Are my company formation assumptions correct?

[pritch84]

So to establish a company and attain a work permit

1:) Limited company 2 million baht capitalisation which doesnt actually require a large sum of money in the bank

2) The company is called a 2 mil baht company but I only pay tax 15-20% depending on earnings in that year, not tax on 2 million baht

3) I dont actually have to pay the salary of 4 thai people?

Thanks

[digitalchromakey]

1) Yes.

2) You pay tax on profits - see link to Thai Revenue Dept site here: http://www.rd.go.th/publish/6044.0.html

3) You would need to file tax returns for your Thai employees but these may well be for incomes below the tax threshold, you will however have to pay social insurance contributions for these employees.

[pritch84]

Thankyou so much! Not as bad as it could be then!

[digitalchromakey]

Thankyou so much! Not as bad as it could be then!

Don't forget the annual accounts and audit (probably a minimum of 30K THB p.a.) plus your personal income tax, admin costs, office costs, etc.

Running a Thai Company is not a low cost activity.

[pritch84]

could you hazard a guess all of that would be under 50k yearly? Not including office obviously which I plan to live in.

ps could I have more than 1 business operate from 1 address?

Edited October 28, 2013 by pritch84

[digitalchromakey]

could you hazard a guess all of that would be under 50k yearly? Not including office obviously which I plan to live in.

ps could I have more than 1 business operate from 1 address?

Depends on the level of business activity/tax due, but you could hit around or below that number.

Yes multiple registered businesses at the same address are possible (within reason).

[pritch84]

Well thanks, you've been a great help