Thailand Business & Thailand Property Info Blog
February 5 2010 Categories: Thailand Business No comments yet
This is my second post on the subject of Minimum Capital Requirement. I will discuss this time the minimum capital requirement for foreign BOI promoted companies. For Non BOI companies please refer to my previous post Doing Business in Thailand: Minimal Capital Requirements dated of 21 January 2010. Read more…
February 1 2010 Categories: Doing Business In Thailand, Thailand Business No comments yet
Yes they are well protected by the Labor Protection Act (1998) that applies to all businesses with at least one employee and which provide sanctions for employers who disregard the law.
The Labor Protection Act has been recently amended and the new amended act has been enforced in 28 May 2008. The new Act contains provision to protect indirect or outsourced workers and to empower the Courts to order an amendment of employment contracts, work rules, regulations or orders that are not fair.
Originally posted 2009-08-06 03:09:51.
February 1 2010 Categories: Understanding Thailand No comments yet
I was checking my early posts and I realized that while I referred in several posts to the concept of Thainess, I never actually defined it.
Originally posted 2009-08-31 10:34:04.
February 1 2010 Categories: Condominium Ownership, Thailand Property No comments yet
While I already dealt with this issue two days ago, I just read this morning a comparative study from the Global Property Guide. The Global Property Guide surveyed and compared the prices of 120 SQM good condition second hand high end apartments in 112 cities over the world. Among the cities surveyed was Bangkok which ranked fairly well in the study.
Originally posted 2009-08-28 10:40:06.
February 1 2010 Categories: Doing Business In Thailand, Thailand Company Registration No comments yet
Preference Shares are opposed to ordinary shares. In Thailand, ordinary shares like in most countries entitle their holders to a share of ownership of the company including a voting right (1 vote per share) and a right to the company dividend or the company benefit of liquidation.
Originally posted 2009-11-24 03:04:41.
February 1 2010 Categories: Understanding Thailand No comments yet
While the purpose of this blog is to inform on how to do business and not to do politic I will nevertheless from time to time dedicate a post to the ongoing Thai Political Crisis.It seems that the time of a possible reconciliation of all parties as not yet come and that the political situation is about to become even more muddy if it was possible and we are to enter another period of incertitude
Originally posted 2009-09-13 08:02:00.
February 1 2010 Categories: Thailand Taxes one comment
Personal income tax is the tax that is levied on the income of any person that is not subjected to corporate income tax such as:
- Individual, ordinary partnership, a body of person which is not a juristic person, a deceased person and an undivided estate.
Originally posted 2009-08-01 08:07:03.
February 1 2010 Categories: Doing Business In Thailand, Thailand Business No comments yet
Our American cousins have what they call the American Dream” “first expressed by James Truslow Adams in 1931, citizens of every rank feel that they can achieve a “better, richer, and happier life” (Source Wikipedia) meaning that anyone has a chance to become one day another Bill Gate. In Thailand we have another dream, far more modest; it is called the “Bar Owner” dream or the Bar Owner illusion to be more accurate.
Originally posted 2009-11-06 05:07:54.
February 1 2010 Categories: Thailand Visas, Thailand Visas & Work Permit, Thailand Work Permit No comments yet
In France we have this joke of a Prime Minister giving a speech to restore confidence and saying:
” Last year we were on the brink of a cliff but I’m proud to tell you all that we have made a big step forward “.
Originally posted 2009-07-28 11:25:22.
February 1 2010 Categories: Thailand Business No comments yet
The Pattaya Mail reported today that, according to sources from several police divisions a serious crackdown on Bar Businesses would begin next month that would target GoGo bars, Beer Bars, Gay Bars and any other bars which are charging bar fines to the customers to let their employees leave work early. Now according to the Pattaya Mail, the police “suspects that many of these rendezvous are sexually related”.
Originally posted 2010-01-22 14:27:04.
February 1 2010 Categories: Thailand Taxes No comments yet
Yes I know this matter is boring and you may wonder why to include it in this blog. When arriving in Thailand you will meet other foreigners who will tell you how easy it is to do business in Thailand. They will tell you that
“you don’t need to paid up the capital of your company” or
“you don’t need to keep accounting records” or
“you don’t need to pay taxes” or
“you can keep double accounting” and so on.
Originally posted 2009-07-25 07:39:25.
February 1 2010 Categories: Thailand Taxes No comments yet
This post is the continuation of yesterday post (Managing Tax Audits Part 1). But for the first visit, when tax officials will audit a company they will generally request it to send the documents at their office. Depending of the team auditing your company you will either be requested to send the documents first or to come for an interview first and then later to send the documents. Do not attend the interview yourself but send the accountant who is handling your company account or a tax lawyer if the issues are complexe. But the accountant should be your first choice.
Originally posted 2009-10-09 04:41:43.
February 1 2010 Categories: Thailand Business, Thailand Company Registration one comment
The private limited company is the legal vehicle that is the most commonly used by foreign investors in Thailand and we will hereinafter review the formalities of registration of a private limited company. In this article we will only review the conditions of incorporation of a Private Limited Company to the exclusion of nominees and Thai/foreign shareholders ratio which are discussed in other posts. [This post replace our previous post on the subject “How to register a company step by step”.
Originally posted 2009-10-20 07:09:45.
February 1 2010 Categories: Thailand FAQ No comments yet
Today in the newspaper was an article about the future of Elite Card which future will be decided tomorrow by the government. One of the options to be considered tomorrow by the cabinet would be to completely stop the program. The company has currently 2570 Members but in order to diminish the liability in case of closure there is already talks to disqualify some members that would not fulfill the qualifications to obtain the card.
Originally posted 2009-11-16 03:58:00.
February 1 2010 Categories: Thailand Taxes No comments yet
The Revenue Department is the largest source of income for the Thai Government representing up to 80% of its revenues. Now as a result of the 2008 crisis the Revenue Department underperformed in 2009 (180 Billion Baht below target) while on the other hand the Government committed huge amounts of funds to support the economy increasing the public debt.
Originally posted 2009-12-21 04:53:57.
February 1 2010 Categories: Leasehold Ownership, Thailand Property No comments yet
One of the first paradoxes of the offshore real estate market is this: Most buyers are retirees or people preparing for retirement, and Thailand has become over the years one of their preferred destinations because of course of its exotic beauty, unique culture, friendly people but also because of its modern infrastructures, the high quality of health services and of course the reasonable costs of living.
Originally posted 2009-07-27 09:45:37.
February 1 2010 Categories: Thailand Taxes No comments yet
Withholding Tax is a tax collected by a deduction made on a payment when said payment is made. The payer who will remit it to the Revenue Department on behalf of the payee collects the tax. The tax the payer collect and remit to the Revenue Department on behalf of the payee will become a credit that will apply against the income tax (personal or corporate) due by the payee.
Originally posted 2009-07-25 15:44:49.
February 1 2010 Categories: Property General Issues, Thailand Property No comments yet
When the time come to invest most people tend to consider real estate as the most secure long term investment.
This is true for many reasons, one of which being that while companies may go out of business real estate properties will exist forever. In addition, but for period of bump like the current crisis, the average price of properties will appreciate over the long term steadily.
Originally posted 2009-07-27 05:57:28.
February 1 2010 Categories: Doing Business In Thailand, Thailand Business, Thailand Company Registration No comments yet
This is the third of a series of posts about Thai private limited company corporate documents translated in English.
The articles of associations of your company are another important corporate document of your company. As a matter of fact the decision on the content of the company articles of associations is actually taken during the statutory meeting.
Originally posted 2009-09-07 10:22:26.
February 1 2010 Categories: Doing Business In Thailand, Thailand Business, Thailand Company Registration 3 comments
There is a lot of confusion as to minimal capital requirements when doing business in Thailand and I will try to clarify this issue in this post.
Originally posted 2009-09-28 05:31:43.
February 1 2010 Categories: Thailand Visas, Thailand Visas & Work Permit No comments yet
Pursuant to Thai Immigration Law; any foreign citizen who wishes to enter the Kingdom of Thailand is in principle required to obtain a Visa from a Royal Thai Embassy or a Royal Thai Consulate-General prior to entering Thailand.
Originally posted 2009-07-29 10:42:10.
February 1 2010 Categories: Thailand Taxes No comments yet
I told my business owners clients that this year would be a bad one for all of us not only because we have to survive amid the context of the global economic downturn and the political crisis but also because economical crisis’s do not only affect companies they also affect the Thai Revenue Department and this year was a bad one for the Revenue Department with collections that will fall short of the target by Bt170 billion (first estimation was a shortfall of 300 billions) THB.
Originally posted 2009-09-24 05:17:58.
February 1 2010 Categories: Thailand Business No comments yet
Are employees in Thailand well protected by the law and is it easy to terminate an employee with or without cause?
Originally posted 2009-11-21 07:04:25.
February 1 2010 Categories: Thailand BOI, Thailand Business 2 comments
The Board of Investment or BOI is an agency set-up by the government to provide investment incentives to foreign or local investors that invest in promoted or priorities activities.
The two main objectives of the BOI are to decentralize Thailand Industrial’s base and to attract special types of investment (priority activities). Read more…
Originally posted 2009-07-21 12:51:10.
February 1 2010 Categories: Thailand BOI, Thailand Business No comments yet
Reminder: As you already know the Board of Investment is the agency in charge of promoting certain sectors of Thai economy. As such the BOI role is among other to determine:
What are the activities which are eligible for promotion
What are the conditions attached to said promotion
What are the privileges attached to said business activity
Originally posted 2009-08-05 14:46:31.
February 1 2010 Categories: Thailand Visas & Work Permit, Thailand Work Permit No comments yet
Working without a work permit is not something someone should take lightly as the penalties applicable are quite harsh.
Originally posted 2009-11-26 02:57:42.
February 1 2010 Categories: Thailand Business, Thailand Company Registration No comments yet
In a previous post I explained step by step the formalities to incorporate a Thai Limited Company. Many readers have contacted me to request whether I could also post the english translation of Thai Limited Company documents for information. Today and the next few days I will post the translations of the main corporate documents of a Thai Private Limited company. Please note that this is an unofficial translation only.
Originally posted 2009-09-03 14:40:40.
February 1 2010 Categories: Doing Business In Thailand, Thailand Business, Thailand Foreign Business Act No comments yet
This morning in the Bangkok Post was an interesting article about the tightening of insurance shareholding rules by Sorachon Boonsong a Thai lawyer. In substance, Khun Sorachon comment on a ruling from the Council of State dated of 14 September 2009 in relation to the new shareholding requirements of the amended Life and Non Life Assurance Act.
Originally posted 2009-09-23 04:15:46.
February 1 2010 Categories: Leasehold Ownership, Thailand Property one comment
In several of my previous posts I have commented on the too short lease period duration in Thailand by comparison to other Asian countries but I had to date to provide to my readers any basis for comparison which I have done now with a table comparing the lease duration period in 13 Asian countries including Thailand.
Originally posted 2009-10-02 03:14:08.
February 1 2010 Categories: Property General Issues, Thailand Property No comments yet
As previously explained, the Thai Civil and Commercial Code recognizes possessory rights and/or ownership rights and there are several kinds of documents to evidence various levels of rights to land, ranging from documents evidencing mere squatters or occupation rights to full ownership rights.
Originally posted 2009-09-16 04:12:16.
