what percent can I own as a foreigner?
• Is it possible for me to legally have control of the company?
• Assuming 2 million baht for starting capital is needed, do I

  actually have to have the full 2 million, or can some percent of it just

  be on paper?

• Is it possible to borrow some of the starting capital from family for company formation, and pay it back after formation?
• Employing 4 Thai people is fine for me, and I want a work permit,

  but if it means I need to physically have more that 1 mil starting

  capital, I wonder if I could manage my company without a work permit.

Thanks in advance!

An export only company can be 100% foreign owned, please note that

you cannot sell anything inside Thailand. However, the company still

need three shareholders but you can hold the controlling shares.

You should have at the bare minimum 25% in paid up capital to start

the company. You will need to pay into the social fund on 4 Thai

employees to obtain a work permit and you must have

a physical location where the employees work to be fully compliant with the law.

Your answer to my previous post (above) helps a lot. I do appreciate it, thank you.

Would the company described actually qualify as an export company? I ask because I remember reading that an export company needs a Bill of Landing document for every shipment. We would not have Bill of Landing documents. We would just have payment receipts from Thai Post. We would typically be sending 1 or 2 clothing items to each customer overseas, by regular airmail. Would that work?

If the 3 shareholders were foreign, Would they need to be in Thailand every year to sign things and such?

[Sunbelt Asia]

A bill of lading is required for shipments by boat,while an Air Waybill is for sending goods by air transport. A Railways Receipt is for sending goods by train, aTruck’ Receipt is for sending goods by land transport (truck) and a Parcel Receipt is for sending goods by postal service.

Please note that you must invoice the buyer so that import duties can be calculated by the destination authorities.

Below are the documents usually needed

1. One of the documents listed above

2. Invoice

3. Permits and Affidavit

4. Any other petition (if any)

5. Attachment of the shipment document (in case if the product are tax exemption according to Section 19 bis)

6. Attachment of the shipment document (blue cornered slip - in case if the product are re-imbursement of tax)

The shareholders do not need to be in Thailand but you will still need to call a shareholder/board meeting annually and will need to notify them by mail of such meetings

[sunbeltlegal][/sunbeltlegal]