Questions on business ownership with PR

[Payanak212]

Hello All,

I am currently in the process of getting paperwork ready for PR application. My longterm goal is to be able to build a secure life here and own a home and will eventually apply for citizenship.

I have been informed that if I own a business here I am able to buy property in the business name. If this is true it would bring a number of benefits without having to wait 5 years to apply for citizenship. Does having PR make owning a business here easier/less risky? If I have a registered business is it possible to get loans/mortgages from a Thai bank?

Thanks

[sas_cars]

First of all, you maybe able to buy a property under a business name, however, recently it's become so much strict at land offices to allow the transfer if they see foreigners on company's share holder and director list. So unless your company paper shows majority of share holders and directors are thai nationals, it may not be possible for you to buy a house and do the transfer even under your business name.

Secondly, it has nothing to do with you not having to wait 5 years to apply for citizenship. Applying for citizenship is an altogether different thing of which you qualify either on your own credentials i.e. have a PR for at least 5 years and having a salary of 85K/month for 3 preceding years before citizenship application, or qualify based on marriage to a thai national, in which you don't need to have a PR, but still need at least 40K/month salary for 3 preceding years before applying.

Thirdly, loans/mortgages depend on how your company has been performing. If it has a strong business and showing profits and paying taxes, then should not have problems in getting loan/mortgages.

[NCC1701A]

ok where to start?

Non Thai nationals cannot own LAND in Thailand. Condo yes.

There is no legal way around that law.

Cue the endless list of people who will tell you otherwise.

While yes, some have done it, the requirements of you becoming a Thai citizen are so difficult few have done it. yes some have.

do you speak Thai?

you are a guest in the kingdom. you are granted "permission to stay" for short periods of time, up to a year.

if you can't meet the requirements EVERY YEAR OR REPORTING PERIOD, then out you go. no exceptions.

there are some Thai elite programs and the 10 million baht investment program, but you still have to meet requirements forever.

secure life? there is no rule of law here that apply to Farangs.

Police, attorneys, courts, real estate agents, land offices are full of mafia. good luck fighting that.

live month to month in Thailand, be happy today, and be ready to leave tomorrow.

Edited September 26, 2015 by NCC1701A

[THAIJAMES]

The only way that having a PR makes having a business easier is that you will not have to apply for a business visa every year and be subject to the whims of an immigration officer (or pay expensive lawyer fees to avoid problems).

Getting a work permit is easy and hassle free, so basically your ability to work and stay here will be secured as long as your "keep" your PR.

As far as loans, buying property etc. A PR makes no difference.

There are ways for your company to own land even with foreign share holders. You just need to prove that the majority Thai share holders actually had the money to buy the land by themselves and that they are not nominees.

There are other ways that may not be legal or stretch the spirit of the law and I won't go into them.

[Soutpeel]

The only way that having a PR makes having a business easier is that you will not have to apply for a business visa every year and be subject to the whims of an immigration officer (or pay expensive lawyer fees to avoid problems).

Getting a work permit is easy and hassle free, so basically your ability to work and stay here will be secured as long as your "keep" your PR.

As far as loans, buying property etc. A PR makes no difference.

There are ways for your company to own land even with foreign share holders. You just need to prove that the majority Thai share holders actually had the money to buy the land by themselves and that they are not nominees.

There are other ways that may not be legal or stretch the spirit of the law and I won't go into them.

Setting up a limited company for the sole purpose of circumnavigating land ownership laws is illegal....no if or buts about it