Any Advice On Farang As Partner In Ltd Partnership?

[naninbkk]

I am asking this on behalf of my fiance who will move here to live in Thailand. Currently he's living in Germany.

I have a Ltd Part - with myself and my sister as 50%-50% partners - for capital fund of 300K. I am currently the MD of our LP. Our business has been downhill for some years but we keep this LP because I want to do online business in future, and this year there are some revenues coming in from my consulting work. We paid taxes & VAT again this year due to the incoming revenue, but the accounting is still in the red.

My fiance hasn't got much savings. Our intention is that he finds a job by local employer (difficult, I know, but we have to!!!), and comes first into TH and gets himself familiarized with everything, including Thai language -whether or not he is hired by other employer here. What seems to trouble us a lot is how he can get a Non-Immigrant B for a 1-year visa and a work permit, so that he can work when he is really here, and stay here after we get married?

Is it possible if I file to increase capital of my LP to 2MTHB - do I have to REALLY have the money to show them, or book bank required, etc. for the balance of 1.7MTHB?

If the increase capital does not require the actual money, can we divide the share to myself 750K, my sister 750K, and add in my fiance as the 3rd partner of 500K? Will that help him to file required documents for WP and Non-Immigrant B visa? And if so, what shall we have to do after that, in terms of paying taxes, filing monthly documents, etc. so as to keep his stay in TH legal?

Looking forward to your advices - with thanks ka!

Naninbkk

[Sunbelt Asia]

NaninBKk,

Is it possible if I file to increase capital of my LP to 2MTHB - do I have to REALLY have the money to show them, or book bank required, etc. for the balance of 1.7MTHB?

It has to be in money or other properties for a LP

If the increase capital does not require the actual money, can we divide the share to myself 750K, my sister 750K, and add in my fiance as the 3rd partner of 500K?

If you had the money or other properties you could do this as long as you or your sister have more than 51% making you have the unlimited liability and your BF limited liability.

Will that help him to file required documents for WP and Non-Immigrant B visa?

No being a partner, does nothing for him. Not needed.

And if so, what shall we have to do after that, in terms of paying taxes, filing monthly documents, etc. so as to keep his stay in TH legal?

You would have monthly withholding tax and Vat filing.

No guarantee that your BF would get approved as well if the company has been losing money over the years.

Best bet in your situation is to form a Thai limited company after you get married. It would only be one million Baht registered capital and this does not need to be money

The cost if you use our firm would be 16,030 Baht which includes 7,530 Baht in government fees and our professional fees for the vat registration and also the tax ID registration. If you wanted to do set this up before the marriage add an additional 5,500 in Government fees(one million Baht more registered capital). Orginal work permit would be 6,500 Baht in professional fees plus 850 in government fees.

The good thing is you could sponsor your BF for a visa using your LP paperwork that you plan on employing him. It should be good enough for a Thai Embassy in Germany to obtain it.

The bottom line is you should only set up a company, if you think you or your BF will be successful. No need to do it its just to get him a job as you will have ongoing expenses every month.

www.sunbeltasiagroup.com

[naninbkk]

NaninBKk,

Is it possible if I file to increase capital of my LP to 2MTHB - do I have to REALLY have the money to show them, or book bank required, etc. for the balance of 1.7MTHB?

It has to be in money or other properties for a LP

If the increase capital does not require the actual money, can we divide the share to myself 750K, my sister 750K, and add in my fiance as the 3rd partner of 500K?

If you had the money or other properties you could do this as long as you or your sister have more than 51% making you have the unlimited liability and your BF limited liability.

Will that help him to file required documents for WP and Non-Immigrant B visa?

No being a partner, does nothing for him. Not needed.

And if so, what shall we have to do after that, in terms of paying taxes, filing monthly documents, etc. so as to keep his stay in TH legal?

You would have monthly withholding tax and Vat filing.

No guarantee that your BF would get approved as well if the company has been losing money over the years.

Best bet in your situation is to form a Thai limited company after you get married. It would only be one million Baht registered capital and this does not need to be money

The cost if you use our firm would be 16,030 Baht which includes 7,530 Baht in government fees and our professional fees for the vat registration and also the tax ID registration. If you wanted to do set this up before the marriage add an additional 5,500 in Government fees(one million Baht more registered capital). Orginal work permit would be 6,500 Baht in professional fees plus 850 in government fees.

The good thing is you could sponsor your BF for a visa using your LP paperwork that you plan on employing him. It should be good enough for a Thai Embassy in Germany to obtain it.

The bottom line is you should only set up a company, if you think you or your BF will be successful. No need to do it its just to get him a job as you will have ongoing expenses every month.

www.sunbeltasiagroup.com

Thanks a lot to Sunbeltasia for your reply.

Some more questions here:

1) In case we set up a company limited after we get married - meaning he has to come here on other status, right? - what kind of visa would be most likely for him in that case ka? And how to get it?

2) You mentioned that 1 MTHB registered capital (company limited set up after marriage) doesn't have to be money - what else is possible as registered capital, if you would suggest?

3) In case we set up a new business entity in the form of company limited, I would no longer need to keep the existing limited partnership that has been losing money for years. What would be a consequence for so doing? Will it cost us any kind of spending for shutting it down?

The good thing is you could sponsor your BF for a visa using your LP paperwork that you plan on employing him. It should be good enough for a Thai Embassy in Germany to obtain it.

4) "LP paperwork"??? Did you mean the paperwork of the new set up Co., Ltd.? I will definitely employ him, but if we set up this Co.,Ltd. after our marriage, it means I cannot sponsor him for visa the first time he comes here to marry me, right? But will it help for renewing of visa for him later on?

Sorry for too many questions, and many thanks for your reply ka!

Naninbkk

[Sunbelt Asia]

1) In case we set up a company limited after we get married - meaning he has to come here on other status, right? - what kind of visa would be most likely for him in that case ka? And how to get it?

He would come here on a non immigrant visa that he is looking to work and invest here. You would use your current paperwork of the LP. It does not matter that he is not getting a work permit from the LP; it will work for the limited company to be formed. Best is to call us first to go over, is it better he gets a 90 day or a one year multi entry visa.

2) You mentioned that 1 MTHB registered capital (company limited set up after marriage) doesn't have to be money - what else is possible as registered capital, if you would suggest?

You could sell the assets( hard assets plus goodwill) from the LP to the Limited Company. But it has to be done right way and the timing of how this is done, is very important in order for it to count as the registered capital.

3) In case we set up a new business entity in the form of company limited, I would no longer need to keep the existing limited partnership that has been losing money for years. What would be a consequence for so doing? Will it cost us any kind of spending for shutting it down?

As long as the audits are up to date, it would cost around 15K to close it down plus 2 adverts in the newspaper.

4) "LP paperwork"??? Did you mean the paperwork of the new set up Co., Ltd.?

No the LP paperwork.

I will definitely employ him, but if we set up this Co.,Ltd. after our marriage, it means I cannot sponsor him for visa the first time he comes here to marry me, right?

Yes you can do it with the LP paperwork as the LP assets will be acquired by the Limited company. It does not affect his visa or future work permit.

www.sunbeltasiagroup.com

[naninbkk]

Thanks a lot - sunbeltasia - for your swift reply... I will definitely discuss with him first.

Just out of my curiosity, has anyone had a reliable information about TLM (Thai Longstay Management Co.,Ltd.)? I read info on their website but couldn't find out what the "required information and documents" that the propspective members have to send to them. I wonder if a farang coming into Thailand on such basis (i.e. as a tourist member of TLM card), will it be possible if s/he would later file for change of visa type, such as to Non-immigrant B or O, when s/he sees a clearer opportunity for employment?

Please share with me your idea.

Many thanks ka

Naninbkk

[percy2]

Thanks a lot - sunbeltasia - for your swift reply... I will definitely discuss with him first.

Just out of my curiosity, has anyone had a reliable information about TLM (Thai Longstay Management Co.,Ltd.)? I read info on their website but couldn't find out what the "required information and documents" that the propspective members have to send to them. I wonder if a farang coming into Thailand on such basis (i.e. as a tourist member of TLM card), will it be possible if s/he would later file for change of visa type, such as to Non-immigrant B or O, when s/he sees a clearer opportunity for employment?

Please share with me your idea.

Many thanks ka

Naninbkk

I think it has been said here before that the TLM is only for people of retirement age.

Thailand Elite is for any age but costs 1mil.