New Venture - Don't Want To Set Up A Company

[pedro01]

Hi All

I'm starting a new venture for my girlfriend - nothing major - just expect to earn her 40-50,000 per month if it works out. Investment is fairly small - perhaps 50,000 in advertising/website etc.

I really do not want to start a ltd company for this - first off it takes forever & secondly - if this doesn't work out, then I have to close the ltd company which is a real pain in the ass (I've done that before), not to mention expensive.

I run a medium sized software company with a budget of around $1 million a year in Bangkok - but I find that I don't know so much about running a very small business.

So - can we start her off as a sole trader ? If so - will the bank allow us to open an account with a trading name so that people can have the comfort of paying to a company name instead of writing checks to my missus ?

Anything I should be looking out for in terms of setting it up - anything to avoid ? Anything I need to do ?

And PLEASE - don't bother with the usual replies about Thai women & Farang money - I've heard it all before & this isn't going to be the next microsoft, OK ?

Cheers

Pedro

[~G~]

will the bank allow us to open an account with a trading name so that people can have the comfort of paying to a company name instead of writing checks to my missus ?

If you want the account to be on the name of a company you need a company (duh).

Alternatively your gf can be a sole proprietor and be a contractor for your software company, meaning customers will pay your company, and your company will pay the gf's business.

[laxman1960]

will the bank allow us to open an account with a trading name so that people can have the comfort of paying to a company name instead of writing checks to my missus ?

If you want the account to be on the name of a company you need a company (duh).

Alternatively your gf can be a sole proprietor and be a contractor for your software company, meaning customers will pay your company, and your company will pay the gf's business.

Question probably for Sunbelt or Indo-Siam since I don't know off the top of my head, but in the USA for instance you can have your business operate as a sole proprietorship or partnership however you have a trading name that is registered. So Polly's Internet Cafe becomes Sukhumvit 6 Internet Enterprises and trades that way.

No company setup, still sole proprietorship however with a more business like name.

Can you do that in Thailand?

Dan

[pedro01]

will the bank allow us to open an account with a trading name so that people can have the comfort of paying to a company name instead of writing checks to my missus ?

If you want the account to be on the name of a company you need a company (duh).

Alternatively your gf can be a sole proprietor and be a contractor for your software company, meaning customers will pay your company, and your company will pay the gf's business.

Why the 'duh ?' G?

It's called a trading name - as Dan says. It's pretty common in many countries of the world. I've run a number of them myself in the UK (Blaze Software, Sheredon Horseboxes, Hunin Solutions). Banks there will let you open an account with a trading name so that you can accept cheques to that name.

But I guess you knew that already, eh ?

I could not put this business through my existing one - no way I'm going to give it unecessary exposure for a pocket-money business.

[~G~]

will the bank allow us to open an account with a trading name so that people can have the comfort of paying to a company name instead of writing checks to my missus ?

If you want the account to be on the name of a company you need a company (duh).

Alternatively your gf can be a sole proprietor and be a contractor for your software company, meaning customers will pay your company, and your company will pay the gf's business.

Why the 'duh ?' G?

It's called a trading name - as Dan says. It's pretty common in many countries of the world. I've run a number of them myself in the UK (Blaze Software, Sheredon Horseboxes, Hunin Solutions). Banks there will let you open an account with a trading name so that you can accept cheques to that name.

But I guess you knew that already, eh ?

I could not put this business through my existing one - no way I'm going to give it unecessary exposure for a pocket-money business.

Pedro,

In your initial post you specifically asked for:

so people can have the comfort of paying to a company name

And my reply was exactly to that. Your account cannot be named "xyz company limited" if it is not a company account.

As for a Trade name, this is anopther issue which I probably missed in your post. Since it seems you are mostly concerned about the bank, what will be more simple than to give them a call and ask? SCB, for example have a great call canter at 02-777-7777.

Generally, what I know is that whenever I deal with Sole Proprietors in Thailand, it is the person's name and ID which are relevant to the Tax authorities, not the business label that they use (on a shop banner, for example) which is quite meaningless in most cases (not registered anywhere, anyone can use it). However, if a business name can represent a sole proprietor in Thailand, then your question has taught me something new.

Edited August 1, 2006 by ~G~

[Sunbelt Asia]

So - can we start her off as a sole trader ? If so - will the bank allow us to open an account with a trading name so that people can have the comfort of paying to a company name instead of writing checks to my missus ?

Your missus can set up the bank account with the sole proprietor registration, name registration,ID card and house registration. Whatever name is on the name registration is the account name. Some banks require on a check deposit, it must have both the name registration and the sole proprietorship name.

Example:

The name registration is Red's Software. Some banks will allow checks made out to “Red’s Software" Other banks require the check to read " Red's Software by my missus"

www.sunbeltasiagroup.com

[pedro01]

Thanks - exactly whay I needed.

[Sunbelt Asia]

Thanks - exactly whay I needed.

Glad to be of help. Good luck with the business Pedro.

http://www.sunbeltasiagroup.com

[thaitero]

I have a feature in my personal (Bank of Ayudhya) thai bankaccount that i can add a NickName to a spesific accountnumber. I was wondering can one use this nickname rather than using my own name when receiving wires to this account.?