Buying Thai Company with 2 Work Permits

[PaddyDaddy]

I have been following the postings here for several months now but this is my first post. I will try to keep it simple and I hope I come away a lot wiser than when I arrived.

My partner (Thai national) and I are buying a restaurant that comes with a Thai limited company and 2 work permits. A few questions:

1. If she is 100% owner, can I use one of the work permits for myself & what type of visa should I apply for.

2. If we are 51% & 49% partners, do I need a work permit & what type of visa should I apply for in this case.

3. Are work permits renewed every year, ie. do you have to prove that you still have all the Thai nationals working at your business to hold on to the 2 WP

4. I always thought that you need 4 Thai's on the payroll to get 1 WP but this company we are buying only have 5 Thai's and 2 WP, does this sound correct?

OK that's my pitch, I know some of you guys are very knowledgeable and I appreciate all the advice and wisdom you will put my way.

Thank you.

Paddy Daddy

[wolf5370]

I'll give it a shot...(bear in mind its 4:38 am!)

You need a WP to work here as a foreigner - period. Not sure what you mean by "it comes with 2 WPs" I guess you mean that the previous owner had 2 WPs - this will probably make no difference to you. You would need to apply for one on the basis that you part own a company that employs 4 Thais (I think this can be reduced to 2 in the first year - but if the company is over a year old, then 4 applies) and need to work there too. You don't need a WP to own a business, but you do to work in it (in any way - even saying "Hi" to customers can be considered working!). You will need either a Non-Imm "O" (if married to a Thai) or Non-Imm 'B' otherwise - both allow working WITH a WP (note: Non-Imm 'O' ED and 'OA' (retirement) do not allow work so can't get WPs on these or tourist visas of course - other than special short term ones - such as a visiting entertainer doing a concert etc). You will need to renew you WP each year along with extending your Visa (they may not be in synch) - and yes, this means the conditions are still required for the renewal.

Check out this link: http://www.thaivisa.com/how-to-get-thai-workpermit.html

Edited August 4, 2013 by wolf5370

[whybother]

The work permits are for individuals. You can't "buy" them.

What the company may have is enough registered capital for 2 work permits (2 mil baht per WP, or 1 if married).

What is the registered capital of the company?

Sent from my HTC Desire HD A9191 using Thaivisa Connect Thailand mobile app

[wolf5370]

The work permits are for individuals. You can't "buy" them.

What the company may have is enough registered capital for 2 work permits (2 mil baht per WP, or 1 if married).

What is the registered capital of the company?

Sent from my HTC Desire HD A9191 using Thaivisa Connect Thailand mobile app

I'd also suggest that it was in its first year of trading - or had had 8 Thai employees the last time the WPs were issued.

[p_brownstone]

When you buy a Company you are only purchasing its Assets and Liabilities.

A Work Permit is issued to an individual, NOT to the Company, and cannot be simply passed on or "inherited" by another individual - so it is a complete fallacy (not to say an outright lie) if someone is telling you your purchase of the restaurant "comes with" 2 Work Permits. Once the person named in any Work Permit leaves that Company - or that specific Position in the Company - the Work Permit lapses and upon appointing a new person to that position a new Work Permit must be applied for. The individual must be qualified for the position (and usually it must be shown that a Thai cannot fill the position) and the Company must show that it conforms to the requirements of Registered Capital and total numbers of Thai employees at the time the application is made.

Patrick

Edited August 5, 2013 by p_brownstone

[Cloggie]

Correct me if I am wrong but by buying a Thai Company you also BUY the debts - it there are any.

I hope creditors not show up after you buy the company

[NCC1701A]

Danger Will Robinson! Danger!

Hire a attorney...

"1. If she is 100% owner, can I use one of the work permits for myself & what type of visa should I apply for.

2. If we are 51% & 49% partners, do I need a work permit & what type of visa should I apply for in this case."

Edited August 5, 2013 by NCC1701A

[Khun Jean]

Never buy a business. Just buy the assets and take over what you need.

Register a new business and go from there.

[PaddyDaddy]

Never buy a business. Just buy the assets and take over what you need.

Register a new business and go from there.

Do you mean, don't buy the company, just buy the restaurant and form a new company, that way I wouldn't be responsible for any outstanding bills owed by the other company.

Thanks to everyone that has offered advice.