Starting a business

[Gazza8]

Hi, I presently live in Australia, but plan to come to Thailand in the next year, although I could retire, I know Id get bored in no time, my wife and I were thinking of starting a business, (Not buying a business) how do I go about this, can we do it or do we need a Thai partner, how easy/hard is it to do, any tips would be greatly appreciated.

Gazza

[onthemoon]

Yes,It is easy. You only need three partners to form a company and as a foreigner can hold a maximum of 49% of the shares.

If you also want to work in that company, it needs to be set up with at least THB 2 million and the company needs to employ at least 4 Thai people.

That's just the short version of it.

[Gazza8]

Thanks On the moon, so its a bit risky then, can the Thai owners have B shares and I have A shares, as whats to stop them selling it from under me?

If I set up with 2,000,000.00 where does that sit, in my bank or is that a fee?

Gaz

[skyaslimit]

Its just a registered capital, you are not required to deposit this amount as a security.

Sent from my GT-S5360 using Thaivisa Connect Thailand mobile app

[onthemoon]

The company capital of THB 2,000,000 per work permit must be paid up within a certain period. I think one year, but don't quote me on it.

I don't know about A and B shares, but I can put you in touch with a lawyer who is specialised in registering companies for foreigners. Please send me PM.

[Senechal]

The last 3 answers seem to imply different things. Which one is correct? The capital is deposited? The capital is shown and not deposited? The capital is actually a fee for work permits? Those are all extremely different.

[96tehtarp]

The capital is deposited?

Yes and no. Part of the 2 million per foreign employee work permit will need to be deposited into the account of the company. PM the other TV member who replied here and get a lawyer to explain to you how it works.

The capital is shown and not deposited?

It's called paid up registered capital. Which means the company will need to enter into its registered accounts that the capital has been paid up and show that it has been paid.

The capital is actually a fee for work permits?

Not it's not a fee. You will pay the work permit fees separately.

Note: the 2 million requirement is required for each employee that requires a WP. I am not sure if the number of Thai employees required doubles as well with two WP but I believe it does. The Thai employees have to pay taxes and social benifit payments.

Also in most cases you cannot open a Thai Limited Partnership company on a Monday and apply for your work permits two weeks later. The company needs to have a trading history. Your lawyer will know the detail for where you are applying..

Accounting firms can be used instead of lawyers if you prefer.

[Gazza8]

Well as with most things Thai, its as clear as mud LOL, I guess Im gonna need a lawyer, more doe required, thanks all for the input.

[96tehtarp]

Before you go, think of it this way; Registered capital is the the money you will use to capitalize and run your business. If your company wants to employ foreigners and get work permits for them it will have to meet the minimum capital requirement which is 2 million baht per work permit.