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Originally Posted by river
Hi stevem like the sound of your new setup so let me get this straight.
If you are looking at buying a bar we are talking say 1.5 mil for the key money (goodwill) then the lease for 3 years is this payable in installments.
Then isn't there like a charge which all the bars in the soi have to pay for music, up keep of the soi etc.
Is this all the overheads + power of course which is separately metered.
So what's the story with foreign ownership re: thai law and taxes which I presume have to be paid.
Sorry about all the questions but this is all new to me.
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Hi River,
No probs about the questions. We're all new to something at some stage.
The B1.5m (negotible) is payable to me to takeover the operation of the bar. There is the monthly rental fee B13K, which includes water, electric and common DJ fees, payable to the Thai owner beginning of every month.
At the end of this year, the lease on the bar is up (this is the key money). Last time it was renewed it was B500K for 3 years, but we are anticpating B700K for 3 years this time arround.
You pay VAT every month, which is based on sales. You will need a Thai name for the licenses. If your interested, we could come to some management arrangement, but let's go to PM for this not in the open forum.
Steve