How can I reduce my business costs while maintaining my visa and work permit in Thailand?

But be aware, when a US citizen marries a foreign person, some judges rule heavily in favor of the non US citizen in terms of splitting assets in divorce court.

First off, congrats on your baby on the way! I would say if you are looking to minimize costs for your business then you get married and apply for a spousal visa. Or do what Greenwald suggested and do Thai Elite.

You could shut the business as it is now. Keep doing the research and development. Then, when you have work to be done, hire it from another company. Only open the business when it is ready to rock and roll. This will lower your fixed costs and you are only spending for the work you're actually having done.

Not knowing the nature or product of your business, this may or may not help.

So basically you get to stay and work in Thailand for $190 per month by paying "taxes" for "employees ".

What a sweet deal!

(Or maybe I’m missing something…..like actual salaries?)

If you don't have running business or not many transaction in a month. I don't see monthly accountant cost necessary. You can do it by yourself. But in order to continue non B you need 4 thais in company showing proof by receipt of SS and RD. If you don't want to pay to hire then 2,500 is okay choice except you will find some Thai name and put that in your company instead of using accountant service

Been manager of a Thai law firm for 15 years and setup hundreds of companies. Here are few tricks:

- shop your accountant. Accounting and audit fees can be expensive or quite cheap depending who does your accounting. Like a law firm or anything, you can ask around for prices and services.

- if you get married, you will need only 2 employees and not 4. You can also, depending on your nationality, maybe cut the salary and save on taxes. Westerners normally need a salary of 50,000 baht per month and up, while married foreigners to Thai only need 40,000 per month to get a yearly extension. You can even increase your salary to 80,000 and thinking that 3 years from now, if you had continuous extension based in work, you apply for permanent residency. That application can take 2 years but if you get it, I know people who have a work permit under a Thai company and do not need ANY thai employees because they are permanent resident and the ration employee Thai for foreigners is inside the visa regulation. Who do I know? Myself.

- depending how the company is structure, the employees can be family members or a partner for example. You will have to pay social security but you can, depending how your accountant does the work, put their salaries on paper but maybe not in reality. I am not saying to do illegal things but this is Thailand. : I mean prostitution is illegal and everywhere. 2 real employees and 2 others on paper is often done. You save 2 salaries but you pay 4 social security and yours.

- you can’t do anything about audits, each year, must be done. Like renewing your work permit or visa. But if you are wise enough, it is PAPER WORK and you can renew your visa and work permit yourself. Costs ; 3,100 baht for 1 year work permit and 1,900 baht for 1 year extension, based on work or marriage. Price is same. Do not forget the re-entry permit if you have to leave the country.

The most important part that nobody talked is that your company should have preferred shares so you have majority of votes over the Thai shareholders who have the majority of shares. Votes and shares are different.

I would also add some contracts between you, the employees and shareholders for protection. Like non-compete agreements for employees, maybe loans for shareholders, because many things can happen during few years. You can also ask to pre-sign documents like share transfer agreements and copies of IDs, even if your company is legit and does real business. I had 2 company in Thailand does real stuff, one was a law firm….now transferred to new owners.

BOI is not for everyone.

Check the new smart visas, it can avoid you to have employees if you qualify. Smart visas are on the website of the BOI.

The treaty of amity for Americans or the Tafta for Australians will not cut you costs and might even add you more.

If you have a company abroad, a good accountant can play with invoices and reduces your taxes if your company makes more than 300,000 baht profit per year. Under. 300,000 baht profit, there is normally no taxes to pay. Ask your accountant to pay you dividends too, instead of high salary unless you need it for permanent residency, do you pay less taxes.

I still work sometimes under Thai law with Thai lawyers at as side line job. I more or less quit the business to do something else but I was very active for 15 years, lists of videos on YouTube, some under Isaan Lawyers or John Spooner, the new manager.

Is that USD or baht?

If you qualify for a smart S visa, depending on what you are doing. You do not need to hire 4 Thais.

I'm on a smart S visa feel free to message me. Also who is your accountant because I need one.

You can get a child support visa. Ask a visa company. If you have a Thai child, but are not married, you can get a visa so you can pay child support. Not sure how it works. Just saw an ad recently. Also, why are you asking for help and then arguing with every person who tries to help you. I think it is possible this is a bigger problem than your visa issues that you may need to solve.

Is the 6,700 baht a monlthy cost? Seems pretty cheap to me approx £152 or $170 a month to have a long term stay seems reasonable?

Since you have a baby on the way might as well get married so your requirement for employees will be cut in half

OR put the business in the wife's name and get a marraige visa for yourself in order to stay in Thailand.

Depending on the business I would go with the later option, specially if it is a business you can just run from home.

Running a small business as a foreigner owner is just too expensive to do in Thailanf.

The requirements just don't favor startups for foreigners.

Don't pay attention to the people in this group who critize you for wanting to cut costs, they are just jealous losers.

Mark you had a dormant company before you applied for a work permit now for the wp it’s 4 Thai workers end of

If you had an investment visa minimum investment 10m you can have 1 for 1 that’s it .

If your work permit becomes invalid your visa is cancelled and your on overstay

Just be careful

Sounds like you started a business without considering all the requirements and responsibilities.

Dear Cheap Charlie: Again, you're already informed those costs are normal even if your setup isn't entirely one. Sooooooo, pay the dues TO HELP THOSE WHO HELP YOU! And again, easy to understand now, innit?!?!

Accounting fee 2500, your salary tax 562, social security for 4 thai worker. Don’t know what’s that 1 yr SS for 2023 is. Apart from that. Looks normal.

Cheap Charlie here without a real shame! Need to see a doctor quickly!

If you have Thai wife, you no need to show thai staff no need to pay social

Offset costs by having the 4 Thais youre paying tax and social security for do actual some work for you ...😂

..

Unless you are a BOI registered corporation, or an American, you don't really have any choices. If you were married to a Thai, and started the business with her, you could cut the requirements for your work permit in half, but you are not, so you can't.

@Mark ********

you have a company and as such these costs are mandatory. The only way the eliminate them is to dissolve the company

This might be as good as it gets.

Yikes ! 555

🙃