Does anyone think that the government will give existing shell company owners the "benefit of the doubt" and let them keep their property.
But will simply tighten up on those that are intending to set up new companies
Existing Registered Companies holding property
-
lockwood74
- Specialist
- Posts: 123
- Joined: Sun Dec 12, 2004 6:30 pm
- Location: LONDON
- Contact:
It's a question of whether they decide to go ahead and really start investigating with coordination between the Lands Dept and the Commerce Ministry which handles company registrations. We probably won't know until the new Foreign Business Law is passed as that might provide them with impetus to act. Unlikely they will ever to decide to let foreigners own land through company. If they catch anyone they will prosecute. This government won't have time to do much but we assume they will try to pass the FBA. A final solution may left to the next government. Maybe they will come up with a scheme whereby land has to be transferred to a government entity and leased back. Maybe leases will be longer than 30 years. But they might just go ahead and enforce the law the as it stands.
I agree Bequine, any new formation of Limited Companies will stop some day soon, existing one's will be 'grandfathered' in and buyers will go leasehold. Most Real Estate agents and solicitors are advising leasehold, and buyers seem happy with them due to the additional clauses solicitors are adding to help protect them.
Some quotes from Government departments about companies holding land:
Land Department deputy director-general Khantachai Vichakkhana: ''We cannot check potential nominees until a prosecution is made. In any case, there must be evidence from the Commerce Ministry as well. To date, no formal report of an illegal nominee structure has been made to the Lands Department" he said.
Seems the Land Office are not pursuing it
Ministry of Commerce, director-general of Business Development Kanissorn Navanugraha: "the department only forwarded information on various juristic entities to the Lands Department on request, but did not have the right to stipulate whether a nominee structure existed or not."
Ministry of Commerce also said a while back:
"As there are 500,000 companies registered with DBD, we will check the nominee matter only if someone complain to DBD with enough evident, most of the case complaint came from fighting between the foreigner and their shareholder.
Seems the Ministry of Commerce are not pursuing it
Burger
Some quotes from Government departments about companies holding land:
Land Department deputy director-general Khantachai Vichakkhana: ''We cannot check potential nominees until a prosecution is made. In any case, there must be evidence from the Commerce Ministry as well. To date, no formal report of an illegal nominee structure has been made to the Lands Department" he said.
Seems the Land Office are not pursuing it
Ministry of Commerce, director-general of Business Development Kanissorn Navanugraha: "the department only forwarded information on various juristic entities to the Lands Department on request, but did not have the right to stipulate whether a nominee structure existed or not."
Ministry of Commerce also said a while back:
"As there are 500,000 companies registered with DBD, we will check the nominee matter only if someone complain to DBD with enough evident, most of the case complaint came from fighting between the foreigner and their shareholder.
Seems the Ministry of Commerce are not pursuing it
Burger