Last post from me on subject as it has turned into a circus, for which I am more than partly responsible, apologies to all.
Below are the two new government regulations for land and company, these were the two main areas of concern for many. The government has now made it clear what they want and I see no point in commenting further unless anything else 'concrete' comes up. I'm not asking anyone to take my word for it, simply check with your solicitor.
The government had a chance here to stop foreigners purchasing land but did not and made it clear to me that they welcome the investment.
I'll leave others to clutch at the next straw and tell you how the government will take your house away one day.
The Latest Government regulation for land
21st July 2006 government regulation to land office clarifying which land transfers are to be subject to the new shareholder checks, see link by Lev:
http://www.huahinafterdark.com/forum/vi ... php?t=4126
The government confirms to land offices that the ONLY transfers that are to be investigated are those made by the real estate industry (property developers, hoteliers and the like).
The Land Offices have adopted this and are now freely transferring land again to normal house buyers. Some of us did say a few months back that this was the case, others would not listen.
The Latest Government regulation for companies
20th July 2006 government regulation (see in full below):
The government announced it's closer look at foreign companies and the ONLY change is that when registering a company at day one, you need to take photocopies of the Thai shareholders bank details confirming they have the funds.
This is in fact already normal practice with solicitors who set your companies up correctly.
Again no new regulation that will restrict foreigners having limited companies in Thailand.
Print it off and check it with your solicitor.
Cheers,
Burger
Department of Business Development
Order No. 102/2549
Specification of supplementary document required for the partnership and company limited registration.
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Pursuant to the Order of the Business Registration Office No. 1/2538 Regulations for the Partnership and Company Registration B.E.2538, dated on March 13, 1995 (BE 2538), stipulates that the person, who desires to register a partnership and company limited, is subjected to submit the application form and the supplementary document complying to the appendix of the aforementioned Order;
Now, under the Condition 3, Clause 3, of the Ministerial Regulation regarding to the establishment of the Business Registration Office, the appointment of the registrar and the determination of the rules and regulations for the partnership and company limited registration B.E.2549 which is issued under the Civil and Commercial Code (in the section regarding to the Partnership and Company), the Registrar General hereby stipulates the rules and regulations for the registration of the partnership and company limited which has the foreigner(s) holds the shares of the partnership or company at the proportion begins from 40% but less than 50% of the registered investment capital, or the foreigner holds the shares less than 40% of the registered capital and the foreigner is authorized to act on behalf of the said partnership or the company limited. For the aforementioned case, all Thai national shareholders are subjected to submit the evidences showing the source of the investment together with the application form of the business registration. The said evidence shall contain the detail of the amount of money which matches to the amount of the investment that each Thai shareholder has invested in the Company or the partnership. The required evidence shall be one of the following documents:
1. Copy of the bank statement of the most recent record of the last 6 months or;
2. any document which issued by the Bank to certify the financial status of the shareholder or;
3. Copy of the evidence that shows the source of the investment that the Thai shareholder invested in the partnership or company limited.
This regulation shall be commencing in full force from this August 15, 2006.
Order dated on July 20, 2006
Ms. Orrajit Singkhalawanitch
Director-general of Department of Business Development
The Registrar General
New Government Regulations for Land and Company
Re: New Government Regulations for Land and Company
Have never read that somebody has maintained this!Burger wrote:Again no new regulation that will restrict foreigners having limited companies in Thailand.
Not clear again whether it’s legal now to use the company-route as normal buyer, or not.
Great clarification! I love Thai-government!
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JimmyGreaves
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Re: New Government Regulations for Land and Company
So I noticed myself, but I want to say a BIG thank you for all the info. you have given to a lot of us.Burger wrote:Last post from me on subject as it has turned into a circus
I owe you some pints of beer!!
I intend to live forever - so far so good.
all this letter does is reaffirm the previous statement from the land department that all companies will be looked into if they feel necessary.
the land dept have rightly said that the company formation is not their problem and should start at the source. i.e registration!!!!!
and not after the company has been set up.
so therefore any company set up after the 15th of this month will not need scrutiny from the land dept because the company has to be setup properly in the first place.
the land dept have rightly said that the company formation is not their problem and should start at the source. i.e registration!!!!!
and not after the company has been set up.
so therefore any company set up after the 15th of this month will not need scrutiny from the land dept because the company has to be setup properly in the first place.
