Want to make it in the thai makeup market An attractive legal overview

“Personal beauty is a greater recommendation than any letter of reference.” -Aristotle Even though it was more 2,000 years ago when the great Greek philosopher Aristotle made the above remark about personal beauty, it appears that his words still ring true in this modern-day world of materialism where people are still judged by how they look and; therefore, are willing to spend a fortune to improve their appearance. (Download pdf)

Planning a Trip to the Land of Smiles

With its majestic golden palaces, vibranf floating markets and aweable why Thailand has been able to attract millions of tourists year after year. If you are thinking about making Thailand your next getaway by any chance, you should familiarize yourself with Thailand’s visa and immigration regulations for tourists to avoid potential trip-ups when you travel. Here are some of the key issues that you should be aware of. (Download pdf)

New anti-bribery law

We would like to make you aware of an important new anti-bribery law.

According to Section 123/5 of the new Organic Law Concerning the Prevention and Suppression of Corruption (No. 3) B.E. 2558 (2015), which has just came into force on 10 July 2015, every private company has to control its employees, agents, affiliates or any persons who acts for or on behalf of the company to not commit any act which would constitute the offense of bribery. If not, the company shall be punished with a fine of one time, but not more than two times the damages incurred or benefits received.

“Section 123/5 Whoever gives, offers or agrees to give a property or any other benefit to any government official, official of a foreign government or official of an international organization in order to induce such person to do or omit to do or delay any act in violation of his lawful duty shall be punished with imprisonment not exceeding five years or a fine not exceeding 100,000 Baht, or both.

In case the person who committed the offense in paragraph one is a person who has a relationship with a juristic person and such act was done for the benefit of such juristic person and such juristic person does not have a proper internal control to prevent the offense, such juristic person will be subject to liability under this Section and shall be punished with a fine of one time, but not more than two times the damages incurred or benefits received.

The person who has a relationship with the juristic person in the second paragraph shall mean an employee, agent, affiliated company, or any person who acts for or in the name of the juristic person regardless of whether he has an authority or duty to act as such.”

Written by Paul Connelly & Anong Seehapan

Foreign Participation in limited liability companies and partnerships

The Order of the Central Partnership and Company Registration Office No. 205/2556 Re: Rules and Supporting Documents of Application for the Registration of Incorporation of a limited partnership or a limited company in the case of having foreign participations in investment, or having foreigners to be authorized to sign to bind a limited partnership or a limited company, issued on 22 November 2012 came into effect as from 2 January 2013.

If a limited partnership or limited company has the following:
(1) foreign partner(s), or foreign shareholder(s) in a limited liability partnership or limited liability company investing in or holding less than 50% * of its investment or share capital; or
(2) if a limited liability company does not have any foreign shareholders BUT it has foreign director(s) to act as the authorized director(s) to sign to bind a limited company, then a confirmation letter issued by a bank, to certify or show the financial status of the Thai partners or the Thai shareholder(s) is required to be filed with the Registrar of the Companies, as one of the supporting documents submitted with the application for incorporation of a limited partnership or limited company.

In addition, the said bank confirmation letter must show the Thai partners / Thai shareholders have sufficient funds deposited with the bank that is not less than the amount of money which is the amount of the investment or the subscription price for the shares that is to be paid by such Thai partner(s) or Thai shareholder(s).

It should be noted that the above is required ONLY for an application for the registration of incorporation. It is not yet applicable for an application for the registration of a capital increase.

For further information above this news item or other corporate matters please contact :
Supoj Boonyavanich, Email : supojb@ilct.co.th and Rungtip Sathienrapabayut, E-mail: rungtips@ilct.co.th

* Special permission must be sought in most cases if a foreign partner or a foreign shareholder holds 50% or more of the investment capital or shares of a limited liability partnership or a limited liability company that undertakes business activities in Thailand.

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