buffalo_bill Posted September 25, 2007 Report Share Posted September 25, 2007 Gentlemen , let us think [color:red]Lovely Nok[/color] decides to establish a company or similar in Bangkok , business plan is to work as agency bringing together European customers and Chinese suppliers . Company President Khunying Nok would also do quality inspection in China AND , and now it comes : Do the financial part of it , meaning : receives money from Europe and passes it on to China suppliers . Does the Thai system allow funds in foreign currency coming in and leaving as above explained ? That is the question . BuBi Old Hippie : she would of course steel some money for sick buffalo , but I have considered that Link to comment Share on other sites More sharing options...
junglesoup Posted September 25, 2007 Report Share Posted September 25, 2007 BB,its abit vague. Do you mean the money would be euro, then converted into Baht, then into yuan? Or do you mean is it possible to have a deposit account in euro in LOS without changing to Thai Baht? Link to comment Share on other sites More sharing options...
samak Posted September 25, 2007 Report Share Posted September 25, 2007 http://www.bot.or.th/bothomepage/general/Laws_Notif_Forms/ExchangeControl/guide_t.htm Link to comment Share on other sites More sharing options...
WorldFun Posted September 25, 2007 Report Share Posted September 25, 2007 I would think the latter makes sense business wise if possible of course - the former would obviously be posible yeah? Link to comment Share on other sites More sharing options...
CTO Posted September 25, 2007 Report Share Posted September 25, 2007 BuBi I would suggest NOT using Thailand for a cash gateway. Singapore has much better financial rules, why not use a Singapore Electronic Bank Account and do it on line. As long as it's not in Sing for over three days (not sure exactly terms) not even considered for taxing. Here it will be considered income earned. However if that is the business, charging Europeans 1.2 x the cost or whatever, then Tax here is reasonable enough. Most companies I know doing this usually act on a commission from the Chinese, as large value LC's are involved. Will she need to provide back to back LC's? That can be a problem here, again easier to do so from Singapore electronically, sending back to Thailand only the profit. Link to comment Share on other sites More sharing options...
buffalo_bill Posted September 25, 2007 Author Report Share Posted September 25, 2007 Gentlemen , thank you a lot ; I am as usual overwhelmed by the amount of spiritual guidance that this board of sanukers has to offer apart from shagging innocent women on Nana carpark. I , sorry Nok , will in final stage seek professional advice of course but to evaluate the possibilities it is sometimes better to talk to people from the real life . Samak , very useful contribution . I will study it tonight and have a König Pilsener on your behalf , you may pay into Nok's future foreign currency account. No doubt that Singapore or Hongkong are much better places to shift money around , but unfortunately , gentlemen , the European Inland Revenue officers no like hear zis city name . No like . They even tend to draw wrong conclusions at times . But , as I am writing this , I get a most valuable idea from the CTO/Junglesoup joint efforts . There is a possibility . How much , gentlemen , would you estimate the personal income tax in Siam in case somebody declares his/her income . Is there a big difference between taxation of individuals and companies . Sorry for asking stupid questions . Thanks in advance , Nok Link to comment Share on other sites More sharing options...
samak Posted September 25, 2007 Report Share Posted September 25, 2007 Is there a big difference between taxation of individuals and companies . Sorry for asking stupid questions . never mind! pretty stupid indeed but BuBi is exempted! yes indeed. person pays tax on all her income, company just on the profit! income tax is progressive, first 100'000 THB exempted (like you!); 10% tax on first half million. 20% on second half milllion, 30% on all exceeding 1 million to 4 million and 37% for all exceeding 4 million corporate tax on profit is a flat 30%! but there are many tax holidays under BOI priviledges... that's enough for now BuBi! Link to comment Share on other sites More sharing options...
SiLeakHunt Posted September 25, 2007 Report Share Posted September 25, 2007 You could always send me the money and I'll make sure Nok, Noi, Oui, Wan, Porn and Ohm all get their share of it. Cheers Link to comment Share on other sites More sharing options...
cavanami Posted October 2, 2007 Report Share Posted October 2, 2007 Just did a wire xfr from the USA (Wa Mu Bank, Washington Mutual) to Kasikorn Bank in Bangkok. I saw that the xfr went thru HSBC bank. Final results of the $$$ that showed up in my Kasikorn account: 32.9 Baht exchange rate, which sucks!!! No fees on the US side and no fees seen at this time on the BKK side, but sometimes the fees show up later on the BKK side...so looks like when the $$$ goes thru another bank before getting to BKK, you get the f%#@ing offshore rate Link to comment Share on other sites More sharing options...
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