Director of Thai limited company

[M.O.]

If I set up a Thai limited company (for the purpose of purchasing a landed property), does being a director of the company require having a work permit ? Presumably a shareholder, as opposed to a director, does not need one ?? 

[Shark]

It's actually the director whom needs the work permit.

Edit:

Going to give some extra advise.
Buying land my appear house might appear cheap but the ~ 100.000THB annual costs if you need to coop with work permit, you would need a Non-B visa too.

Edited July 22, 2021 by Shark
free-info

[M.O.]

2 hours ago, Shark said:

It's actually the director whom needs the work permit.

Edit:

Going to give some extra advise.
Buying land my appear house might appear cheap but the ~ 100.000THB annual costs if you need to coop with work permit, you would need a Non-B visa too.

That confirms my suspicions.

The legal package offered (which does not come cheap!) includes assistance in getting a non B visa and work permit. Not completely clear about what you mean by costs but I think you mean the ongoing limited company expenses will be significant.

Probably dropping the idea of using a limited company for property purchase.

Thanks for your input. 

[JamesE]

29 minutes ago, M.O. said:

Probably dropping the idea of using a limited company for property purchase.

Regardless of the entity used for purchase it would still have to be majority Thai owned if land is involved. There's no way around that. I think there are a couple of ways to structure it to make it more secure for you but, Thailand. Have you looked at the Investor visa route at all? Just another potential angle. A lot would depend on what your plans are for the land.

But ฿100K??? US$3K. That's really not a significant amount of money in a business/investment context.

[Shark]

14 hours ago, M.O. said:

The legal package offered (which does not come cheap!) includes assistance in getting a non B visa and work permit. Not completely clear about what you mean by costs but I think you mean the ongoing limited company expenses will be significant.

Sorry but:

After owning and operating business in the land of smiles for 'years' and still doing so, my 100.000THB doesn't include the company creation (this would be another 30-40.000THB) just operating costs.
1. Work Permit is ~ 30.000THB;
2. Non-B is ~ 20.000THB;
3. Accounting FEES ~ 25.000THB (annual balance);
4. VARIOUS fees ('staff' needed for the Work Permit 4 Thais, the minimum for this is their social security) ~ 25.000THB.

Another piece of 'free' advice be VERY worried about 'shelf' companies, they can hold dept and other stuff.

14 hours ago, M.O. said:

Probably dropping the idea of using a limited company for property purchase.

It's the only way you can own a house if it's not a condo. If it is a condo... and less then 49% is owned by foreigners foreigner can 'own' property. But since it's a landed property you can only put the land on either:

1. Thai Company which you control.
2. A "nominee" which you don't control as his name goes in the book at the land office and you'll get a 30 year lease.

 

13 hours ago, JamesE said:

Regardless of the entity used for purchase it would still have to be majority Thai owned if land is involved. There's no way around that. I think there are a couple of ways to structure it to make it more secure for you but, Thailand. Have you looked at the Investor visa route at all? Just another potential angle. A lot would depend on what your plans are for the land.

Your correct here. The investor route is a PITA. just saying.

13 hours ago, JamesE said:

But ฿100K??? US$3K. That's really not a significant amount of money in a business/investment context.

Exactly so if this stops the deal then topic starter was looking into getting stuff cheap and hoping to own it.
It's just operating fees in the LOS.

[Shark]

@M.O.i'll write you a private message.