Could one set up a company, if the area of land you wanted to buy was large enough, and develop the land into say a residential site by selling plots or even doing some development work? That, presumably would involve a work permit?
Secondly could a farang buy the business contents/fittings (but not fixtures) of a shop and rent the premises if they took no part in the business thereof?
Anything else one would need appreciate.
Set up company and buy land ???
-
sebastien
- Korat-Isaan-Forum-Gast
Re: Set up company and buy land ???
Could one set up a company, if the area of land you wanted to buy was large enough, and develop the land into say a residential site by selling plots or even doing some development work? That, presumably would involve a work permit?
Sorry for late reply.
A Thai limited company can obviously buy land. Under the Land Code, it is forbidden for Thai people to use their names to buy land for a foreigner. Because Thai limited companies need 7 shareholders and the majority must be own by Thai people (51%) (except for American under the treaty of Amity) you understand the problem...but everybody do it in Pattaya!
Foreigners can keep the control of the company even with less than 50% by the priority voting rights. If the director of the company is a foreigner, that will require a work permit. Some lawyers see that requirement in the Aliens Act...Some say it's NOT a requirement. But the problem is without a work permit, you might get stucked somewhere else, for example, when you want to open a bank account for that company.
It common in Phuket and Hua Hin for companies to buy large plot of land and subdivide them to sell in a kind of village. Some are famous between scandinavian people, for example. A work permit is require by ANY foreigner working, as a volunteer working or paid.
Secondly could a farang buy the business contents/fittings (but not fixtures) of a shop and rent the premises if they took no part in the business thereof? Anything else one would need appreciate.
A foreigner can buy almost anything he wants except land. You can also buy a HOUSE and put it under your name, the BUILDING. Not the land under. Some houses are IMMOVABLE property, like JOIN with the land, one title deed. Some can have two title deeds, separated, one for the land and one for the house. I just have one hesitation, if you buy and rent, are you doing business in Thailand? If the answer is yes, I believe you require a work permit under the Alien Act. If the answer is no, you don"t because it's not a work... I will check tomorrow and come back with an answer.
Sorry for late reply.
A Thai limited company can obviously buy land. Under the Land Code, it is forbidden for Thai people to use their names to buy land for a foreigner. Because Thai limited companies need 7 shareholders and the majority must be own by Thai people (51%) (except for American under the treaty of Amity) you understand the problem...but everybody do it in Pattaya!
Foreigners can keep the control of the company even with less than 50% by the priority voting rights. If the director of the company is a foreigner, that will require a work permit. Some lawyers see that requirement in the Aliens Act...Some say it's NOT a requirement. But the problem is without a work permit, you might get stucked somewhere else, for example, when you want to open a bank account for that company.
It common in Phuket and Hua Hin for companies to buy large plot of land and subdivide them to sell in a kind of village. Some are famous between scandinavian people, for example. A work permit is require by ANY foreigner working, as a volunteer working or paid.
Secondly could a farang buy the business contents/fittings (but not fixtures) of a shop and rent the premises if they took no part in the business thereof? Anything else one would need appreciate.
A foreigner can buy almost anything he wants except land. You can also buy a HOUSE and put it under your name, the BUILDING. Not the land under. Some houses are IMMOVABLE property, like JOIN with the land, one title deed. Some can have two title deeds, separated, one for the land and one for the house. I just have one hesitation, if you buy and rent, are you doing business in Thailand? If the answer is yes, I believe you require a work permit under the Alien Act. If the answer is no, you don"t because it's not a work... I will check tomorrow and come back with an answer.
Wer ist online?
Mitglieder in diesem Forum: 0 Mitglieder und 10 Gäste