Buy a Business

If you don’t wish to start a new business from scratch, buying an existing business in Thailand is a convenient option.  It comes in as a great advantage for foreign businessmen especially, in terms of smoother immigration and work authorization procedures as compared to starting an entirely new business. For instance, while starting a new business, foreign entrepreneurs must employ at least 4 Thai people as employees in the office, prior to extending their business visas for up to 1 year. Besides, the Immigration Bureau will also require the proof of payment of Social Security contributions and Employee Withholding Tax. Nevertheless, existing businesses would have already complied with all these regulations, and conditions, thus not requiring the foreign business to go through those procedures.

While buying a business in Thailand, it isn’t just the commercial expertise of a business expert that’s important. Buying a business involves a lot of intricate legalities, which might be difficult for a common man to comprehend. Also, since the other party would always its legal representative working in its interest, it is necessary that the party purchasing the business too has a lawyer who would help it with the various aspects involved in buying a business in Thailand.

A lawyer, in this regard, would offer services including, contract drafting, due diligence, and registration of the corporate restructuring. Besides, a lawyer would also help in verifying various elements associated with the company to be bought. These elements would include registration details, current directors, current shareholder list, and recent financial balance sheets. Moreover, the lawyer would as well check for factors such as due diligence, legal proceedings faced by the company, etc.

A lawyer also helps business owners draft and prepare the share transfer agreements, and a contract comprised of the terms and conditions associated with the sale of the company. Buying a new company involves the restructuring of the company, and wherein, lawyers would prepare the necessary legal and government-related documents in order to register the restructuring of the company. This would include the registration of the new board of directors, list of the new shareholders, drafting the company resolution, authorizing the new owners to access the corporate bank account. Apart from these, the lawyer would also take care of other amendments such as corporate objectives, company bylaws, etc.

So, don’t step out to buy a business in Thailand on your own! BLS would help you with the legal assistance required in buying a business in a legally appropriate and compliant manner. For more details, get in touch with BLS today!