Categories
Pattaya

Doing business in Pattaya

The number of registrations of new businesses has risen significantly over recent years as an increasing number of overseas investors have been exploring and exploiting business opportunities in Thailand. The country’s economy enjoyed healthy growth until the recent global “downtown”, but Pattaya, along with most of the rest of the world, is presently experiencing a slowing down in the pace of economic activity.

doing-business-in-pattaya

This fact alone should not, however, deter a shrewd investor. It is now an established part of conventional wisdom that business and investment opportunities may be even more attractive in the long run, if the investment is made at a time when the economy is “cooling”. As always in business, whether you are an established business person, or a budding entrepreneur, it is a case of identifying the right opportunity  in Pattaya and then working hard to bring your plans to fruition. We commend you to consider choosing and establishing the right business structure, which most appropriately suits your needs, as being analogous to laying down the foundations of a new house.

This is where we hope that you will appreciate the value of our knowledge and expertise. By working in close association with our in-house Thai lawyers we can not only advise you with regards to setting up your business;will suit still we can also assist you in implementing your plans. You will further benefit from our practical advice concerning the “dos” and “don’ts” of doing business in Pattaya and hence, avoid making costly mistakes by identifying and circumnavigating any foreseeable obstacles  which your business may face in the future.

Doing business in Pattaya remains potentially very profitable and is relatively straightforward if you receive the right advice from the beginning. This is where we come in; we can assist in guiding you in a practical and down to earth manner through the otherwise quiet difficult red tape. Let our expertise give clarity to your vision.

 

Categories
Pattaya

Business Registration in Pattaya

New business registrations in Pattaya have significantly increased over  recent years ; a fact which is reflected in the country’s unprecedented economic growth. Thailand’s growing economy and consequential increase in market demand has attracted many overseas investors who have identified an opportunity to optimize a return on their investment such that they can anticipate making greater profits than they would from making a similar investment in their own country.

Business registration in Pattaya Foreign investors are also attracted to doing business in Thailand for reasons such as strong government incentives and support given  to new businesses. The Thai government also has policies specifically designed to promote the liberalization of business and free trade.  Foreign investors  benefit from Thailand’s modernization over recent decades which has resulted in the establishment of a solid economic infrastructure, including transport, banking, power and telecommunications. If you were visiting Bangkok for the first time, with its plethora of high-rise office, apartment buildings and hotels, you would be hard pressed to distinguish it from any other capital city in the world.  What’s more, the transportation systems are very efficient, with many kilometers of elevated expressways [motor/freeways] which efficiently keep the road traffic from log jamming, and the “skytrain” which is  ultra modern and very popular with commuters.

Last, but not least, Thailand is a beautiful country in which to live and work and, indeed, ultimately retire.  It is widely referred to both as “the land of the smiling people” and “the land of the free”.  Business overheads in respect both of the costs of leasing property or buying property and hiring skilled labour are significantly less than in the native countries of most overseas investors. Living in Pattaya and the cost of living like everywhere else depends on your lifestyle. In our view Thailand’s recent political instability has been largely overplayed by the media. Without a doubt, the tourist industry has suffered, but other businesses have been  unaffected. Thailand is, of course, a monarchy and the King and his family are  universally revered by his  devoted subjects.  This fact underpins the present and future political stability of this emerging economy which is strategically located at the hub of S.E. Asia.

Call our law office in Pattaya today to discuss your business needs in Pattaya, be it is business or bar in Naklua, Jomtien or Pattaya City. We are able to assist you at very reasonable rates!

Categories
Property

Buying Off-Plan Properties in Thailand

When venturing into any form of investment, risks are always involved. These pitfalls may exist like booby traps, just lying and waiting for an unsuspecting individual to fall or they simply reveal themselves as the project progresses.

Off-plan properties are not exempted from these risks and in view of this type of property investment, there are at least three sides that must be looked into: the side of the developer, the one who is against it for whatever reasons he may have and the vulnerable one, and that is you.

But, let us set aside your vulnerability in an off-plan property investment because on this article, you will be sitting as the judge and you will weigh the arguments that the developer (the accused) and the contra off-plan property purchase (the accuser) will present unto you.

So, let us begin with the examination of both concrete and circumstantial evidences.

The Developer

Off-plan property acquisition offers discounted prices for the yet to be built units. You will also be given the freedom to select the best units possible and to add with those are the other incentives that the developer will offer you as an off-plan buyer.

For the developer, there is no problem if you only have catalogs, 3D model units and advertisements as your basis for purchasing off-plan. It can guarantee with vigor that whatever you see on these marketing tools will be exactly the same with a completely built one in the future.

The Contra Off-Plan Property Purchase

This person discourages you to purchase off-plan properties because of the risks involved. First, you will already begin payment even if the development is yet to be started or has yet to be finished. He will supplement this with an argument that there is always a possibility that the developer will run out of finances to finish the project.

Another contention of his is the concern on quality of workmanship and materials that will be used will not be the same with those on the advertisements.

And lastly, he attacks the character of the developer by questioning its credentials, financial capacity and overall stature in taking on such project.

The Judge

You find both positions to be valid. You think that there is nothing wrong if the developer will start collecting payments from you even if the project is yet to be started but you also find credence to the argument of the opposition that there is always a risk that the development will not be finished and thereby leaving you hanging.

You also believe the possibility that the developer will not be able to build the property according to the schematics they presented earlier. You think that the 3D model units will not be the same with the actual units once finished. But, as what is said earlier, you only “believe” this possibility and you do not have the factual basis yet for such belief.

In other words, you find it hard to decide which side of argument you will take into consideration and so the best thing for you to do is to have an independent consultation on the matter by doing the standard practice of Due Diligence and a background check on the developer.

  • Due Diligence – This will allow you to check the authenticity of the documents, especially the type of title deed. Due diligence can also help you check the background of the title or property whether it is not subject to any litigations. It will also uncover if the development is allowed on such particular area base on its land classification.
  • Developer Background Check – Your questions about the financial capacity and reputation of the developer will be answered if you will conduct a background check. After gaining pertinent information about the developer, you may now decide whether it is worth your trust and your advance payments or not.
Need Help?

With your limited knowledge on Thai property investment processes, culture and laws, of course you do need help. For proper execution of due diligence and background check on the developer, you need to enlist the services of a reputable registered Thai property lawyer.

The Thai lawyer can access court records for possible litigations involving the title, developer or property agent. He can also do efficient investigations whether the type of development is allowed on the particular area and on the overall status of the developer.

 

Categories
Pattaya

Starting a business in Pattaya

For some people, establishing his own business is much better and more satisfying than working for somebody else. After all, personally owning a business is having the chance to do things his way and his own time by using his personal methods.

And for starters and veterans alike, Thailand cannot be a bad choice to start a business. Expatriates are very much welcome in the country. Other than that, the economy is on a favorable condition and its government has been continuously revamping its rules and has embarked on initiatives to help facilitate and fast track the establishment of such ventures.

Actually, the availability of guides in establishing, conducting and managing one’s own business in Thailand is enormous. These guides can simply be found everywhere. One can find them at the bookshops, magazines and through the simplest method, searching them through search engines.

But, not every written step found on these guides can simply be done by anyone, especially, to a newbie in doing business in Thailand. Moreover, faithfully following every step do not really guarantee 100% success rate or 100% kink-free processing of the business application though when in Thailand, to minimize the impact of such risks, there are only two things that a beginner in doing business in the Kingdom must remember: never circumvent or violate any Thai laws and do a research.

Doing a research

This does not necessarily imply for an aspiring businessman in Thailand to diligently adhere to the “basics on research methods.” Doing a research simply means, the soon-to-be proprietor in the Kingdom must know everything that he should know with regards to his prospective Thai market.

Yet, when considering Thailand as his business destination, chances are, this business-minded individual already had an idea on what type of venture he will be introducing to the Kingdom.
With research, he will be informed that expatriates are only allowed to engage to a limited number of businesses types as some of them are restricted for Thais only while some may be allowed to foreigners like him.

Other areas of concern that he must consider including to his research are the following but not limited to:

  • Taxation
  • Type of business allowed to expatriates
  • Licensing procedures
  • Incorporating procedures
  • Legal issues
  • Property ownership
  • Required capitalization
  • Labor and related issues

Also, a good research work in Thailand will bring him to the Thailand Board of Investment center, the One Start One Stop Investment Center (OSOS).

Comparing to the guides found on magazines and the internet, the information that the business-venturing individual can obtain at this center will surely be genuine, up to date and precise.

Why is this so?

It is because the OSOS houses every government departments and offices that an enterprising individual needs to approach and inquire.

Here, the aspiring businessman in Thailand can compare the information that he obtained through the magazines, books and the internet or through small talks with established business owners with the information that he will get at the OSOS.

But, aside from obtaining information and if all the necessary documentation are already in place, the businessman can also submit his application at the center too.

Never circumvent or violate any Thai laws

Circumventing or violating the laws in Thailand should never be an option for an aspiring businessman even if doing such will ensure fast facilitation, approval and establishment of his business in the Kingdom.

Like in any other country, he must abide by the laws and policies of Thailand otherwise his application will be rejected or worse, his shop will be closed down and he will find his immigration status in peril if ever he will be granted with the permit and license to operate a business in the Kingdom.

While he can obtain the information on what Thai laws and government policies to follow at OSOS, it will be of his best interest if he will find a topnotch and reputable corporate lawyer or Thai law firm and tap their expert views and opinion on the legal side of conducting business in Thailand.

Not only that, hiring the services of such lawyer or law firm will also help him ensure that his rights as an enterprising expatriate will be protected as guaranteed by law.

 

Categories
Corporate Pattaya

3 Steps to Starting a Business

Business registration in Thailand is a complex procedure thus the promoters of the company do need a sound and expert advice on the matter. This will help minimize expenses as well as reduce the likelihood of problems in the registration process. When problems in the establishment and registration process are addressed earlier, the registration process of the business can be done quickly.

The most usual type of business entity used in the Thailand is the Private Limited Company.

The 5 Business Registration Steps
  • Corporate Name Reservation – this is the primary step in the registration process. A promoter of the company must file for name reservation at the Department of Business Development of the Ministry of Commerce. The promoter must submit at least 1 company name. The reservation can be done online and the result will be provided within 30 minutes.Moreover, your company name must contain the word Limited at the end of it and that it must have a Thai translation for non-English speakers and also because your company will be registered under Thai language.
  • Memorandum of Association – when the reservation of the name has been approved, the company must then submit its Memorandum of Association. The MOA must include the following information: company name, province where it is located, the scope of the business, capitalization to be registered and the names of the promoters.Furthermore, the MOA also contains: a statement detailing the limited liability of the shareholders, amount of share capital and number of shares of each promoter.Aside from the names of the promoters, the MOA must also contain their addresses, work and specimens of their signatures.
  • Statutory Meeting – a statutory meeting is convened after the share structure has been defined in order to determine the following: Adoption of the Articles of Association (By-Laws), Sanctioning of Contracts and Expenses incurred by the promoters in the promotion of the company. It must also contain: fixing the amount of remuneration to be paid to the promoters, if there is any; fixing the number of preferred shares and the extent of preferential rights; fixing the number of ordinary or preferred shares to be allotted and lastly, the appointment of the initial director or directors and auditor or auditors and the determination of their powers. Also, this is the time wherein the promoters will transfer the business to the directors.
  • Registration – the directors of the newly formed company shall submit the application within three months of the date of the statutory meeting in order to fully establish it. The promoters are required to provide the name, license number and remuneration of auditors that the company is planning to recruit. The fee is 50 Baht per 100,000 Baht of registered capital to register MOA. A fee of 500 baht per every million baht of registered capital to register the company itself.With the ongoing investigations on companies using Thai nominees (a non-legal process of circumventing Thai laws), you can expect that the Thai shareholders of your company will be asked to declare the sources of their investment in your company. The Thai government would want to know whether your Thai partners are legitimate shareholders or if they are just being used as dummies to make it appear that your company is complying with the laws.The rule applies if an applicant attempts to register a company with up to 49% foreign ownership or a foreign director or both. But it does not apply to companies registered with majority foreign-ownership.
  • Registering the Tax Documents – companies subject to income tax must obtain a Tax ID card and number at the Revenue Department within 60 days of incorporation.Your company must also be registered for VAT so that you may be allowed to secure work permits for non-Thai employees of your company.

 

Categories
Pattaya

Lawyers in Pattaya

Some people think that having good lawyers in a law firm is enough. In fact, in our entire experience, some think having good lawyers should be enough to build confidence to the clients. Unfortunately in reality, that isn’t enough and it should not be. It simply isn’t enough today to be just a good law firm.

“Great lawyers are always available and accessible to their clients. Great lawyers don’t just respond when their phone rings, they make other people’s phones ring.”, according to Tom Kane author of the “The Difference between Good Lawyers and Great Lawyers”.

That’s what make Law Firm Pattaya not just any other law firms in Thailand. We get the legal work done effectively and efficiently. We treat our clients professionally. We care about our clients. That is the Law Firm way.

Below are the location of our offices in Thailand.

Bangkok

Interchange 21 Building,
399 Sukhumvit Road, North Klongtoey,
Wattana, Bangkok 10110

Business Hours:
Monday to Fridays 9:00 AM to 6:00 PM
Closed on Saturdays and Sundays

Phuket

Moo 5, Bangtao Place
T. Cherngtalay, A. Thalang,
Phuket 83110, Thailand

Business Hours:
Monday to Fridays 9:00 AM to 6:00 PM
Saturdays 10:00 AM to 3:00 PM
Closed on Sundays

Pattaya

Moo 10 Nongprue,
Banglamung, Chonburi 20150 Thailand

Business Hours:
Monday to Fridays 9:00 AM to 6:00 PM
Saturdays 9:00 AM to 2:00 PM
Closed on Sundays

Chiang Mai

Curve Mall
215/2 Chang Klan Road, Muang,
Chiang Mai, 50100 Thailand

Business Hours:
Monday to Fridays 9:00 AM to 6:00 PM
Saturdays 10:00 AM to 3:00 PM
Closed on Sundays