The process of setting up a company here in Thailand with the purpose of purchasing Thai property through our assistance is relatively easy and simple. We can usually have your company set up and under your full control within three to four weeks. However, when registering a Thai company for foreign ownership there are a few things to consider to ensure that you can retain full control and ownership of your company. A lot of these considerations you may miss and not complete correctly should you register your company alone or with the wrong law firm. You have taken a good first step in making contact with us.
In your case, buy property though a Thai company is your best option. There are many ways in which to protect yourself and if you follow them the result would be similar to your being in 100% ownership.
Step 1 Thai company registration
We can set up a Thai company with Thai shareholders and directors. Once the ownership transfer has been done we can transfer shares and change directors. However, the capitalization of the company must cover the purchasing price of the property. We will require one copy of Thai ID card from the Thai shareholder from your side.
Step 2 Title search
One important matter that many foreign purchasers of property in Thailand overlook is the performing of a title search. This seems like common sense, but many foreigners make mistakes by not doing this. You will almost always learn something new about the property by performing a title search. The legal status of the title is accessible to the general public at the local Land Office where the land is located. By conducting a title search one can determine the land’s legal boundaries, whether the land has registered lines, mortgages, leases, etc.
Scope of services
-Conducting a search on the title and relevant documents of the property. -Ascertaining that the title document is in order. -Ensuring that published owner is still the current owner of the property. -Confirming the lack of mortgage or other encumbrances (if any) on the property. -Verifying whether there is any restriction on the development of the property.
Step 3 Prepare the sale and purchase agreement
Scope of service
-Verifying the sales agreement -Providing comments on specific clauses of the sales agreement -Negotiating modifications as needed to protect your interest
Step 4 Registration of transfer ownership
The Transferring Fee is 2% of the registered value of the property. This fee will be paid to the officer at the Land Office upon the day of the transfer of ownership. There are no property taxes as such in Thailand that are exactly equivalent to the property taxes in other countries, though commercial properties incur a small tax which is collected infrequently. Our lawyer will accompany you when you go to the Land Office in Thailand for registration of transfer ownership
Scope of services
-Preparing the application and supporting documents required for the registration of the transfer of ownership of the property for you as a foreign buyer; -Registering, on your behalf, at the Land Department.
