Registered company for sale

**Peterke** · 20-09-2013, 09:04 AM

Company registered Jun 2012. Never traded. All tax returns in order. Price negotiable.

**kingwilly** · 20-09-2013, 09:09 AM

That sounds interesting.

**The Big Fella** · 20-09-2013, 09:22 AM

Got one myself for sale as well. comes with a two bed bungalow, small plunge pool and two work permits.

Is a company alone worth buying ? I would have thought the due diligence costs wouldn't be far off the set up costs ? Did you have a figure in mind as I might split mine ? Cheers and good luck

**Boon Mee** · 20-09-2013, 09:25 AM

Indeed.

I need a registered company upon learning that a Farang cannot obtain a VIP Parking Permit w/out one. The shopping mall we frequent has several rows of VIP Parking slots which are seldom completely filled. The rest of the covered lot are usually maxed-out so the truck has to sit out in the baking sun.

How much are you asking for your company, Peter?

**Patrick** · 20-09-2013, 10:24 AM

Originally Posted by The Big Fella

Got one myself for sale as well. comes with a two bed bungalow, small plunge pool and two work permits.

Is a company alone worth buying ? I would have thought the due diligence costs wouldn't be far off the set up costs ? Did you have a figure in mind as I might split mine ? Cheers and good luck

No Company "comes with" Work Permits. A WP is issued to an individual and once that individual leaves his replacement must apply for (and qualify for) a new Work Permit.

Patrick

**Thormaturge** · 20-09-2013, 10:53 AM

Oh wait, is this one of those front companies that don't actually trade but has an army of ghost employees so the owner can get a work permit?

Wouldn't give you 25 Satang .

**VocalNeal** · 20-09-2013, 11:04 AM

Well there might be someone naive person out there who thinks one needs 2m baht capital or whatever the amount now is to start a company. Then there is the 20,000 baht or whatever change of address fee?

Who are the Thai partners would be more of a worry and if the business is currently owned by a US citizen one would think to qualify under the preferential rules the new owner would also need to be a US citizen.

Buy hey I've been wrong before!

Apologies to the OP for being blunt but this is TD home of the truth no matter how much it hurts.

**The Big Fella** · 20-09-2013, 11:36 AM

Originally Posted by Patrick

Originally Posted by The Big Fella

Got one myself for sale as well. comes with a two bed bungalow, small plunge pool and two work permits.

Is a company alone worth buying ? I would have thought the due diligence costs wouldn't be far off the set up costs ? Did you have a figure in mind as I might split mine ? Cheers and good luck

No Company "comes with" Work Permits. A WP is issued to an individual and once that individual leaves his replacement must apply for (and qualify for) a new Work Permit.

Patrick

The WP's do not come with the company but the company was set up with the assets and necessary paperwork to support two WP's.

**Loy Toy** · 20-09-2013, 12:57 PM

The most important thing to get right when you register a company is that you clearly indicate what business you are undertaking.

When buying an existing shelf company you must check what has been indicated as the company mode of work practice and make sure you trade within those written specifications.

**ltnt** · 20-09-2013, 01:08 PM

Originally Posted by Thormaturge

Oh wait, is this one of those front companies that don't actually trade but has an army of ghost employees so the owner can get a work permit?

Yes, and they're called "Straw Men." Not ghost Employee's. I had one and I dumped it...big mistake cost me 500,000 Baht in the end to transfer titles, close company, taxes and fees to Government agencies. Not forgetting the five finger screwing I took from the lawyer and his cronies...Whew! My ass still burns from that screwing.

**Bettyboo** · 20-09-2013, 02:19 PM

^500,000 kip?

**ltnt** · 20-09-2013, 04:47 PM

^Baht...Open the business cost 25,000TBaht, closing was a bit more complicated. Quite an education it was.

If you purchase a property under the Company rules in Thailand, there are many penalties attached to the unsuspecting foreigner when he goes to sell that property or close the company or transfer the property ownership.

Having Straw Men on the list of company shareholders is the least of your problems.

I think I'm feeling quite ill, excuse me, I have to go puke...quesey stomach from this discussion. I'm holding back the tears like a brave man however....

**ltnt** · 20-09-2013, 04:58 PM

Part II: I kept the company open for almost 8 years and every year I had the Attorney/Accountant do the books, so to speak, file the tax papers, sort out any new requirements and otherwise grease the skids...cost was 24,000Baht per year...Believe me you have to post your Company in a Thai Rag with the notice of its annual report and if there are any claims by customers or suppliers against your Company.

I got audited by the Thai Government Property agency the first year. They were on me like white on rice. To no avail as I was all Koscher in my dealings and paperwork. My seller however had falsified the selling price when she paid for the taxes owed and they got her for some additional Baht. Interesting since the seller was an ex-Bangkok Bank official for 20 years.

I'm all good now and haven't really looked back on any of this as anything other than a bad decision on my part, not knowing the ins and outs of Thai property all that well then and not being married to my spouse at the time so really putting the title in her name initially was out of the question then. On reflection, what else could I have done if I wanted a house and land?

I'm sure there will be many here to offer up multiple gaffs and snickers about my experience, but it doesn't matter now. Its done. Move on.

**stickmansucks** · 20-09-2013, 05:12 PM

How much ?

**Fondles** · 20-09-2013, 05:15 PM

Originally Posted by stickmansucks

How much ?

if you scroll up a few posts the cost has been mentioned.

**Patrick** · 20-09-2013, 05:40 PM

Originally Posted by The Big Fella

Originally Posted by Patrick

Originally Posted by The Big Fella

Got one myself for sale as well. comes with a two bed bungalow, small plunge pool and two work permits.

Is a company alone worth buying ? I would have thought the due diligence costs wouldn't be far off the set up costs ? Did you have a figure in mind as I might split mine ? Cheers and good luck

No Company "comes with" Work Permits. A WP is issued to an individual and once that individual leaves his replacement must apply for (and qualify for) a new Work Permit.

Patrick

The WP's do not come with the company but the company was set up with the assets and necessary paperwork to support two WP's.

Not trying to be contentious but again this is meaningless.

"(When) the Company was set up" it may certainly have had the Capital and number of Thai Employees etc. required at that time to be able to obtain two Work Permits for suitably qualified Foreign individuals BUT when those particular Foreign employees leave the Work Permits cannot simply be "inherited" by new Foreign Staff, the Company has to show that at the time of Application for the NEW Work Permits it complies with the requirements of Capital and Thai Staff numbers.

If anyone tries to sell you a Thai Company with the enducement that it "comes with" Work Permits, walk away.

Just not possible.

Patrick

**Peterke** · 21-09-2013, 09:51 AM

Originally Posted by Thormaturge

Oh wait, is this one of those front companies that don't actually trade but has an army of ghost employees so the owner can get a work permit?

Wouldn't give you 25 Satang .

This company has no connections with working visa, property and sure not with "ghost employees". I wonder which accountant will prepare tax return for your type of company including minimum wage and super
Peter

**Ratchaburi** · 21-09-2013, 10:07 AM

A Work Permit belongs to the Employee & not the company.
A Employee has to keep his Work Permit & not to give to the Company.
When a Employee leaves his Employer, can get his Work Permit transfer to his new Employer if they qualify.

**Ratchaburi** · 21-09-2013, 10:14 AM

The holder of the Work Permit can work for 2 Company at 1 time.

**The Big Fella** · 21-09-2013, 10:26 AM

Originally Posted by Patrick

Originally Posted by The Big Fella

Originally Posted by Patrick

Originally Posted by The Big Fella

Got one myself for sale as well. comes with a two bed bungalow, small plunge pool and two work permits.

Is a company alone worth buying ? I would have thought the due diligence costs wouldn't be far off the set up costs ? Did you have a figure in mind as I might split mine ? Cheers and good luck

No Company "comes with" Work Permits. A WP is issued to an individual and once that individual leaves his replacement must apply for (and qualify for) a new Work Permit.

Patrick

The WP's do not come with the company but the company was set up with the assets and necessary paperwork to support two WP's.

Not trying to be contentious but again this is meaningless.

"(When) the Company was set up" it may certainly have had the Capital and number of Thai Employees etc. required at that time to be able to obtain two Work Permits for suitably qualified Foreign individuals BUT when those particular Foreign employees leave the Work Permits cannot simply be "inherited" by new Foreign Staff, the Company has to show that at the time of Application for the NEW Work Permits it complies with the requirements of Capital and Thai Staff numbers.

If anyone tries to sell you a Thai Company with the enducement that it "comes with" Work Permits, walk away.

Just not possible.

Patrick

It has been supplying two friends on Samui with legitimate work permits for the last four years. Unless of course these were all simply figments of my imagination and theirs

They have been renting the house and using the company for their work permits but have now gone home. hence the sale of the house, company etc. Nobody inherits any permit as it is cancelled when they leave. A NEW permit is arranged for the NEW person.
My LAWYER tells me he can organise another two work permits for the new company owner/s or do I take it he is lying as well ?

As said he did it for my friends for the last four years so who should I believe ? A bar room / forum legal expert or a Thai lawyer.
No contest.
For anyone thinking of buying a company go see a lawyer preferably one recommended to you by someone who has used them and not a public forum full of " Experts "

**Thormaturge** · 21-09-2013, 10:41 AM

Originally Posted by The Big Fella

who should I believe ? A bar room / forum legal expert or a Thai lawyer.
No contest.

Jeez.

With the work I do we regularly encounter people who have received favourable treatment from the Authorities in exchange for a few thousand Baht from a Thai lawyer.

A few years later they get caught. Nobody cares about the lawyer.

Frankly if a group of experienced expats were telling me one thing and a Thai lawyer was promising something else I would give the lawyer a wide berth.

**Peterke** · 21-09-2013, 10:58 AM

Originally Posted by Peterke

Company registered Jun 2012. Never traded. All tax returns in order. Price negotiable.

My price is 26k. The accountant charges are extra. All company documents are translated to English. Company is registered in Chonbury (office Pattaya). Accountant willing to do the paperwork is in Pattaya. Bear in maind: every new company must keep 25% of registered capital in the bank. I do not know how is it checked. I do not have to comply with this rule as my company was registered last year.
Please check the costs with offices registering new companies and if still interested send me private message
Peter

**Fondles** · 21-09-2013, 11:23 AM