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#1
04-09-2007, 13:41
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Bangkok Post: 40,000 foreign companies investigated
Bangkok Post: 40,000 suspected of breaches
The crackdown on nominee shareholders continues whether draft amendments are passed or not. Anyone who thought it was a paper tiger had better get his 'Thai company' papers in order. Does your girlfriend know she has majority voting rights in your bar? 
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#2
04-09-2007, 16:45
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"Mr Kanissorn said that a more comprehensive investigation would continue into 12 big companies, including DHL Logistics (Thailand), DTAC, Bolero-Tak Wu Holdings and Cencar Co."
Another drawback for farang community if they really start to crackdown on ALL foreign companies now.
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#4
04-09-2007, 18:55
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And the hits just keep on coming !!
__________________
Men have only 2 emotional states, hungry and horny.. So ladies, if you see me without an erection, make me a sandwich.
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#5
04-09-2007, 20:28
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Some government worker showing initiative. It won't go anywhere and after the election the Democrats will stop this stuff, but they are doing more damage to rep of Thailand meanwhile.
__________________
Women with a past and men without a future grope and shuffle on the dance floor.
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#6
05-09-2007, 01:13
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I hope you're right. Farangs will always be attractive targets for Thai politicians though - we don't vote, so there's no repercussion. Anytime some politician wants to distract the media from his latest scandal, or if he's just unknown and ambitious, all he has to do is play Whack-a-Mole on the foreigners. If foreign businesses start bailing out and laying off workers, of course the politicians won't take responsibility. They can just blame the foreigners!
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#7
05-09-2007, 04:47
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This is the reason why I think the Democrats will reverse course. They are vocal in criticizing the caretaker government's current actions. There is no upside in doing this with the general public. Possibly some downside.
__________________
Women with a past and men without a future grope and shuffle on the dance floor.
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#8
05-09-2007, 08:06
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I think your over estimating our appeal..
They dont play the anti farang card for fun.. It gets votes..
__________________
Men have only 2 emotional states, hungry and horny.. So ladies, if you see me without an erection, make me a sandwich.
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#9
05-09-2007, 09:11
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This must come as no surprise to anyone. The Thai government announced over a year ago that Foreign owned companies with nominee shareholders would be investigated to make sure they were genuine compannies that are trading paying taxes etc etc.
This is the reason the Housing market has been on a decline for about a year and a half now because foreign investors cannot set up a Thai company for 40k like they did before, and obtain the land title in the company name. Foreign investors are very reluctant to endeavour into leasehold agreements due to the insecurities involved, especially in a politically unstable country. If there is a sudden surge of such investigations there could be a lot of current foreign investors without a leg to stand on.... and in all honesty i'm sure the land authorites are well aware that a lot of the Thai companies set up by foreigners are illegitamate. So whats the alternative..... Put in a Thai persons name... Yeah right !!!!!
__________________
She's different from the other BG's...... She's a cashier !!!! 
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#10
05-09-2007, 10:09
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Put it in a jurisdic thai nominees name and obtain a lease with first purchase clause pre paid and possibly a ufrastruct agreement. I cant remember it now but I think theres a clause that can prevent the sale of the land under the lease also (well the first purchase clause would stop any sane person being interested anyway)..
Not ideal but workable.
__________________
Men have only 2 emotional states, hungry and horny.. So ladies, if you see me without an erection, make me a sandwich.
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#11
05-09-2007, 10:57
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The surprise is the number of companies under investigation - 40,000 - which qualifies as a 'sudden surge', I think. I bet a lot of small company owners were hoping to slip through the cracks, but it doesn't look like it will work out that way.
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#12
05-09-2007, 11:06
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It doesn't surprise me the amount of companies under investigation.... We are talking the whole of Thailand here and investors have been exercising this "loophole" for quite some time now.... You're right the smaller companies must have thought they'd go un-noticed but i think anyone is vulnerable at this point of time..
__________________
She's different from the other BG's...... She's a cashier !!!!
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#13
05-09-2007, 13:59
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Yes, it was my thought. I will wait and see before I do any changes to my company structure.
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#14
05-09-2007, 14:16
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As will I. But it kind of makes you wonder why we all do it?
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#15
05-09-2007, 14:27
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I thought they only were going to investigate companies that owned land, to prevent foreigners owning land.
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#16
05-09-2007, 18:35
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Any registered company with or without land is subject to tax. If each year a company declares no trading therefore no tax to pay then the authorities reserve the right to question why the company has been formed. In the case of most farangs a company has been set up clearly not to trade but to enable the purchase of property or business. Its up to your lawyer to encourage you to declare a yearly gross of income for the company to which you can base your tax payments on. If these illegitamate companies made a payment to the tax office each year then it wouldn't be such an issue.
__________________
She's different from the other BG's...... She's a cashier !!!!
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#17
05-09-2007, 19:00
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Yes and no.. CURRENTLY theres no problem but with the disclosure of assets for beneficial owners / shareholders being the dead end for setting up land owning companies.. Whose to say they wont simply add that to ANY business with a non Thai shareholder / Thai (sleeping) partners..
They have already shown that they can and will..
__________________
Men have only 2 emotional states, hungry and horny.. So ladies, if you see me without an erection, make me a sandwich.
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#18
05-09-2007, 21:07
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The big problem is the government continues to act outside of the law.
That means you can't predict what will happen or what a remedy could be for this situation. Just have to sit and wait and hope the next goverment acts in a lawful manor.
__________________
Women with a past and men without a future grope and shuffle on the dance floor.
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#19
05-09-2007, 21:45
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To put it bluntly, this is my opinion:
1) Government needs money !! 2) The majority of Thais are poor and rich Thais are too well connected to get $$$ from them. Foreigners are thus an easier target. 3) building a nationalist ( anti-foreigners) sentiment in thai people using media coverage ect... The #3 is used then to JUSTIFY any action taken for the purpose of #1
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#20
05-09-2007, 22:29
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It would seem that most of the expat comunity here in LOS with business interests have their fingers crossed that a new government will be elected. That said, its no guarantee that things will change to diffuse the on going politics that complicate foreign investors should a new government take charge..... You would certainly hope so but T.I.T... so expect the unexpected 
__________________
She's different from the other BG's...... She's a cashier !!!!
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