khwaimaisabai Posted March 3, 2005 Report Share Posted March 3, 2005 Hi ht, The workarounds make ownership possible. I have a Thai company that I totally control and, being a Thai company, it can own property, including a bar. Not that I would buy one after the Asok Plaza affair. Definitely not going back to that business. Khwai Link to comment Share on other sites More sharing options...
Guest Posted March 3, 2005 Report Share Posted March 3, 2005 Hi khwaimaisabai, You own a Thai business 100% in your name there? Controlling it is one thing, but 100% ownership, is another. Good on you, if you've been able to accomplish. HT Link to comment Share on other sites More sharing options...
Hugh_Hoy Posted March 3, 2005 Report Share Posted March 3, 2005 Out of curiosity, for u and topcat, did u require the former owners of your bars sign a non-compete agreement? Hugh Link to comment Share on other sites More sharing options...
torrenova Posted March 3, 2005 Report Share Posted March 3, 2005 Hugh_Hoy said:Out of curiosity, for u and topcat, did u require the former owners of your bars sign a non-compete agreement? Hugh Don't be silly, this is Thailand in the bar business not a multi billion dollar takeover. Link to comment Share on other sites More sharing options...
torrenova Posted March 3, 2005 Report Share Posted March 3, 2005 In the bar game, you own the lease, not the building. You own the lease 100%. On the condo front, I don't see why you can't own a ground floor condo ? You still don't own the land and as long as it is in the 49% which can be owned by non Thais, then I would have thought you were ok. The company workaround is well documented. Link to comment Share on other sites More sharing options...
Hugh_Hoy Posted March 3, 2005 Report Share Posted March 3, 2005 torrenova said: Hugh_Hoy said:Out of curiosity, for u and topcat, did u require the former owners of your bars sign a non-compete agreement? Hugh Don't be silly, this is Thailand in the bar business not a multi billion dollar takeover. Maybe u were "silly" not to require one. Small businesses such as yours are often sold on the condition of such an agreement...especially the "hospitality" biz/restaurants/bars etc. The reason is simple and should be too obvious to bother going into. But I'll give an example: TC sells Cathouse and 2 months later, he buys Boss Hogg's bars. Sets up the same operation he had upstairs. Takes his loyal clientel and staff and concept from the new owner of Cathouse. Setting a time-limit for re-entry into the biz or a territorial perimeter only makes good sense. And I don't buy the TIT cop-out. Anyway, I guess I got my answer. Hugh (mak) Link to comment Share on other sites More sharing options...
torrenova Posted March 4, 2005 Report Share Posted March 4, 2005 After you have made your first trip to Thailand and ventured on down to Pattaya and seen the lay of the land, you'll realise how ridiculous such a statement is. To take it one step further and such a clause were applicable, what the fuck are you going to do when, as you say, I take my punters and leave, opening a new bar next door ? Who are you going to complain to ? TIT for double sure mate. Link to comment Share on other sites More sharing options...
Guest Posted March 4, 2005 Report Share Posted March 4, 2005 Hi Hugh_Hoy, >>>>>did u require the former owners of your bars sign a non-compete agreement?<<<<< Now wouldn't that be fun trying to enforce in Thailand? Hugh....it's still a bit of the 'Wild West' there, with all kinds of dodgy shit going on. Even if you were able to get that agreement in writting, it still wouldn't be worth the paper it was written on. Your recourse options would be next to nil. 'Buyer beware' is the keyword in investing in anything in Thailand. Ever hear of the soi 10 debacle? :: HT Link to comment Share on other sites More sharing options...
Guest Posted March 4, 2005 Report Share Posted March 4, 2005 Hi torrenova, >>>>On the condo front, I don't see why you can't own a ground floor condo ?<<<< That's always been my understanding, at least for 'Joe Blow' tourist breezing into town. Companies can own (work-around), but not individuals. I've always thought you can only buy on the second floor, or higher. Same as bar. You can own a lease and the building/apt., but you'll never be the true owner of the land on which it sits. Gotta be a Thai national to do that. But brings to mind the Indians that own NEP....Are they Thai nationals/citizens? They must be. ???? HT Link to comment Share on other sites More sharing options...
torrenova Posted March 4, 2005 Report Share Posted March 4, 2005 Maybe you're right. It will never concern me though as I would never rent or buy on the ground floor. From what I see from condos, the top floor/s are often better kitted out - thats where I'll be buying. Link to comment Share on other sites More sharing options...
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