New Work Permit Restrictions As From 1st Jan

[Syduan]

Can anyone confirm the following email I received from our Lawyer, if so is there anyway around it;

Please be informed that starting 1st Jan..'07, all increase of the current capital must show proof of the funds in your personal bank(also for other shareholders respectively), as well as the new registration of companies. Increase of capital is needed to apply new work permits under your companies. As such, I kindly advise that if you need to increase capital, kindly do so by next week. Our office will open til 29th Dec. For further information, kindly contact me at my mobile . Thank you.

Clients who are holding work permits and not showing any income under their respected companies, I strongly advise you to increase the capital of Baht 1 Million capital at least since there is/are only expenses in your company. Thus, the current registered capital or the worth of your company is decreasing and you may need to increase your capital next year prior to the renewal of your work permit. Thank you.

[nonthaburial]

Is your lawyer a Nigerian ?????????

[smartecosse]

so if you want to if you want to pay the govt 16k to increase the capital by 2 million u need to show that u have the 16k in ur own account???

[lopburi3]

Believe your lawyer is talking about current information rather than any change to take place in the future. Believe it is now required that company make a profit high enough to pay your wage. Review some of Sunbelt posts for further information as my working days were in the last century (now I am really feeling old) so don't follow closely.

[Sunny Valentine]

Have not heard of that either, Lopburi, but if true I think it would close the loophole of registering a higher capital without actually paying it in.

Suppose you have a 2 Mill company, and you consider to hire another foreigner. Now you just raise your capital to 4 Million (a few thousand Baht fee, and the lawyer charging you another 5000 or 10000 for the process.) No further questions asked, no need to show proof of funds actually paid in.

But who knows?

Sunny

[Sunbelt Asia]

Have not heard of that either, Lopburi, but if true I think it would close the loophole of registering a higher capital without actually paying it in.

Suppose you have a 2 Mill company, and you consider to hire another foreigner. Now you just raise your capital to 4 Million (a few thousand Baht fee, and the lawyer charging you another 5000 or 10000 for the process.) No further questions asked, no need to show proof of funds actually paid in.

But who knows?

Sunny

As of Jan 1st, 2007 They now will need to see proof or have a statement from a director they have the funds. I will have someone from our office post the rules on Jan 5th. We have 45 pages being translated and then will have it put in a pdf.

www.sunbeltasiagroup.com