Company Has Been Set Up

[manao1]

I have a reg. company set up about 1 year ago. I pay taxes each month as I am working in this company and making money. I did have 49 percent of the shares but recently wanted to buy a piece of land so now have 39 percent for that reason. So did I buy this piece of land within the law as my company is a working company. I do know personaly all my share holders. I do have a work permit and am really a one man show. If I contiue to run the company for lets say 10 years build my house and office on this piece of land and live there is this within the law. Also after 10 years and I no longer want to work can the land remain within the company? Do I still pay a tax each month. Also if I have 39 percent but contiue to hold most of the voting rights is there any reason for me to convert back to 49 percent of the shares and if owning 49 percent is it still legal for the company to own the land? Thanks for your comments.

[JimmyGreaves]

Where did you get the information that 39% was a safeguard when buying land?

There is a post somewhere on this forum that states 39% law is no longer and it has been in statute many a year!

[GuestHouse]

Look into what happens to the company assets if/when you close the company.

[Dragonman]

Where did you get the information that 39% was a safeguard when buying land?

There is a post somewhere on this forum that states 39% law is no longer and it has been in statute many a year!

This 39% goes way back to the 1954 Land Code when some genius in the Ministry of Interior had the idea of telling everyone "we know we can check on anybody, but we'll really only check on you if you've got 40% or more" What absolute rubbish! They can check on anybody, and I see no evidence that people with 49% have been investigated more than 39%. I think it is only lawyers who still remember Section 74 of the Code, and according to another Member he has seen evidence to that effect, although I personally have seen nothing from the Land Department to formally rectify this absurd Section.