{"id":2,"date":"2021-01-30T13:57:45","date_gmt":"2021-01-30T13:57:45","guid":{"rendered":"https:\/\/baandee.com\/?page_id=2"},"modified":"2022-09-22T13:12:27","modified_gmt":"2022-09-22T13:12:27","slug":"buying-property-company","status":"publish","type":"page","link":"https:\/\/baandee.com\/buying-property-company\/","title":{"rendered":"Guidelines For Buying Property in Thailand as a Foreigner via Company"},"content":{"rendered":"\t\t
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Guideline\nSteps for buying Property in Thailand as a Foreigner.<\/o:p><\/span><\/strong><\/p>

 <\/o:p><\/p>

Investing\ninto a Thai company<\/o:p><\/span><\/strong><\/p>

A Foreigner can invest in a Thai company with the following\nconditions:<\/o:p><\/p>

\u00a7 \n<\/span><\/span>The Foreigner can be director of the company\nsolely or together with other foreigner or Thai.<\/o:p><\/p>

\u00a7 \n<\/span><\/span>The Foreigner can hold the share of the Thai\nCompany up to only 49%. The Rest 51% has to be hold by Thai Nationality.<\/o:p><\/p>

\u00a7 \n<\/span><\/span>The minimum shareholders of a Thai Company are 3\npersons.<\/o:p><\/p>

\u00a7 \n<\/span><\/span>A company in Thailand has a legal duty to submit\nthe balance sheet to the government departments, commercial and revenue.\nFailing to do so may cause penalty, or even the company being deactivated by\nthe government department, which needs to have the court order to re-activate\nthe company.<\/o:p><\/p>

 <\/o:p><\/p>

In case one of the assets of the\ncompany is a Condominium:<\/o:p><\/strong><\/a><\/p>

\u00b7      \n<\/span><\/span>The company shall be one of the co-owner of this\ncondominium according the Condominium Act. All co-owners have to comply with\nthe regulations of the condominium. We recommend the client to study and\nunderstand the regulations before making decision, to prevent any unexpected\nrules later.<\/o:p><\/p>

\u00b7      \n<\/span><\/span>Also it is highly recommended to go through the Condominium\nact of Thailand to learn more about the legal rights of the co-owners.<\/o:p><\/p>

\u00b7      \n<\/span><\/span>The management of the condominium plays an\nimportant role to maintain the condominium common area, which could determine\nthe living of all the co-owners. It is very difficult to learn the structure of\nthe condominiums operation, in a small timespan, but the client can examine\njust the overall picture of the condominium, especially on the common\nfacilities, such as swimming pool, fitness room, lobby etc. The cleanliness of\nfacilities and equipment and the state\/order can be one of the items that could\ndetermine the level of maintenance of the common area.<\/o:p><\/p>

\u00b7      \n<\/span><\/span>The common fee needs to be paid to the\ncondominium juristic person. The client should know and understand the common\nfee rate, and method of payment to be able to access to all common area and\nfacilities of the condominium, and ensure all legal rights of co-owner.<\/o:p><\/p>

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In case one of the assets of the\ncompany is a House in a Housing Estate Development Project with over 10 Houses:<\/o:p><\/strong><\/a><\/p>

\u00b7      \n<\/span><\/span>The company shall be one of the co-owner of the\n\u201cMoobaan Jadsan\u201d public zone, according to the Housing Estate Development Act\nand drafted by the Housing Estate Committee. Many of the older \u201cMoobaans\u201d fail\nin a correct setup, but most newer housing estates have licenses for housing\nestate development, which must be approved by the Housing Estate Commitee. To\nobtain the license the developer will have to provide the plan or location map\nof all plots of land with the common areas, public utilities and\ninfrastructure, (e.g. swimming pool, club houses, street, recreational and\nsport areas. Ect) Moreover the developer is required to arrange for a guarantee\nby a financial institution for the infrastructure and public utilities.<\/o:p><\/p>

\u00b7      \n<\/span><\/span>The developer will be responsible to set up a\ncommittee, until more than half of the houses in the project are sold, after\nwhich the owners may jointly set up a committee to take over all rights and\nresponsibilities of the first committee. There is no tax for transfer of public\nareas and infrastructure to the committee; \u2013 this tax exemption will also\ninclude the membership fees. The committee will manage the Moobaan by the\nresolutions of all of the owners, according to the \u201cBy-laws.\u201d of the committee.\nThe resolutions may be by a majority vote (over 51% or more), according to the\nBy-laws of the committee.<\/o:p><\/p>

\u00b7      \n<\/span><\/span>\u201cSection 4\u201d of the Housing Estate Development\nAct (2000), requires a project having from 10 plots of land or more to apply\nfor a License for a Mooban Jadsan (Housing Estate Development Project). A Moobaan\nJadsan with the license is deemed a juristic person under Thai law. In the\nbeginning, the developer will be responsible for management to look after all\ncommon areas and utilities. After all houses are sold, the developer may\nalternatively transfer the public areas and utilities to a municipality, or\ntransfer to the committee set up by half of owners of the houses in the Moobaan.\nThe latter case is quite advisable because the owners can maintain their\nprivacy in the community especially Pattaya whereby people cherish their\nenvironments.<\/o:p><\/p>

\u00b7      \n<\/span><\/span>The management of the Moobaan can be carried on\nby the real owners who will look after their interests. The By-laws can be\njointly drafted by the owners, which can be bilingual. All incomes from\nmembership fees and common expenses can be controlled by efficient accounting\nsystem whereby the balance sheet or financial statements can be made by a\nqualified accountant and audited by a Chartered Public Accountant (CPA) at the\nend of the year.<\/o:p><\/p>

\u00b7      \n<\/span><\/span>All co-owners have to comply with the\nregulations and by-laws of the Housing Estate. We recommend the client to study\nand understand the regulations before making decision, to prevent any\nunexpected rules later.<\/o:p><\/p>

\u00b7      \n<\/span><\/span>Also it is highly recommended to go through the Housing\nEstate Development Act of Thailand to learn more about the legal rights of the\nco-owners.<\/o:p><\/p>

\u00b7      \n<\/span><\/span>The management of the Housing Estate plays an\nimportant role to maintain the common area, which could determine the living of\nall the co-owners. It is very difficult to learn the structure of the Housing\nEstate operation, in a small timespan, but the client can examine just the\noverall picture of the common facilities, such as swimming pool, fitness room,\nlobby etc. The cleanliness of facilities and equipment and the state\/order can\nbe one of the items that could determine the level of maintenance of the common\narea.<\/o:p><\/p>

\u00b7      \n<\/span><\/span>The common fee needs to be paid to the Housing\nEstate juristic person. The client should know and understand the common fee\nrate, and method of payment to be able to access to all common area and\nfacilities of the condominium, and ensure all legal rights of co-owner.<\/o:p><\/p>

 <\/o:p><\/p>

In case one of the assets of the\ncompany is a Housing Estate Development Project with less than 10 Houses:<\/o:p><\/strong><\/a><\/p>

\u00b7      \n<\/span><\/span>\u201cSection 4\u201d of the Housing Estate Development\nAct (2000), requires a project having from 10 plots of land or more to apply\nfor a License for a Mooban Jadsan (Housing Estate Development Project). That is\nto say, if you buy a house in a project having less than ten plots, you may not\nseek the protection under the above Housing Estate Development Act. And the\ndeveloper does not have to follow all the rules set out by this Act. However,\nthis does not mean that these small projects will cheat you; \u2013 it simply means\nthat you just have less protection under the Thai law. The Pro\u201ds  for buying a house from small projects is the\nlower price, but the Con\u201ds are mostly the fact that a company who sells and\nreceives your deposit, is not always the same person whose name is recorded on\nthe land title deed as the owner.<\/o:p><\/a><\/p>

\u00b7      \n<\/span><\/span>When buying into a smaller project it is always\nwise to have some additional checks which include: <\/o:p><\/p>\n \n
\n

\u00b7      \n <\/span><\/span>Has the property direct access to a Government\n Road. And if this is not the case is there a free way of passage to the\n property, documented in the title deed of the \u201cprivate\u201d road which you have\n to use gaining access to the property.<\/o:p><\/p>\n

\u00b7      \n <\/span><\/span>Is the property connected to PEA (Provincial\n Electric Authority) or is electric provided via a \u201cprivate\u201d transformer with\n sub-divisions.<\/o:p><\/p>\n

\u00b7      \n <\/span><\/span>Is the property connected to PWA (Provincial\n Water Authority) or is water provided via a well.<\/o:p><\/p>\n

\u00b7      \n <\/span><\/span>Are there provisions in the title deed of the\n \u201cprivate road\u201d for access of other utility companies like Internet or\n Telephone.<\/o:p><\/p>\n

\u00b7      \n <\/span><\/span>Is the property connected to the government\n sewage system, or a private waste water drain system.<\/o:p><\/p>\n <\/td>\n \n <\/tr>\n<\/tbody><\/table>

In\nall cases find out to whom the utility bills are paid to. This gives an idea\nwho controls the supply and who is in control of eventual repairs and cost of\nrepairs in the future.<\/o:p><\/p>

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In case one of the assets of the company is a standalone,\nPrivate Residence:<\/o:p><\/strong><\/p>

\u00b7      \n<\/span><\/span>When buying into a standalone, Private Residence\nit is always wise to have some additional checks which include: <\/o:p><\/p>\n \n
\n

\u00b7      \n <\/span><\/span>Has the property direct access to a Government\n Road. And if this is not the case is there a free way of passage to the\n property, documented in the title deed of the \u201cprivate\u201d road which you have\n to use gaining access to the property.<\/o:p><\/p>\n

\u00b7      \n <\/span><\/span>Is the property connected to PEA (Provincial\n Electric Authority) or is electric provided via a \u201cprivate\u201d transformer with\n sub-divisions.<\/o:p><\/p>\n

\u00b7      \n <\/span><\/span>Is the property connected to PWA (Provincial\n Water Authority) or is water provided via a well.<\/o:p><\/p>\n

\u00b7      \n <\/span><\/span>Are there provisions in the title deed of the\n \u201cprivate road\u201d for access of other utility companies like Internet or\n Telephone.<\/o:p><\/p>\n

\u00b7      \n <\/span><\/span>Is the property connected to the government\n sewage system, or a private waste water drain system.<\/o:p><\/p>\n <\/td>\n <\/tr>\n<\/tbody><\/table>

In all cases find out to whom\nthe utility bills are paid to. This gives an idea who controls the supply and\nwho is in control of eventual repairs and cost of repairs in the future.<\/o:p><\/a><\/p>

 <\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

 <\/o:p><\/p>\n\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/baandee.com\/wp-json\/wp\/v2\/pages\/2"}],"collection":[{"href":"https:\/\/baandee.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/baandee.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/baandee.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/baandee.com\/wp-json\/wp\/v2\/comments?post=2"}],"version-history":[{"count":7,"href":"https:\/\/baandee.com\/wp-json\/wp\/v2\/pages\/2\/revisions"}],"predecessor-version":[{"id":349,"href":"https:\/\/baandee.com\/wp-json\/wp\/v2\/pages\/2\/revisions\/349"}],"wp:attachment":[{"href":"https:\/\/baandee.com\/wp-json\/wp\/v2\/media?parent=2"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}