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Reader question: Possibility to take over an existing company

By Submitted Message
Posted in Reader question
Tags:
November 16 2019

Dear readers,

I have the opportunity to take over an existing company. I have a few questions about this:

  1. What should I watch out for when taking over?
  2. Can I take it over and put it in my own name?
  3. If I were to buy a condo that is now on Thai name, can my company take over so that the condo will be on the company name and no longer Thai name?
  4. Can I sell later (if that condo is on company name) to a Falang or Thai or only to another company or do I have to sell the company with the condo to the Thai or Falang?
  5. You see I do have a number of questions and who can advise me on this?

Regards,

Bob

Number of times read: 220

8 responses to “Reader question: Possibility to take over an existing company”

  1. lung addie says up
    16 November 2019 at 02: 08

    The best advice for such a matter is best to ask a lawyer. Then you have the best chance of getting a correct answer.

  2. chris says up
    16 November 2019 at 02: 10

    I don't quite understand the question.
    Do you now want to take over a company and put it in your name and then that company (in your name) will buy a condo?
    That condo: for yourself or for the rental?

  3. Erik says up
    16 November 2019 at 07: 20

    Don't forget to research the past of that company. There may be corpses in the closet, such as claims from creditors and tax authorities or that the company is involved in proceedings about damage and the like. Or maybe people or companies have a claim on some shares?

    Perhaps it would be better to set up your 'own' company and, after thorough research, take over the assets of the other cy; then you know what you are buying.

  4. Johnny B.G says up
    16 November 2019 at 10: 39

    If your company is a Co., Ltd. means there are at least 3 shareholders anyway and the maximum property is in the hands of all foreigners 49,99%
    You must file an annual tax return even if it is a dormant Co., Ltd. is. That sleep is often used by companies that expect a problem with the tax authorities if they close the business properly. This closing also costs an extra annual statement to record the period in liquidation.

    I am also curious what the reason is for an existing Co., Ltd. to take over. Is this for business activities or to buy real estate? As far as I know there is no reason to have a Co., Ltd when buying a condo as you are buying an apartment right not land.

  5. January says up
    16 November 2019 at 10: 45

    1; what legal form the company has, due to many debts that are on this BV, for example, which you then take over.
    2; yes you can, but a joint venture with a Thai is faster and easier.
    3; yes you can buy a condo on a company, but with a certain legal form, and if you sell it later there will be additional costs, deducted VAT, from the beginning, etc.
    4, yes can but cost more from company to farang , ( private)
    5, indeed, consult a corporate tax advisor in Thailand, who knows everything.
    another important thing, do not work with black money, nowadays everyone sees everything, Thailand passes everything on to the Netherlands, next year.

    good luck with your business there, take someone who has no relationship with the seller.

  6. Bob says up
    16 November 2019 at 11: 06

    Talked to a few people and apparently it's hard to sell an existing company. Falang are afraid because government could easily decide that company is only for doing business and not for buying houses or condos.

  7. L. Burger says up
    16 November 2019 at 11: 32

    A condo is "usually possible" in your own name, you don't have to have a company for that
    What product or service does that company actually sell? Or is there a ghost company to register real estate?
    Anyway, every company has to pay taxes (also for the registered staff)

    Are you aware that you cannot just sell that company, there is hardly any demand for it and setting up a company yourself is not very difficult.

    And sellers who say it is risk-free and not a problem, you should look them in the eye.

  8. The child says up
    16 November 2019 at 15: 36

    Seeing this you don't seem to know much about companies. And you would take that on the advice of replies to this forum? If I were you I'd stay off it...


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