Setting Up Company

[Zen]

Hi

My Thai friend and I would like to start a business in Bangkok. Since I'm a foreigner I will be holding only 49% of shares while my Thai friend has the other 51%.

Now my question is

1) Can I contribute by means of Inventory instead of putting real cash into the company? If yes, how is it done? (I have connections to get the inventory that we intend to sell in our planned shop)

2) I currently am already employed as a Director in my current company, and have a work permit. I have no intentions to leave this company. Can I still start the business with my Thai friend?

Thanks in advance for any advice.

[laxman1960]

Hi

My Thai friend and I would like to start a business in Bangkok. Since I'm a foreigner I will be holding only 49% of shares while my Thai friend has the other 51%.

Now my question is

1) Can I contribute by means of Inventory instead of putting real cash into the company? If yes, how is it done? (I have connections to get the inventory that we intend to sell in our planned shop)

2) I currently am already employed as a Director in my current company, and have a work permit. I have no intentions to leave this company. Can I still start the business with my Thai friend?

Thanks in advance for any advice.

My understanding of the rules are that you must contribute capital, inventory is investment into the business as long as you can prove it. Plus things like foregone salary can count too as a way to pay for your shares.

If you intend to work in this business you will need to get your work permit amended to include this business on it. If you only intend to act as a passive investor and not actually work then you don't need to.

Dan

[Maestro]

My Thai friend and I would like to start a business in Bangkok. Since I'm a foreigner I will be holding only 49% of shares while my Thai friend has the other 51%.

Do you know that depending on your new company’s purpose you can hold 99.994% of the shares?

---------------

Maestro

[jlelouer]

Hi,

Do you know the kind of company I need to open for an E business company ?

As I have already a full time job in an other company (with work permit....), I was wondering if I could be at the same time the director of my ebusiness company. Would I need a workpermit?

I don't know how to proceed...

Thank you,

BR,

Jerome

[Sunbelt Asia]

1) Can I contribute by means of Inventory instead of putting real cash into the company?

Yes

If yes, how is it done? (I have connections to get the inventory that we intend to sell in our planned shop)

You call Sunbelt Asia. 02-642-0213

It is agreed upon by the shareholders in the statutory meeting when the company is being set up. The description of the property in return for which ordinary or preference shares is paid up capital must be fixed in this meeting.

2) I currently am already employed as a Director in my current company, and have a work permit. I have no intentions to leave this company. Can I still start the business with my Thai friend?

Yes with one exception, which is you cannot without the consent of a general meeting of the shareholders, undertake commercial transactions of the same nature and competing with that of the company, either on your own account or that of a third person.

You can have a work permit for this second company as well, if it is a different nature.

www.sunbeltasiagroup.com

[Sunbelt Asia]

Do you know the kind of company I need to open for an E business company ?

One with the objective of E-commerce.

As I have already a full time job in an other company (with work permit....), I was wondering if I could be at the same time the director of my ebusiness company.

You cannot without the consent of a general meeting of the shareholders, undertake commercial transactions of the same nature and competing with that of the company, either on your own account or that of a third person.

Would I need a workpermit?

If you are working in this company, yes you would need a work permit.

I don't know how to proceed...

Jerome. You can call us... Sunbelt Asia 02-642-0213

www.sunbeltasiagroup.com

[Zen]

1) Can I contribute by means of Inventory instead of putting real cash into the company?

Yes

If yes, how is it done? (I have connections to get the inventory that we intend to sell in our planned shop)

You call Sunbelt Asia. 02-642-0213

It is agreed upon by the shareholders in the statutory meeting when the company is being set up. The description of the property in return for which ordinary or preference shares is paid up capital must be fixed in this meeting.

Suppose I buy furniture or computers and contribute them to the company, this can be considered as my contribution of capital? If along the way I intend to contribute more to the company, I have to pass resolutions in the meeting?

2) I currently am already employed as a Director in my current company, and have a work permit. I have no intentions to leave this company. Can I still start the business with my Thai friend?

Yes with one exception, which is you cannot without the consent of a general meeting of the shareholders, undertake commercial transactions of the same nature and competing with that of the company, either on your own account or that of a third person.

You can have a work permit for this second company as well, if it is a different nature.

www.sunbeltasiagroup.com

[/color] The new company which I'm setting up with my friend is actually related to my current job. I currently am the director of a company that imports apparel for distribution. The planned shop that we intend to open will sell these apparels which my company imports. In this case what would be best for me?

[Sunbelt Asia]

The new company which I'm setting up with my friend is actually related to my current job. I currently am the director of a company that imports apparel for distribution. The planned shop that we intend to open will sell these apparels which my company imports. In this case what would be best for me?[/b]

With the consent of the shareholders in both companies, it will be ok to sell these apparels which your company imports.

www.sunbeltasiagroup.com