I've seen several businesses owned and started by foreigners registered in Hong Kong ( w/ Hong Kong banking too ), yet have an office and do all business ( with foreign clients ) out of Bangkok. They also employ Thai nationals. How does this work? I thought to have an office, Thai workers, and a presence in Thailand you had to register the business in Thailand and then pay Thai taxes.

They also have a Thai company which acts as a cost centre and handles the local employment and work permits etc.