If you’ve been following along here, you’ll notice that I generally stay away from farang professionals working here, since there are a lot of shady characters and those that aren’t are much more expensive than their Thai counterparts. However, on the subject of lawyers I am willing to throw in the towel and admit defeat.
As I’ve written before I’m trying to get some fairly straightforward legal tasks done, such a company with two classes of shares. This is a method of company setup that is known to virtually every farang ‘legal consultant’ (farangs can’t officially be lawyers here).
I did make a trip to Bangkok and have an in depth discussion with a farang business consultant on the ins and outs of this setup. Then back here there was one more very experienced Thai trial lawyer who came highly recommended. I met with him (under the preference to use a Thai lawyer to help with the setup) and he wanted some time to research the whole area. At the next meeting (a week later) he referred me upstairs in his office to meet with an associate – a faland legal consultant who knew the ins and outs of doing this kind of setup.
I don’t really have an answer as to why Thai lawyers seem to have various ‘holes’ in their knowledge. But ultimately this particular European has extensive experience and isn’t that much more expensive than his Thai counterparts, and there are associated Thai lawyers and accountants in the same office for follow up maintenance.
I know it sounds involved, but really this is just a one time modification to streamline and ensure the company is totally legal. Companies as they are commonly setup in Thailand (where foreigners are minority shareholders) are unfortunately mostly done incorrectly and illegally.
As I’ve said before: for most instances of home ownership a simple 30 year lease should suffice. These are very simple documents which can be done at virtually any lawyers office. But if a Thai Limited Company is involved, I would recommend getting a farang involved to help ensure the entity is setup up properly. A good test question is “Can a company have more than one class of shares issued?”.