Set up 2mill ltd Company or find small business to buy first?

[MRTHAIBRI]

Oz returning to Thailand permanently and looking for advice. I intend to purchase a small business in the food industry to run with 2 Thai partners ( 49/49/2 %) Just something small to make a reasonable living. Should I be setting up the company first or deciding on the purchase? Thanks in advance.

[gerry123]

i am more than positive that my post will be of no use whatsoever

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[A1Str8]

i am more than positive that my post will be of no use whatsoever

55555555555555555555555 2 mill

Your post did make sense. It also made it obvious that you have no idea what you are talking about.

OP, set up the company first.

You are going to need to do it anyway. Since you decided to run a business here and that's what you want, you are going to find a business and a way to do it. So it makes sense to set up the company because without that you wouldn't be able to do what you are about to do.

[ATF]

If your wife is running it then there's the option of operating under the radar. However if you are involved and assets are concerned then I would suggest registering it.

[timewilltell]

I think I would look for the business first - then set up the company - it doesn't take long to set up. Be aware that there is absolutely no protection with a company - from bitter experience of myself and many others I have since come into contact with, you can be ousted as Director and have had all the assets stolen within a day. Under Thai law you cannot even bring a court case to recover the assets until you get a court order to restore you as Director which takes about 4 years! By which time you can kiss them all goodbye.

Thailand is a foreign investment graveyard and is set up to be that way by the authorities. Beware!

[MRTHAIBRI]

T

I think I would look for the business first - then set up the company - it doesn't take long to set up. Be aware that there is absolutely no protection with a company - from bitter experience of myself and many others I have since come into contact with, you can be ousted as Director and have had all the assets stolen within a day. Under Thai law you cannot even bring a court case to recover the assets until you get a court order to restore you as Director which takes about 4 years! By which time you can kiss them all goodbye.

Thailand is a foreign investment graveyard and is set up to be that way by the authorities. Beware!

Thanks I am well aware of the downfalls and will do my utmost to protect them. Of the 3 partners only 2 will have any voting rights.

[MRTHAIBRI]

i am more than positive that my post will be of no use whatsoever

55555555555555555555555 2 mill

Then why bother replying?

[MRTHAIBRI]

If your wife is running it then there's the option of operating under the radar. However if you are involved and assets are concerned then I would suggest registering it.

Wife? Marry a Thai then lose everything, I don't think so. This will be a legitimate business partnership based on sound knowledge and experience!!

[koolbreez]

If you are going into the food business, it might be necessary to buy an existing business simply to get the location you want. I'm sure you are aware that not having a good location in the food business can be an immediate downfall. It can also save money in getting all the necessary permits, and licenses by buying an existing restaurant, if that is your food business objective. Any existing brick and mortar restaurant can be funded and incorporated, so you can get your visa, as long as it is already a legal business, and it can be much cheaper than setting up the business from scratch. It is easier to simply change a menu, and incorporate, than start from scratch incorporating first.

Edited November 23, 2014 by koolbreez

[MRTHAIBRI]

If you are going into the food business, it might be necessary to buy an existing business simply to get the location you want. I'm sure you are aware that not having a good location in the food business can be an immediate downfall. It can also save money in getting all the necessary permits, and licenses by buying an existing restaurant, if that is your food business objective. Any existing brick and mortar restaurant can be funded and incorporated, so you can get your visa, as long as it is already a legal business, and it can be much cheaper than setting up the business from scratch. It is easier to simply change a menu, and incorporate, than start from scratch incorporating first.

That is exactly the path we are planning! Thanks for your thoughts!