Regulating Crypto Business

With the enactment of the new laws, it will become necessary for all cryptocurrency and ICO businesses to declare their assets. Which means they will have to show the sources of their crypto investment funds in order to prevent money laundering. The companies will also be obligated to provide names of buyers and sellers to the Anti-Money-Laundering Office.

The new laws also, potentially, put the Securities and Exchange Commission of Thailand in-charge of the cryptocurrency market in the country. The Thailand Revenue Department has also been ordered to collect 7% VAT and 15% withholding tax and has declared that taxpayers can now combine their cryptocurrency tax liabilities to their annual income.

This move to regulate the Thai cryptocurrency market legitimises it on an entirely different level, however, the Bank of Thailand’s refusal to change its position on the matter is the only dampener on the move. The bank stands firm on its position that even after the laws are passed, BoT will not deal with cryptocurrencies and any accounts that are linked to them will be subject to immediate suspension. And a lot of banks are following suit with the Bank of Thailand like the Bank of Bangkok. But the move is definitely welcome and comes as a giant reprieve to the crypto-users of the country.

 Credit by  itsblockchain.com.

Last Will and Testament in Thailand

Making a will and estate planning is not something we like to think about, but what happens if you pass away without having made that?

If you not have made a will your wishes may not necessarily be carried out and inheritance law might determine what happens to your assets upon your death. If there is no Thai will, your estate in Thailand must be distributed in accordance with the classes of relationship and in order of priority as stipulated in the Thai Civil and Commercial Code article 1629: Descendants; parents; brothers and sisters of full blood; brothers and sisters of half-blood; grandfathers and grandmothers; uncles and aunts and half of the estate (known in Thailand as Sin Somros) will belong to the spouse, if any and no prenuptial agreement exists which says otherwise.

If there is no living relatives and no will, your estate will go to the State.

Therefore, we strongly recommend making a Thai Will to ensure your loved ones are taken care of and your assets will go to the beneficiaries you have chosen.

Foreigners with assets in Thailand are generally permitted to dispose of their Thai assets according to the law of their home country or according to a will made in another country. However, the execution of a will or distribution of an estate requires a Thai court procedure and approval in which an executor will be appointed who will wind up the Thai part of the estate.
Foreigners therefore may choose to make a last will and testament specifically for assets in Thailand, excluding assets in other countries through a limited jurisdiction clause in the will. Such a Thai will be generally easier to enforce in Thailand and could dispose of your Thai assets separately and differently from assets in other countries.

There are many things you have to consider, like bank accounts, movable and immovable goods, and properties either in the name of a Thai company (shareholder) or leasehold (leasehold rights). You might need a guardian if there are minor children and an administrator or executer of your last will.

Types of Thai Visa

Tourist Visa

This is a 60-day Tourist Visa to Thailand that can either be a multiple or single entry and can be extended for up to another 30 days by means of a visa run. Well if you want to extend longer than 30 days, you can convert the visa to a Non-Immigrant Visa which will require you to go to the nearby city or country such us Penang and Kuala Lumpur, Malaysia.

Non-Immigrant Visa

This is normally a single entry visa to Thailand valid for 90 days. Like the tourist visa, you can extend your stay by doing visa run going to the border or nearby city/country. Obtaining a work permit and opening a bank account is possible.

One Year Non-Immigrant Visa

This visa is often a Multiple Entry Visa to Thailand valid for use for a period of 1 year. You are allowed to stay 90 days per entry which means, every 90 days, you will have to go to border and have your visa stamped at the immigration (visa run).

Marriage Visa and Retirement Visa

There is no direct application for this 2 visa types. But don’t worry its not going to be a complicated process, as long as you will meet the special financial requirements for the application. How to obtain a Marriage Visa in Thailand? You must simply be married to a Thai National. Otherwise, if you want a Retirement Visa in Thailand, you need to be 50 years old or above.

The process is as easy as 1 2 3. First step, you obtain a non-immigrant visa. Next, convert the non-immigrant visa to either Marriage Visa or Retirement Visa. These are the visa types that will allow you to stay in Thailand for the whole 1 year (renewable) without going to the border or not leaving the kingdom anymore at all.

Business Visa

This visa is specially designed for people who want to do business legally in Thailand. It is also known as Non-Immigrant Business Visa. You can get a work permit, open a bank account however you still need to do a visa run every 90 days.

Permanent Resident Visa

To qualify for this visa, you must have stayed in Thailand for 3 consecutive with the one-year-visa extensions. If you are married to a Thai for 5 years, you must be earning 30,000 Baht/month. If you are single, at least your monthly income should be 80,000 Baht. You just simply present your three years of personal tax statements proving the above-stated income requirements to qualify for a Permanent Resident Visa in Thailand.

Credit by: ThaiEmbassy.com

The 8 Steps to Setting up a Thai Limited Company

1. Reservation of the Company Name

There are two basic requirements regarding the company name. First, the suggested company name cannot be similar to another company that has already been registered in Thailand and second, certain company names are not allowed (no vulgar words or phrases that are related to the royal family). There have to be three different company names submitted to the Department of Business Development (DBD), ordered by priority.

2. Filing a Memorandum of Association

Once the company name is approved, all shareholders must sign a Memorandum of Association (MOA) providing the names and personal details of every shareholder, the company’s address, the registered capital and the intended scope of business activities during the first year. The MOA and the relevant registration documents have to be submitted to the Ministry of Commerce. A company seal is required (1,000 baht) and other fees include 50 baht for every 100,000 baht of registered capital (minimum 500 baht, maximum 25,000 baht) for the Memorandum Registration, 3,000 baht for the Share Certificate Issuance and 1,500 baht for the Company Shareholder Registration Book.

3. Registering the Company

When all the shares have been reserved by the Ministry of Commerce, the next step is to hold a statutory meeting and a minimum of 25% of the registered capital has to be paid-in. Following that the Ministry of Commerce will issue the company affidavit, company certificate, list of shareholders and the company articles of association. The company can now start operations.

4. Registering Tax ID and VAT

Within 60 days after start of operations the company has to submit an application for a Tax ID Card as well as to register the company into the VAT System and to receive a VAT certificate.

The minimum requirement regarding accounting is the monthly withholding tax and social fund submission as well as the half year report and the annual audit including yearly profit-and-loss statement and the balance sheet.

5. Operational Licensing

There are certain licenses that have to be obtained for specific business objectives. These include: Food License, Alcohol License, Cigarette License, Entertainment License, E-Commerce License, Import License, Factory License, Internet Cafe License and Import-Export Card.

6. Social Fund Registration

Before you can apply for work permits for any foreigners working for the company (including yourself) you need to hire four Thai employees per one work permit being applied for and by doing so you need to register these Thai employees into the Social Fund System and pay at least a three-month fee for them into it. The amount of these contributions is depends on the salary – employer and employee have to pay 5% each of the employee’s salary into the Social Fund on a monthly basis.

7. Obtaining Work Permits

A Thai limited company must have two million baht of registered capital and four Thai employees for each work permit being issued to a foreigner. For more information on how to apply for a work permit Before you can apply for a work permit, you must hold a Non Immigrant Business Visa.

8. Opening a Company Bank Account

The last step in a Thai Limited Company set up procedure is to open a company bank account, for which the bank requires minutes of the meeting of the board of directors to open the account.

I hope the basic process of how to set up a Thai Limited Company is clear and if you still have any questions please leave a comment below.