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Starting a business with Thai partner without work permit?


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Hello!

I want to start a small business with a thai partner.
From my understanding, in order to grant me a work permit and business visa there is a requirement of 2,000,000 THB in capital for the business. 

As I don't have this kind of money at the moment and the business is just something small we would like to try out together and see how it grows, what is the best option for setting up such a business as of now?

I would of course like it be as legal as possible, but the requirement for the 2 million baht is a steep on at the moment.

Any and all input and help is greatly appreciated in this!

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The thing here is that 2,000,000 THB (~60,000 USD) is barely enough money to open a single restaurant! I don’t think you can open a restaurant in Bangkok with 2M. 
 

So there is a chance that your business here may be something online, or something else which clearly doesn’t require even 2M Baht. So you’ll probably be fine just by being a shareholder, and in the meantime staying in Thailand with whatever other visa you are currently holding. In the future if it gets big and you reach the 2M you can then convert the visa and get the work permit.

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What ever you do, make sure that this partnership is well cemented, recorded and witnessed and fully documented and that your investment is protected in any way possible just to be sure, a legal advice will also be a good idea...

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9 hours ago, ctxa said:

The thing here is that 2,000,000 THB (~60,000 USD) is barely enough money to open a single restaurant! I don’t think you can open a restaurant in Bangkok with 2M. 
 

So there is a chance that your business here may be something online, or something else which clearly doesn’t require even 2M Baht. So you’ll probably be fine just by being a shareholder, and in the meantime staying in Thailand with whatever other visa you are currently holding. In the future if it gets big and you reach the 2M you can then convert the visa and get the work permit.

Thanks for your input (and the others as well). It looks like being a shareholder from the start is the easiest option starting out.

But then the issue of the Visa comes up. Is there a good VISA  to stay here (currently on tourist visa) while building the business as a shareholder?

This might be the wrong part of the forum for this question and if so I apologize.

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1 hour ago, Gman1992 said:

Thanks for your input (and the others as well). It looks like being a shareholder from the start is the easiest option starting out.

But then the issue of the Visa comes up. Is there a good VISA  to stay here (currently on tourist visa) while building the business as a shareholder?

This might be the wrong part of the forum for this question and if so I apologize.

Well, if I were in your situation, I'd very much rather be with a Non-Immigrant VISA than with a tourist VISA. 

Mainly because, I am unsure of whether legally you can take part in a business as a shareholder while holding a tourist VISA, but by definition a tourist VISA is not really meant for business is it? 

You then have different options: 

 - Non-Immigrant based on volunteer work (many VISA agents offer this one for a fee). 

 - Non-Immigrant based on marriage. 

 - Non-Immigrant based on retirement.

Etc...

 

 

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Posted (edited)

  

2 minutes ago, ctxa said:

Well, if I were in your situation, I'd very much rather be with a Non-Immigrant VISA than with a tourist VISA. 

Mainly because, I am unsure of whether legally you can take part in a business as a shareholder while holding a tourist VISA, but by definition a tourist VISA is not really meant for business is it? 

You then have different options: 

 - Non-Immigrant based on volunteer work (many VISA agents offer this one for a fee). 

 - Non-Immigrant based on marriage. 

 - Non-Immigrant based on retirement.

Etc...

 

 

 

Thank you very much for the information! And you are right it might be harder with the tourist VISA.

I'm not old enough for retirement (not even close to 50 haha) and I don't have anyone to marry as of now.
So I guess the volunteer work one is best option for me.

Can you or anyone here recommend a good agent that can help me with getting this VISA?

Edited by Gman1992
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  • 3 weeks later...

The 2m is registered capital, you don't need to actually Investment. I think it relates to liability in case of bankruptcy, but I'm no expert.

 

You could also considered a limited partnership which is simpler. This is what we did and when things were successfully we switched to Ltd Company

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The 2M is registered capital indeed, the least of your problems as it doesn't need to be liquid to get a WP. You would need 4 employees instead, so after your Thai partner being one, 3 more. That is why the majority has the visa issue in the first place too.

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