2 million baht company rules

[sevinnow]

Reading various reports about getting a work permit on the Company registration route, I have been told that it is not neccessary to transfer such an amount of 2 million baht from a bank outside the kingdom or prove that you have......it is only a figure of speech?

Secondly I am under the impression that all kinds of Goverment forms have to be filled out when you do transfer  any amount over 2 million baht, the advice I was given is to transfer 1 million baht at a time hence no confusing forms or questions.

Lastly has anyone opened an account in Thailand over the net without phyisically been in the country?

Confused :cool:

[george]

You need to transfer in 500,000 Baht (25%). This amount shall be in the balance sheet per December 31. (The balance of 75%, 1,500,000 Baht, has to be booked as a "Manager Director shareholder loan".

You shall requets a TT3 from the Thai bank when your funds arrive, that is your evidence of inbound transfer.

An account with a Thai bank needs to be opened to receive funds transmitted from overseas. The bank is then in a position to issue a form of TT3 (Taw Taw 3) Authority to Purchase. (Bangkok Bank is recommended).

The share capital must be transferred from a bank outside Thailand. You must state that the purpose for the money transfer is to add share capital in a Thai Co., Ltd. and specify the name of the company, address.

The bank is then able to issue the form of TT3 (Taw Taw 3) for the relevant office in Thailand, giving the foreign buyer evidence of transferred funds (Please specify with the same name as in the issued passport).

You must be present here in order to open any bank facilíties in Thailand.

[sevinnow]

Your advice is straight forward thanks but:

What do you mean the 75% has to be "booked" as a MD loan I don't understand the meaning of that.

On the second point my bank in the UK told me I must be present to sign a Bank Transfer to a country outside the UK which means that I must make a trip to open an account in Thailand and another back to the UK to sign the transfer form!

That will cost over £1000 (67,000 baht) any idea's to get round that one: ie maybe a money tranfer (Money gram uk) from a friend, will that still count as a transfer from an outside sourse

Thanks again :cool:

[george]

Your advice is straight forward thanks but:

What do you mean the 75% has to be "booked" as a MD loan I don't understand the meaning of that.

On the second point my bank in the UK told me I must be present to sign a Bank Transfer to a country outside the UK which means that I must make a trip to open an account in Thailand and another back to the UK to sign the transfer form!

That will cost over £1000 (67,000 baht) any idea's to get round that one: ie maybe a money tranfer (Money gram uk) from a friend, will that still count as a transfer from an outside sourse

Thanks again :cool:

The 75% will your accountant tell you about. No problems, just paper work. TiT= This is Thailand

I would suggest that you do the transfer paper with your UK bank complete, but just leave the target account number open, and when you have the info you will inform them:

1. The bank's name

2. Branch and account number

via fax or snail mail.

A letter of attorney with your friend would also do it. Be sure that teh senders name is "your name".

Don't use "moneygram" or similar!  Use Bank SWIFT, takes just 2-3 days from the UK to Thailand.

[sevinnow]

You mentioned make sure the senders name is "your name"

does this make a difference to the Company registration even if it comes from a friend's bank account in the UK?

[george]

Ask the bank to make the sender's name YOUR NAME. Otherwise your Thai accountant might insist that your friend shall be holding your shares in your investment.

If not possible to have your name on the incoming transfer, you might first asssign the shares to your friend and he lates sells them to you.

Speak with an accountant here, you will really need one!!