Legalities of setting up a partnership business with the wife

[davidst01]

I read a comment on a tv thread from a guy who was enquiring about a restaurant business. He said:

 

''If you are married to a Thai, you can make a partnership with your wife (I don't know enough to give advises), which is a more easy business construction than company limited, and I think only require 2 Thai employees, of which the wife can be one, for your Work Permit.''

 

My wife is a medical professional and we might open a clinic. I will be fronting some money for this and she might borrow some from the bank. I would like to get involved a bit with the business (on the management side of things).

 

1. Does anyone know the exact requirements for this type of company structure?

2. How much would I have to be paid per month to get the work permit?

3. If its over 40k a month can I then apply for thai residency after 3 or 4 yrs?

 

Logistically, it might be easier just to stay out of the business and let my wife run it. But I know how busy it might get and she will need my help. I don't want to be working illegally whilst on an ext of stay based on marriage. 

 

thanks for giving me the heads up on this. 

[williamgeorgeallen]

i answered you private message but now i have some more info here is a more detailed reply.

1)i would strongly suggest you put the business only in your wife's name, having foreign names on the ownership draws a lot of heat from the authorities. so does a foreign work permit so avoid that as well. having your name on the business is not going to help you in any way unless the company has assets, even then you can only be a minority share holder at best.

2) to get a work permit you need to pay tax on about 60 000/month but you dont need to pay yourself anything, just pay the tax. you will  also need to pay social security on 4 thai employees, note you wont actually need to employ them, just pay the tax. just dont work onsite. work permits are extremely expensive and they are hard to justify.

3)residency does not give you much of a benefit. it is expensive and still needs to be renewed every year. most likely you will apply, pay the fee and it will never get processed.

 

lastly business ownership is very heavily stacked against foreigners. i would advise people against it.

 

where will the clinic be?

Edited July 1, 2017 by williamgeorgeallen

[TallGuyJohninBKK]

I have the feeling I've read here in the past about there being some kind of a somewhat simplified business structure that can be done between a Thai wife and a farang husband that doesn't carry all the same administrative burdens as a regular business / llc company.

[kingstonkid]

There is a simplified partnership.

 

The drawback to that is that if someone sues you lose everything.  Make it a public limited corp.  You can then hold stock in it as a preferred share if you want up to 49%  a child over 12 can be a share holder.