Can you comment on the requirements for the Amity Treaty as a sole proprietorship. I’ve been reading that it does not require any registered capital or Thai employees at all to get a work permit and is significantly easier if you’re already on a Thai marriage visa.
The minimum required paid up capital is now 2 million instead of 3 million. They've also lowered the required amount of shareholders to 2 instead of 3. And no, actually you don't need to deposit 2-3 million into a bank account; that's a very common misconception. You bascially just need to declare that you invested / are investing 2 million into the company, and they just use that number to determine the amount you need to pay in taxes and registration fees.
Hey there, thank you for your informative comment. Yes, the shareholder requirement rule has changed to 2 shareholders for all companies in 2023 after we had published this video. Yes, you do need to deposit a % of the company capital depending on your shareholder percentage. Just saying you are depositing the money isn't enough, the capital does need to be deposited into your company account, but to reach the full capital it is based on the % of your share.
I saw that treaty restricts domestic trade in agricultural products does this mean that it prevents a retail sale of marijuana if your not producing the product?
Hi there, thank you for your comment. You can set up a cannabis company under the Amity Treaty, but for visa purposes you will need a Thai Director to get your first visa and work permit. Feel free to email us at info@settleinabroad.com if you have any more questions.
Is there a way to structure using this treaty and a Thai limited partnership. For example can I have the title limited partnership buy the land but title the property and building on the land using the amnity treay company
There are other benefits to the treaty I read about this was not an in depth analysis. Siam legal has the treaty provisions on their website I got more information there.
So it can't be a single member company? How is it treated for US taxes? Is it possible to have a disregarded entity status on these amity companies? If not what business structures in Thailand are eligible for that?
Correct as a foreigner you can't open a sole proprietorship. Once you are a Director of a foreign corporation you are required to fill out a specific tax form and submit to the US government along with your annual taxes. We suggest getting an account specialized in expat taxes for Americans, we have a few recommendations of accountants if you need. It's not possible to have a disregarded entity status when opening a company in Thailand as an American, but we suggest speaking directly with a US expat accountant to set up your best tax plan.
I see it requires 3 shareholders but does the "shareholders" have the same rights in US shareholders, i.e. revenue share, decision making, etc. Even if I can put the other 2 shareholders with family, can they technically dispute with thai courts to make any business decisions or force compensation etc...
Hi there, thank you for reaching out to us. The director will have the most rights in the company, but the other shareholders do have rights to their revenue for shares etc. There is a sole propriety option for the Amity Treaty that can be done with less shareholders, too. If you have any more questions, feel free to email us at info@settleinabroad.com
You mentioned having shareholders... Does this mean that the company needs to be registered as a corporation? What types of business registrations are acceptable? (LLC, S-Corp, Proprietorship, etc) I'm really interested in this option but the shareholder thing sounds like the business needs to be of certain size like a large corporation. Can you shed some light on this?
Hi Kiesha. Thanks for reaching out. You need to set up a company in Thailand to be able to legally do business. So with the Amity Treaty the shareholders can be all Americans. So these could be business partners or family members etc. however you choose to run your company. Feel free to email us at info@settleinabroad.com with any questions or set up a free consultation call here: settleinabroadconsultations.as.me/
Hi there. Thank you for getting in touch. It takes about 3 months to set up a company under the Amity Treaty. It requires you to be in Bangkok for most of the time as many documents are needed from the US embassy in Bangkok. Feel free to email us at info@settleinabroad.com with any additional questions. Alternatively, set up a free consultation call here settleinabroadconsultations.as.me/
What does one need to setup bank account in Thailand? Do I need a thai address? Just not sure how the residency part works. Do I need permanent address in Thailand? Some of my main questions at the moment since it looks like everything else requires bank account with proof of funds
To set up a bank account in Thailand you need a TM30. Landlords including hotels are required to report any foreigners living at their place to Immigration within 24 hours of their arrival and issue them a TM30. It is difficult to open bank accounts on Tourist Visas, but if you open it with an agency it's easier. We can assist you in opening a bank account. Feel free to email us at info@settleinabroad.com with any additional questions.
@Michael G Yes, it is the landlord's responsibility to report it for you. You should check that this has been done for you immediately once you check into your hotel, condo or house. If they won't do it for you, yes you need to report it yourself.
Can you set up a US Thai amity company and own a Condo Foreign or Thai Quota? In certain states in US a Condo owner does not own land. They own just the Condo with limited common elements and common element rights. The Association or Management company owns all the land and taxes for the land are usually paid in the Maintenance or Common Fee. Looked everywhere, talked to RE pros and a lawyer no one knows the translation or definition of Land under the US Thai Amity Agreement
Under the Amity Treaty you cannot own land. The perks of opening a Thai Company Limited is it acts as a Thai juristic person, which gives you many of the same rights as a Thai national, such as being able to 100% own land.
Shareholders or private, no difference to me, chinang mai looks interesting, me and my wife are Dutch and we have EUR 400 K in Dutch, no children so a 99 year lease is fine I would think. Just nice apartment suggestions are fine, I am more than 60, my wife 52. Please give concrete suggestions without too much tax.
Hi Christian, thanks for reaching out to us. We'd be happy to go over some apartment options and any other question you have pertaining to relocating to Thailand. Please set up a Free Consultation Call via the link below. settleinabroadconsultations.as.me/schedule.php Alternatively, send us an email at info@settleinabroad.com. We look forward to hearing from you.
Hi there, thank you for getting in touch. This may be possible, but we would need to hear more details about your current visa and your plans for the business. We offer a FREE Consultation Call where we gather all information and answer any questions you have. Feel free to set up a call with us via the link below. settleinabroadconsultations.as.me/schedule.php
