Registered company

[franckpattaya]

Hi,]

I have set up a  company when I bought a house at Pattaya some years ago.

I would like to buy a condominium. Is it possible to add this condo in my existing company ? or do I have to set up another company ?

Thanks

[jacko45k]

Yes, but you may consider whether that is the best idea , when in the future you want to sell one of them.

It will give you access to Thai allocated condo, but again, they are not the easiest to sell.

Edited June 23, 2017 by jacko45k

[Trentham]

I would suggest you don't put all your eggs in the same basket. This is Thailand - separate company with different shareholders. I have seen too many people cheated by the shareholders whom they trusted, in the companies they set up.

[catman20]

great idea buy a condo to rent out along with the other million condo that cant find a tenant.

[happylarry]

I don't get it.....why put the condo under the company when you can own it in your own name?

Am I missing something here?

HL

[Peterw42]

8 minutes ago, happylarry said:

I don't get it.....why put the condo under the company when you can own it in your own name?

Am I missing something here?

HL

People buy under a company if the 49%, of a block, foreign quota is full.

[dotpoom]

I'm surprised at the replies. The biggest drawback that was not mentioned is the fact that if the condo is in the same company as the house you cannot sell them seperately....when the time comes if you wish to sell one or the other. They would have to be sold together as they are in the one company.

[Pilotman]

I would think it depends on the basis upon which you set up the company in the first place. If, like my family and I, you set up the company to do different things, including owning property, then I would say go ahead. If it was set up as a vehicle to over come ownership law in LOS, then that's a different issue. Our family company owns our assets and was formed between my wife, daughter and myself to trade at some point as well as own, so it makes sense for us to own other property assets in one company in order to add asset value. 

[Trentham]

10 minutes ago, dotpoom said:

I'm surprised at the replies. The biggest drawback that was not mentioned is the fact that if the condo is in the same company as the house you cannot sell them seperately....when the time comes if you wish to sell one or the other. They would have to be sold together as they are in the one company.

Not true. A company can sell one asset and retain another.

[jippytum]

separate companies for each property purchased in Thai name is extra expense but worth it. When you come to sell  the company goes with the property . 

[khunPer]

Yes, you can include a condo in the same company, that holds a house. It will be business, so the condo shall be rented out, and tax paid of the overhead.

 

If you should consider selling one of the properties, bear in mind, that some time it's not the land-and-house, but the shares in the company, that change owner; in that case inclusion of a condo may not be advisable. When trading shares instead of property, you may have both tax-benefits, and avoiding the transfer at a Land Office, plus of course fees and transfer tax there.

 

If the condo is within the 49% allowance for foreign owners, you may not need a company as owner (but check with a specialist, if you can rent it out as foreigner, in case you are not having a Work Permit).

 

Check with an experienced property lawyer, what will be the best solution in your case.

[catman20]

23 hours ago, happylarry said:

I don't get it.....why put the condo under the company when you can own it in your own name?

Am I missing something here?

HL

Yes what you are missing is there is only a percentage of condos in one block that can be put in a foriniers name the rest have to go into a thai name or a company name.

[happylarry]

1 hour ago, catman20 said:

Yes what you are missing is there is only a percentage of condos in one block that can be put in a foriniers name the rest have to go into a thai name or a company name.

I am aware of that fact but there was no mention of any specific condos and therefore no mention of them being over the quota of 49%.

So my feelings have not changed.....i.e.:- why bother?.....lol

HL

[trogers]

2 hours ago, happylarry said:

I am aware of that fact but there was no mention of any specific condos and therefore no mention of them being over the quota of 49%.

So my feelings have not changed.....i.e.:- why bother?.....lol

HL

The 'Must Have' syndrome, like King David...