Non-o And Wp Requirements For The Coming Year

[manjara]

Hi,

I needed to ask this question of my lawyers, so I thought I might as well put it in a public forum, as there may be others in the same position as me.

I am married to a thai and have 2 children (I am the father). I formed a company last year and pay myself a salary from the company, significantly above the 50k (or whatever the minimum is) per month. I have a Non-O visa based on marriage and >400k, and a Work Permit based on my company.

Currently I have only 1 thai employee (very recently employed).

My bank balance is around 250k at the moment, but I now use another account which I pay my salary into every month (though it never has much more than my salary in it - my wife spends the lot!)

My company has about 1 million in it's bank account, but that will (probably) reduce before the end of the year (whatever is left will be profit, i.e. taxable so I don't want a huge balance). I am currently working in Thailand, but I plan to be working in other parts of Asia as well, next year.

My questions are as follows:

- How many thais do I need to employ in order to enable me to continue my company (with me working there)?

- How much money does my company need to have in the bank (I heard I need to show enough to pay my salary for the whole year!?) ? This could mean that I end up paying tax twice?

- My company is currently defined as a 'Consultancy' company. Will this cause a WP problem?

- The Thai 'directors', other than my wife, are not 'active' and have not contributed any capital. Is this now a problem?

Basically, I need to know what I have to do to continue having a WP and Visa to be in Thailand, working at my own company.

[Sunbelt Asia]

I am married to a thai and have 2 children (I am the father). I formed a company last year and pay myself a salary from the company, significantly above the 50k (or whatever the minimum is) per month. I have a Non-O visa based on marriage and >400k, and a Work Permit based on my company.

Currently I have only 1 thai employee (very recently employed).

My bank balance is around 250k at the moment, but I now use another account which I pay my salary into every month (though it never has much more than my salary in it - my wife spends the lot!)

My company has about 1 million in it's bank account, but that will (probably) reduce before the end of the year (whatever is left will be profit, i.e. taxable so I don't want a huge balance). I am currently working in Thailand, but I plan to be working in other parts of Asia as well, next year.

My questions are as follows:

- How many thais do I need to employ in order to enable me to continue my company (with me working there)?

Zero

-

How much money does my company need to have in the bank (I heard I need to show enough to pay my salary for the whole year!?) ? This could mean that I end up paying tax twice?

The money in the bank is not that important if you paid tax as you had deducted your salary from the gross income. The logic is then you should have enough gross income to pay for your salary in the coming year.

If your company was losing money, then the balance sheet comes into play. As it must show equity to support your salary next year.

Please note this criterion of the Labor Dept is different than the Immigration Dept.

Even though this criterion does not pertain to you, as you have an extension of stay based on marriage, I’ll list it so you can see the difference.

Immigration requires a business must submit their year end balance sheet which has been inspect and certified by a certified accountant. In order to show the financial status, stability and recognition of business. In overall the audit must show owner’s equity of no less than 1 Million Baht and that business must submit their year end profit and loss account which has been inspect and certified by a certified accountant. In overall the total revenue must show an amount higher than the total salary and benefit paid the employee.

Again in your case it’s meaningless because you have a different extension of stay. ( Yours is not based on business) If you paid tax then you are in good shape.

- My company is currently defined as a 'Consultancy' company. Will this cause a WP problem?

no

- The Thai 'directors', other than my wife, are not 'active' and have not contributed any capital. Is this now a problem?

No. Directors do not have to contribute capital anyhow. Its shareholders as they stated in the statutory meeting before the company was formed.

Basically, I need to know what I have to do to continue having a WP and Visa to be in Thailand, working at my own company.

Your visa is fine and so is your wp.

www.sunbeltasiagroup.com

[manjara]

Basically, I need to know what I have to do to continue having a WP and Visa to be in Thailand, working at my own company.

Your visa is fine and so is your wp.

www.sunbeltasiagroup.com

Thanks for the response, I'm glad the new rules don't seem to have much effect!