Thinking Of Closing Company And Handing In Work Permit

[NightSky]

Im on a Non O extension with a Thai spouse and I have a Thai company registered since 2014, fully accounted for and audited every year and I have a work permit linked to this company.

 

My wife is an employee along with a couple of other family and friends who are employees however the business previously had me exporting and managing marketing projects although now Im not doing this and I cant see the benefits of paying for the maintenance anymore.

 

Im not working here any longer other than answering my phone once a week/or month to check on my overseas businesses and investments and most of my time that I spend at my home office desk these days is reading the news and posting on ThaiVisa. 

 

The only downside will be handing in my work permit that I needed to show once when I registered my drivers licence and my wife will need to find a new employer. Although if she doesn't find one I'm wondering if this would be detrimental to her renewing her mortgage deal in a few years time and if we decide for her to apply for a UK settlement visa any time in the future? 

 

Keeping the company solely for these reasons and not needing a work permit doesn't seem practical for me now although if it helps I would keep it operating. 

 

Also if anyone is interested in acquiring the company at no charge to support a work permit I am willing to show audited accounts and for us to meet with my accountant to transfer the details. it is a very straight forward business that is shown in the audited accounts. It would save me the cost of closing it and save you the cost of setting one up. PM me if interested.

 

 

[bigginhill]

Re an old thread of yours, is it feasible to transfer the company to the family members, making your wife the director, and you become an employee. Pay the social fund for a year, so that then you can opt to stay on it when the company is closed/transferred. 

May help you with the social fund and your wife with the mortgage. 

I have no idea if financially if it makes sense.

[NightSky]

47 minutes ago, bigginhill said:

Re an old thread of yours, is it feasible to transfer the company to the family members, making your wife the director, and you become an employee. Pay the social fund for a year, so that then you can opt to stay on it when the company is closed/transferred. 

May help you with the social fund and your wife with the mortgage. 

I have no idea if financially if it makes sense.

I did think around those lines and although legal on paper it might be seen as trying to manipulate the system?

 

My Wife would also lose her social fund eligibility as director and owner so not really feasible.

 

For other reasons I wouldn’t want to involve her family to that extent to make them sole owners for a year either.

 

I like your way of thinking through the possibilities though.

[bigginhill]

This is purely a theory question, just for the sake of it... 

Is the director sso payments a no go just for farang?

Secondly, an employee who finishes work after 1yr and younger than 60 can opt in to the sso voluntary payments, thai and farang. Should they continue to become a company director, could they continue to pay voluntary sso? 

Not suggesting for you, but curious if someone knows the answers.

[NightSky]

28 minutes ago, bigginhill said:

This is purely a theory question, just for the sake of it... 

Is the director sso payments a no go just for farang?

Secondly, an employee who finishes work after 1yr and younger than 60 can opt in to the sso voluntary payments, thai and farang. Should they continue to become a company director, could they continue to pay voluntary sso? 

Not suggesting for you, but curious if someone knows the answers.

After 2009 I would guess they dont allow you to be in the social fund when you become an owner/director of a company even if you were in it before. But if you keep paying who would know?

 

Race or nationality has nothing to do with it. At that point they expect you to pay for your own extortionate insurance.