Startup Restaurant For Our Limited Company

[JimmyGreaves]

I have been offered the opportunity of aquiring a very small thai restaurant.

Question is, can my thai girlfriend initially legally run this business alone without us having to employ more people. She is also a director of the company and if so is there a minimum salary that she will have to receive for accounting purposes?

Thanks Guys

[Martin_F]

Providing that the company is owned by more than 50-60% Thai then the company is considered to be Thai and does not require to comply with alien requirements and you do not work in the business.

She does not have to be paid a salary although it is better to pay her a salary to use her tax free allowanes.

[JimmyGreaves]

I didn't think that you could have a Thai Limited Company with anything less than 51% Thai. btw we have a 2M Baht company.

Thanks Martin if this means that she can work the company initially on a non-salary basis and we don't need to employ anyone else at startup. (As stated I will NOT be working)

I'm sure there is going to be monthly accountants charges, we just need to find someone who can do this for us at a reasonable rate as with any small startup business funds are tight. Anyone with a ball park figure on this cost?

Cheers

Edited November 26, 2006 by jflundy

[Martin_F]

I didn't think that you could have a Thai Limited Company with anything less than 51% Thai. btw we have a 2M Baht company.

Thanks Martin if this means that she can work the company initially on a non-salary basis and we don't need to employ anyone else at startup. (As stated I will NOT be working)

I'm sure there is going to be monthly accountants charges, we just need to find someone who can do this for us at a reasonable rate as with any small startup business funds are tight. Anyone with a ball park figure on this cost?

Cheers

That is right. There appears to be a bit of debate on the exact thai ownership and I prefer to have +60% thai as it stops any questions.

Don't forget that a thai company needs 7 or more shareholders and the majority of these have to be Thai as well (although they can hold 1 share each).

Accounting charges vary depending on the company and the requirements, check out the sunbelt site for details of their charges.

As it is company you also need an approved accountant under the accountants act.

Good cooking....

[JimmyGreaves]

Thanks Martin I will have a chat with Sunbelt regarding the accounting side of things as I'm in BKK next week.

[Sunbelt Asia]

I have been offered the opportunity of aquiring a very small thai restaurant.

Question is, can my thai girlfriend initially legally run this business alone without us having to employ more people.

Yes. You in fact could be the foreign MD have a work permit and not be required to employ any more people.

She is also a director of the company and if so is there a minimum salary that she will have to receive for accounting purposes?

No

Don't forget that a thai company needs 7 or more shareholders and the majority of these have to be Thai as well (although they can hold 1 share each).

A Thai company that is considered "Thai" only needs one Thai shareholder. The rest can be foreigners.

I'm sure there is going to be monthly accountants charges, we just need to find someone who can do this for us at a reasonable rate as with any small startup business funds are tight. Anyone with a ball park figure on this cost?

Just depends. If she files a monthly PND #1, it would be 1,000 Baht a month. She is not required to take a salary. Withholding tax other than salary would be on rent, service or advertising.

Once she reached 1,800,000 Baht in gross sales, she is required to file for VAt. The professional filing fee is 1,500 Baht per month.

If she forms a sole proprietorship, no need to file a PND #1, just the PND #94( half year report) and PND # 90 ( year end filing) This would be around 6,000 Baht for the year in most cases for the PND 94 and PND 90.

www.sunbeltasiagroup.com

[JimmyGreaves]

Cheers Sunbelt I have seen your offices on Sukumvit last time I was in BKK, I will pay you a visit to discuss.

Thanks Again

[Sunbelt Asia]

Cheers Sunbelt I have seen your offices on Sukumvit last time I was in BKK, I will pay you a visit to discuss.

Thanks Again

The office that is on Suk Rd between Soi 12 and Soi 14, is just a service point to drop off documents for our clients. Our main office is at 1 Ratchada, 26th floor of the CP Tower in the Fortune Town.

See you there.

www.sunbeltasiagroup.com

[JimmyGreaves]

Ok, Didn't realise that. I'm staying at the Emerald on Ratchada so hopefully it's only 10 miles down the road :-)

[Sunbelt Asia]

Ok, Didn't realise that. I'm staying at the Emerald on Ratchada so hopefully it's only 10 miles down the road :-)

Only One Subway stop

Rama 9 Exit one

www.sunbeltasiagroup.com