Business Investment From Uk

[jwillis]

Need some advice.

The company I work for has transferred funds over to Phuket for capital to use in a property development. The property development company have now sold all but 3 villas. Our company are now looking for a return on our investment but there seems to be a problem with transferring the money back to UK. We have been advised that we can withdraw cash with an ATM card, but this is not practical from a financial point of view.

Can anybody give any helpful suggestions.

Thank you

For information the funds that have been used for the development company have solely come from the UK, the directors of the Thai company have not made any investment whatsoever.

[jackr]

Not entirely sure, but you can only take out what you bring in and will need a 'tor tor saam' document to enable the bank to realease funds abroad. Perhaps different at the business level?

[Sophon]

For information the funds that have been used for the development company have solely come from the UK, the directors of the Thai company have not made any investment whatsoever.

Correct me if I'm wrong, but isn't this exactly the illegal construction of property development companies, that they are now starting to crack down on? Companies where the Thai partners have "made no investment whatsoever".

If I'm wrong and the company setup is indeed totally legit, then I can't imagine there would be any problems transferring return on the investment back to the foreign investors. Though the transfers would probably have to be reported requiring some paperwork.

Sophon

[Noel]

Not entirely sure, but you can only take out what you bring in and will need a 'tor tor saam' document to enable the bank to realease funds abroad. Perhaps different at the business level?

I am not sure of the rules for transferring funds out either, but would just point out that the Tor Tor Sam (TT3) form was replaced by the Foreign Exchange Transaction Form (FETF) on the 1st of May 2004. The minimum transfer amount for an FETF to be issued is USD 20,000 or equivalent.

[Dragonman]

BoT regulations state that investment and loan monies are freely transferable back to the Investors Country as long as a paper trail is presented and all taxes paid. Contact them for confirmation if everything is legit. If not, they have many very big suitcases for sale in Phuket.