SCAMS: Getting plastered with these scams then read all
about them & forward them to the Secret Service http://www.crimes-of-persuasion.com/Crimes/Business/nigerian.htm
BANKING RULES FOR FOREIGNERS. Existing foreign customers
are OK & new customers it seems are not subjected to these
new rules. Please go to
your bank for verification as you should find in English
the new rules on their display boards. However we understand the Bank's are taking a case by case attitude and we welcome this news.
It seems at present its a lot easier to open a Bank account.
WHY WAS THIS NEW LAW
It was an Anti-money laundering law passed in
1999 by the Bank of Thailand The main threat has
been money laundering from amphetamines, gambling & prostitution
with perhaps 1% being attributed to foreigners of Thailand.
Amphetamines are an internal cash flow commodity & the
money gained by this illicit trade is in the billions of baht made by
the Wa &
therefore is not considered an export commodity like heroin &
July 17th: GOOD
Our MP has tabled this issue.
No. 54 / 2000
The requirement for commercial banks on the practices in collection of
The Bank of Thailand has prescribed the Notification Re: The
requirement for commercial banks on the practices in collection of
deposits. The details are summarized as follows;
1. Identifying the definition of “ deposit account” to include all
types of deposit accounts that commercial banks have been currently
granted and may be granted in the future. Furthermore, “depositor”
shall be meant to include the legal assigned person or the authority
transferee to whom the authority associated with the opening of
deposit account is transferred.
2. For opening the deposit account, commercial bank shall ask
depositors to identify themselves through filling in the Enquiry of
deposit account opening; for instance Name, Surname, Address,
Occupation, and Workplace etc. Juristic person shall be required
clarifying additional details regarding the scope of business
3. Commercial banks shall inform depositors who open the deposit
account in accordance with number 2 to submit documents such as
Identification card, copy of Residency registration, or other
identification documents issued by government agencies. Juristic
person shall declare Letter of Corporate Intent, Letter of
Acknowledgement from Buroau of the Partnership and Company
Registration, Department of Commercial Registration, Ministry of
Commerce etc. Commercial banks shall request depositors to submit
copies of all mentioned documents with signature of verification.
4. Commercial banks shall verify the identification documents
described in number 3 according to the general practiced procedure
with absolute caution and honesty and shall retain all the mentioned
documents at least 5 years commencing from closing of each deposit
5. Commercial banks are prohibited from allowing depositors to conceal
their names and to use alias or false names on their accounts.
6. Commercial banks shall enforce the conformation of depositors, who
have had the deposit accounts before the declaration of this
notification, to the practice of this notification within 6 months
commencing from the effective date of the notification.
7. This notification shall be effective from June 12, 2000 thereafter.
Bank of Thailand
April 21, 2000
Since this date the laws have been relaxed and you can obtain a
letter from immigration then take copy of your passport to the bank
you wish to open the account.
INCOMING LETTERS FROM OUR READERS:
Try the Bank of Asia , they just ask for a passport to, open a deposit account,
but be warned when transferring money from overseas, this can take at least
two weeks, they are not up to speed on this one, but they seem very helpful.
Thai Farmers bank want my Thai drivers license and passport to open an account. All this nonsense about
Thailand as a money laundering place, what a joke. Have you ever tried remitting money from
Thailand? what a performance.
The border has opened up between Trat - Hat laek and
Cambodia. you can travel
by ferry all the way down to Sihanoukville (Sanookville eh), then get a taxi
up to Pnom Phen etc. If you just want a stamp you can stay over in Koh Khong
and come back the next day. its all good fun Sanookville is well worth a visit, call in at the Anchor Inn in the centre
(a Brit bar run by an affable Hollander) and you will get all the local info
- its cheap as well, 40B for a beer and 2-400 baht for a fan/air large clean
MAE SAI: One of
Thailands most popular border crossings with Myanmar. Go to the
bridge where you exit out with Thai immigration. Cost on the Burma
side is $US5 or 250 baht.
For Thai to English translations no need to use a
translator any more. Go to www.links.nectec.or.th/services/parsit/
for a translated version of a website from English to Thai. The site will
not translate complicated English sentences but can handle the smaller
words and short sentences.& this service is provided FREE.
Whatever it is including exchange
books for rental the law states you must pay VAT. Do not listen to
people who say no you are exempt as there is no such word. Remember
there are 3 categories of Business in Thailand & category A is out
for foreigners eg. being a barber, making bread?? Please talk to your
lawyer as too many expats are gullible and jump into the fire
always too late after they have started their business. Most important find a good
lawyer but check his or her prices first & most of all make sure
they are a Thai lawyer-- not a notary. The most important thing is never give a deposit
over until your contract is sited & you are totally satisfied.
What's an extra day to get someone else to review your contract!!. The
Thai Foreign Business law (FBA) was revised in March 3rd 2000
replacing the Alien Business Law of 1972. In Chiangmai we can
help you set up your company or limited partnership.
THESE LAW TIPS:
1/. Contracts written in English do hold weight & are valid in
2/. Wills should be made in Thai but they can be written in English as
well and require 2 witnesses.
3. In criminal cases there are no juries,
only a Judge. There is a time limit on being held in detention before a
trial & on average it can take between 1 to 2 years to adjudicate a
4. Police must have a
Court order to authorize a search.
5. There are ways for a
foreign spouse to protect his investment in land and houses here in
6. Prenuptial agreements are possible
here in Thailand.
7. If you have a company & want 2
foreigners working with work permits you must have share registration of
between 3.05m baht & 3.5m baht on paper. For one foreigner 2m baht.
8. Thai companies can be formed for
around 10,000 baht if you know how to go about it without work permit.
Most companies charge 5000-10,000 baht for the work permit. Never pay more than
38,000 for a company but this will vary according to the type of company
you are forming & of course the law firm you use.
9. You need to choose 3 names to be
considered for your company. A simple task you can do with a Thai friend
and can take a min of 3 days & 120 baht to file at your local City
Hall. This wee job can save you anything from 2000 baht to 8000 baht?
10. With the right person at your side you
can do a few of the stages and pay a lawyer to do the changeovers, stamp
duties & registration filing etc. It is quite Ok to specify and ask
for the stages of forming a company & just use the lawyer for those
stages only. Whether its a lease on anything, or sale or rental
agreement never sign until you see a lawyer or ask us
11. If you have a problem with a
certain Police Officer ask to see a higher rank.
12. Finally we will soon have a breakdown
of costs for law work. If in doubt ask us.