Director/share holder - Work permit needed if wanting to sell land?

[Curiosity Killed The Cat]

Does anyone know the following?

My client (falang) wants to sell his land. He is winding down his company and assets and is about to sell his land tomorrow. He is a Director / Shareholder with his Thai wife. He has traveled down here alone ready to sign the pre contract of purchase/sale. The lawyer states that he needs to have a work permit to sign alone without his wife present. As he is winding his business down and ready to close it, he no longer has a WP and he is leaving the country after the sale. Surely just selling your land is not working? Does anyone know for a fact?

regards in advance

[hansgruber]

You're obviously not a good real estate agent if you don't know the ins and outs of a sale.

Have you ever made a sale?

[grumpyoldman]

You're obviously not a good real estate agent if you don't know the ins and outs of a sale.

Have you ever made a sale?

[Curiosity Killed The Cat]

You're obviously not a good real estate agent if you don't know the ins and outs of a sale.

Have you ever made a sale?

Well i have sold lots of properties but i have not come across this before, but i don't know why peole bother to reply with negative comments. Seems like there are so many miserable people on Phuket.

[DonaldBattles]

Us poor falangs continue to forget that the law and rules today are what they make them today. There is no mercy for farangs who are not necessarily welcome for a long period of time. When you get through paying the farang tax as it is what they want it to be you might be in for a big surprise. And then the corporate tax. It is shown that for sales over 5m the tax is 37% or what ever they want it to be. Bah!

[LivinginKata]

In the past I have asked a couple of lawyers whether I need a WP as a Director/shareholder of a company. Some say yes and some say no. Really depends if the Director is active in the company. Signing a company document is considered active and technically needs a WP. I decided to get a WP to save any confusion.

[stevenl]

Us poor falangs continue to forget that the law and rules today are what they make them today. There is no mercy for farangs who are not necessarily welcome for a long period of time. When you get through paying the farang tax as it is what they want it to be you might be in for a big surprise. And then the corporate tax. It is shown that for sales over 5m the tax is 37% or what ever they want it to be. Bah!

Your skin colour has nothing to do with that.

[Curiosity Killed The Cat]

In the past I have asked a couple of lawyers whether I need a WP as a Director/shareholder of a company. Some say yes and some say no. Really depends if the Director is active in the company. Signing a company document is considered active and technically needs a WP. I decided to get a WP to save any confusion.

Thank you for that. The owner of this land has been a big business owner in Phuket for many years. He is winding down his company so he has cancelled his work permit. He says he does not need the WP to sign to sell his land but the lawyer is making a problem. Any way nobody else gave a positive answer and that usually means they do not no.

[stevenl]

What would be the problem if it were required? Could the transaction be cancelled because it is not valid?

[FritsSikkink]

http://www.phuketgazette.net/issuesanswers/details.asp?id=1329

[scorecard]

You're obviously not a good real estate agent if you don't know the ins and outs of a sale.

Have you ever made a sale?

Well i have sold lots of properties but i have not come across this before, but i don't know why peole bother to reply with negative comments. Seems like there are so many miserable people on Phuket.

1. Well I wonder whether your sharing all the details involved.

2. What does it say in the official 'articles of association' (association actually mean initial incorporation) of the company when it was initially registered?

An example of one of the articles of association could be: "The company has one director who is the managing director and the managing director is the only person who can sign any document, authorize any transaction whatever on the company's behalf, and no other signature is required", etc etc

Quote: "He has traveled down here alone ready to sign the pre contract of purchase/sale. The lawyer states that he needs to have a work permit to sign alone without his wife present. As he is winding his business down and ready to close it, he no longer has a WP and he is leaving the country after the sale. Surely just selling your land is not working? Does anyone know for a fact?

regards in advance.

Why did he cancel his work permit before it's all completed?

If his wife is a shareholder and the articles of association of the company say all transaction / a;; transactions above XXXBaht need the signatures of the MD and one other shareholder then the wife is possibly correct.

The OP says : Quote "The owner of this land has been a big business owner in Phuket for many years".

- If that's true surely he would already know the answers quite well.

- If that's true why would he employ a real estate agent who has no clue about this matter?

Edited August 6, 2013 by scorecard

[Curiosity Killed The Cat]

Ok so we did the deal yesterday and he did not need a WP to sell his land.

Thank you to the positive posts!

[RawaiPlaBoyz]

Us poor falangs continue to forget that the law and rules today are what they make them today. There is no mercy for farangs who are not necessarily welcome for a long period of time. When you get through paying the farang tax as it is what they want it to be you might be in for a big surprise. And then the corporate tax. It is shown that for sales over 5m the tax is 37% or what ever they want it to be. Bah!

Don must be totally correct because he makes good ribs.. Ribs a the current local not so good!

[PattayaPhom]

Which lawyer?

Edited August 9, 2013 by PattayaPhom