My g/f tells me that the government has passed a law abolishing the need to have 7 people named in forming a company and the new rule is for only 3 people.
Any truth in this?
Thai Company Structure Restructured
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JimmyGreaves
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Thai Company Structure Restructured
Diplomacy is the ability to tell a man to go to hell so that he looks forward to making the trip
You can still have 7 or 10 or ???? 
I was always led to believe that you could form a company with 3 shareholders - It's called a Limited Partnership. As an expat, you couldn't be MD, one of the other partners would have to take on that role, and your work permit would have to come through the company. Always a bit risky, but possible.
Let's hope that the new rules start to make it a bit easier for all of us in business here. We could certainly do with a break from the tedium of Thai bureaucracy, that seems to thwart any business plans we might have.
It's going to be a long low season this year, this Government needs to start doing something NOW. They have had three months to re-route the money trail from the previous administration to their own 'coffers'. Now it's time for them to get on with the task at hand.
Thailand needs investment, I don't think this will come from the Thais themselves. A relaxation of the current laws and some protection for the foreign investor will go a long way to ensure a future benefit for all, be them Thai or farang. But I won't hold my breath.
Let's hope that the new rules start to make it a bit easier for all of us in business here. We could certainly do with a break from the tedium of Thai bureaucracy, that seems to thwart any business plans we might have.
It's going to be a long low season this year, this Government needs to start doing something NOW. They have had three months to re-route the money trail from the previous administration to their own 'coffers'. Now it's time for them to get on with the task at hand.
Thailand needs investment, I don't think this will come from the Thais themselves. A relaxation of the current laws and some protection for the foreign investor will go a long way to ensure a future benefit for all, be them Thai or farang. But I won't hold my breath.
Per Angusta In Augusta.
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www.hamandbacon.co.th
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www.hamandbacon.co.th
JD a limited partnership is a totally different set-up to a limited company.
I believe no shareholders are required, just two people, 1 has to be thai.
the foreigner does not have the authority to make decisions unless thai partner agrees (or summit like that), whereas the thai partner does, including whether or not to sack the foreigner from the partnership.
no protection, but would be good if you had total trust in your relationship, some do, but risky nonetheless.
Re: the new 3 shareholder rule for limited companies, how does this sounds:
1 foreigner
2 Wife
3 Mother-in-law
the thai shareholders have to purchase 50% of the shares plus 1 share (not 51% as people think).
That's 5000 + 1 share, at 100 baht each = 500,100 Baht for a 1M baht company.
when i got married i gave my wife a gift of 250,000 baht and the same for her mam, honestly, look here's a receipt they signed at the time.
they now want to form a company with me using their gift money to buy the shares. department of commerce who forms companies in prachuap do not request background history of where money was obtained UNLESS your business objectives are on lists 1 or 2 of the fba. ive been to the office and done it, so know how it works. they have the option to check but never seen it excersided.
now my fellow shareholders will only buy into the company if it is run properly and i give them a dividend each year.
i give them both dividends already every month so wont cost me any more.
sorry it doesn't help you if you have a farang wife.
legal set-up from a genuine vs nominee shareholder point of view ??
was this what the government intended as they know the solicitors etc would come up with this kind of set-up ??
views please girls
.
I believe no shareholders are required, just two people, 1 has to be thai.
the foreigner does not have the authority to make decisions unless thai partner agrees (or summit like that), whereas the thai partner does, including whether or not to sack the foreigner from the partnership.
no protection, but would be good if you had total trust in your relationship, some do, but risky nonetheless.
Re: the new 3 shareholder rule for limited companies, how does this sounds:
1 foreigner
2 Wife
3 Mother-in-law
the thai shareholders have to purchase 50% of the shares plus 1 share (not 51% as people think).
That's 5000 + 1 share, at 100 baht each = 500,100 Baht for a 1M baht company.
when i got married i gave my wife a gift of 250,000 baht and the same for her mam, honestly, look here's a receipt they signed at the time.
they now want to form a company with me using their gift money to buy the shares. department of commerce who forms companies in prachuap do not request background history of where money was obtained UNLESS your business objectives are on lists 1 or 2 of the fba. ive been to the office and done it, so know how it works. they have the option to check but never seen it excersided.
now my fellow shareholders will only buy into the company if it is run properly and i give them a dividend each year.
i give them both dividends already every month so wont cost me any more.
sorry it doesn't help you if you have a farang wife.
legal set-up from a genuine vs nominee shareholder point of view ??
was this what the government intended as they know the solicitors etc would come up with this kind of set-up ??
views please girls
.
scenario b (for those who previously lived outside thailand with their thai partner, before moving here):
shareholders
1 foreigner
2 wife
3 mother-in-law
thais need to purchase 5000+1 share at 100 baht each for a 1m baht company
wife wants to buy 45% of the shares, mother-in-law can only afford 5%
your wife whilst in your country saved money from working and/or had a cut of the profit from the sale of the house/cars/boat etc that you shared. therefore shes easily got her 450,000 baht
mother-in-law has 50,000 baht for her 500 shares
legal set-up from a legitimate vs nominee shareholder point of view ??
.
shareholders
1 foreigner
2 wife
3 mother-in-law
thais need to purchase 5000+1 share at 100 baht each for a 1m baht company
wife wants to buy 45% of the shares, mother-in-law can only afford 5%
your wife whilst in your country saved money from working and/or had a cut of the profit from the sale of the house/cars/boat etc that you shared. therefore shes easily got her 450,000 baht
mother-in-law has 50,000 baht for her 500 shares
legal set-up from a legitimate vs nominee shareholder point of view ??
.
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JimmyGreaves
- Legend
- Posts: 2923
- Joined: Mon Oct 17, 2005 5:06 am
- Location: HuaEireHin
Just thought that there was only 1 entity of Thai Limited Company and now 3 shareholders are only needed, however it needs to be Thai owned hence the foreign share can not be greater than 49%buksida wrote:Is this new legislation for Thai only companies or those with foreign shareholders or both?
I could be wrong
Diplomacy is the ability to tell a man to go to hell so that he looks forward to making the trip
If you go to this website:http://www.tillekeandgibbins.com/index.html and click on the box "Parnership and corporate law upgrade" there is a PDF file explaining the details of the change.