MilesofSmiles Posted March 25, 2015 Share Posted March 25, 2015 Maybe instead of expecting Thais to learn from us, our governments and people should learn from them? What exactly do the Thais have to teach anyone ? Link to comment Share on other sites More sharing options...
JoeLing Posted March 25, 2015 Share Posted March 25, 2015 Maybe instead of expecting Thais to learn from us, our governments and people should learn from them? What exactly do the Thais have to teach anyone ? Maybe we could teach western countries how to handle Immigration policies? How to get foreigners to invest in our countries then not allow them to stay? How to sell permits then declare them void? 1 Link to comment Share on other sites More sharing options...
Alwyn Posted March 25, 2015 Share Posted March 25, 2015 I've done a bit of business in more than a handful of countries around the World and have never had problems owning companies in those countries, only one did I need a local shareholder which was Canada. Until I got to Thailand that is... 1 Link to comment Share on other sites More sharing options...
onni4me Posted March 25, 2015 Share Posted March 25, 2015 That annex protects certain businesses in which Thais are deemed not ready to compete directly with foreigners. So being Thai makes you unable to compete? Okay...got that...but these individuals are needed to own more than half of your company to make it a success? Something's wrong here... I wonder how many more years it takes from them to be able to raise to the real world?10? 30? 100? 1 Link to comment Share on other sites More sharing options...
EricBerg Posted March 25, 2015 Share Posted March 25, 2015 (edited) The use of nominees in Thailand gained popularity a decade ago when the sitting PM normalized them as his way of skirting dastardly legal rules. To clarify rules concerning the use of nominees, judging by this article, if you are a small player, you are in deep trouble. If you are a billionaire - carry on as usual. I'll try to find the article, but some time back the current government stated they were going after these nominee companies because Thais were using them for "dastardly" reasons, as you stated. So it's not just foreigners who are doing this. I'm sure plenty of locals use this structure to hide illegally gotten gains????? Large part of the company is "owned" by Thai "dummies". Those are Thai citizens abroad or in the Kingdom who have nothing to do with the company. They sign some documents and do not get copies or other proof. They get paid for it. Depending the value of the land/home or of the company and depending the number of "dummies" the amount varies. They sign an undated document too in which they withdraw from the property. There are lawfirms that specialise in this practise and make very good money from it. The firms monitor the dummies a bit. If one dies the document in which he/she withdraws from the property is backdated and the stake is transferred to another one. This fake ownership apparently is used too by Thai owners of companies who do not want to be held responsible for the (criminal) activities of the companies. Many high end real estate properties owned by farangs in f.i. Phuket are owned by a company that on paper is owned by dummies but the farang stakeholder has power of management, can decide about all concerning the property. The general said about a half year ago he wanted to deal with that irregularity too. Including with the leasehold practicies that are used in ways that were not intended. It could even mean that if the government really takes actions like this farangs could lose their home and land overnight without the possibility of getting financial compensation. Only the real estate involved will be worth at least hundreds of millions of euros/dollars, if not billions. Under the circumstances the latest coup was a good thing for the Kingdom I think. But the military is more nationalistic than any other significant group, so we farangs should watch out for things to happen. We are a way to make easy money. Nothing more, nothing less. Only if the farangs would leave Thailand en masse and the millions of western tourists would stay away, only then a change in general attitude could perhaps come. Edited March 25, 2015 by EricBerg 1 Link to comment Share on other sites More sharing options...
ScarpoFongness4U Posted March 25, 2015 Share Posted March 25, 2015 Slowly but surely Step by step Inch by inch It won't be long now The fate of Thailand Is a cinch Link to comment Share on other sites More sharing options...
JoeLing Posted March 25, 2015 Share Posted March 25, 2015 The use of nominees in Thailand gained popularity a decade ago when the sitting PM normalized them as his way of skirting dastardly legal rules. To clarify rules concerning the use of nominees, judging by this article, if you are a small player, you are in deep trouble. If you are a billionaire - carry on as usual. I'll try to find the article, but some time back the current government stated they were going after these nominee companies because Thais were using them for "dastardly" reasons, as you stated. So it's not just foreigners who are doing this. I'm sure plenty of locals use this structure to hide illegally gotten gains????? Large part of the company is "owned" by Thai "dummies". Those are Thai citizens abroad or in the Kingdom who have nothing to do with the company. They sign some documents and do not get copies or other proof. They get paid for it. Depending the value of the land/home or of the company and depending the number of "dummies" the amount varies. They sign an undated document too in which they withdraw from the property. There are lawfirms that specialise in this practise and make very good money from it. The firms monitor the dummies a bit. If one dies the document in which he/she withdraws from the property is backdated and the stake is transferred to another one. This fake ownership apparently is used too by Thai owners of companies who do not want to be held responsible for the (criminal) activities of the companies. Many high end real estate properties owned by farangs in f.i. Phuket are owned by a company that on paper is owned by dummies but the farang stakeholder has power of management, can decide about all concerning the property. The general said about a half year ago he wanted to deal with that irregularity too. Including with the leasehold practicies that are used in ways that were not intended. It could even mean that if the government really takes actions like this farangs could lose their home and land overnight without the possibility of getting financial compensation. Only the real estate involved will be worth at least hundreds of millions of euros/dollars, if not billions. Under the circumstances the latest coup was a good thing for the Kingdom I think. But the military is more nationalistic than any other significant group, so we farangs should watch out for things to happen. We are a way to make easy money. Nothing more, nothing less. Only if the farangs would leave Thailand en masse and the millions of western tourists would stay away, only then a change in general attitude could perhaps come. Spot on I feel the present foreign business act is just state sanctioned theft on foreigners. As you say, real estate in the billions but I recon, that might be just the first step and nationalization of big international companies could follow. Will wait and see Link to comment Share on other sites More sharing options...
Jim walker Posted March 25, 2015 Share Posted March 25, 2015 Thais just cant believe that a foreigner can run a honest business and make money create employment for Thai people, oh no we have to control the company because these stupid foreigners might not pay taxes to the government like all the honest Thai business people do. Link to comment Share on other sites More sharing options...
cookee68 Posted March 25, 2015 Share Posted March 25, 2015 Months back Thai investors were advised the time was right for them to get into European companies that needed money urgently. Days ago the PM told Thai companies to start selling overseas by reducing prices and undercut local firms. Thai business practice, " we will do what we like wherever but foreigners here will be strictly controlled. " Hypocrisy or Thainess.? Same, same. take all the foreigners out of most of the businesses in Thailand, and see how many they loose. Thai's want everything when abroad. but don't want to give anything in their own country Link to comment Share on other sites More sharing options...
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