Sunbelt Asia Weekly Column
13 January 2020
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Concerned about the new excise tax for entertainment venues?
The latest excise tax has many in the food and beverage industry concerned and a little confused. Sunbelt Asia has been retained by some of the largest food and beverage clients in Thailand. We specialize in the excise tax and all related matters, if you are an entertainment venue with concerns regarding the implementation of the excise tax don’t hesitate to get in touch with our senior lawyers who specialize in this area. Please call (+66) 02-662-7004
Looking to start your own business and overwhelmed by the information?
There are quite a few options available to you including BOI, Limited Company and more. We can assist you in finding the right fit for your business ideas.
New tax rules for condo owners
Condo owners concerned about the implementation of the new taxes should call us at (+66) 02-662-7004 to ensure that their tax rate remains as a residence. The government has delayed implementation of the new tax rates as the District Offices still need to implement procedures and policies. The government has stated that those condos being used as residences or for long-term rentals will be taxed at the lower rate residential rate while those being used for short-term accommodation such as AirBnB will be taxed at the commercial rate. Give us a call or email firstname.lastname@example.org for more information.
New locations for work permits starting January 16
Starting January 16 the Labor Department will now require work permit applications and renewals to be done in specific locations designated by them. Please contact us if you have any questions regarding where your renewal will need to be made as there are now 10 offices based on location. Call us at Tel. (+66) 02-662-7004 or email email@example.com for more details.
Bank of Thailand orders interest rate fee changes for loans
The Bank of Thailand has ordered banks to change their interest rate fee structure for loans to SMEs and individuals and fees for ATM cards. The BoT ordered banks that they must now charge interest on the balance amount and not the full amount of the loan for SMEs and the interest charge for default on mortgages, SME loans, and personal loans must be based on the installment amount and not on the balance. Banks were also asked to offer a grace period on interest payment should a debtor fail to pay his debt on time due to genuine financial difficulties. If the bank cancels an ATM or debit card then it must refund a proportional amount of the card fee to clients and when banks issue new cards to replace old ones, they can no longer impose a fee charge. Additionally, banks must not demand duplicate fees from clients and must disclose their fee charges to the public.
Web & mobile application development business
This long-running company operates web and mobile application development business with portfolio of large corporates and public companies. This is a great opportunity to enter a well-established tech business.
There are 7 full time dedicated and experienced employees with a total monthly payroll of 300,000 Baht. Business is located closed in MRT station.
The owner is seeking new opportunities and so seeks a sale of this well-known business.
ASKING PRICE: 5 million Baht
Jewelry shop chain with 10 branches
This fashion jewelry business has 10 branches nationwide; eight in shopping malls and tourist areas in Pattaya, one branch in Rayong and one branch in Bangkok and offers well-known jewelry with popular designs. Each kiosk style shop is around 15sqm and the business has 15 well-trained and knowledgeable staff with a total monthly payroll of 300,000 baht. Sales for this business reach 15 million baht annually with a profit of 20 percent. Inventory valued at 5.5 million baht is included in the sale as is the lease deposits totaling 600,000 baht.
The owner is moving back to his home country due to family issues and so is selling the business.
ASKING PRICE: 12 million baht
Beach front restaurant on Koh Chang
This one of a kind tropical restaurant is located in the heart of Kai Bae, the busiest village on Koh Chang and not only holds regular events, sunset cocktails but is also perfect for hosting large weddings or other parties. There is a huge swimming pool with a kids’ pool that it shares with its neighbor, a successful 26 room resort.
The restaurant has salas on the beach as well as a fully kitted out tropical tiki bar and a kids’ playground. Renovated and improved in 2019, it’s being sold fully furnished and fully equipped: ready to work from day one (with staff, menus, suppliers, online pages, everything.), perfect for a first investment on this tropical island.
Having other successful business on the island (also in Kai Bae) the owner also wishes to spend more time with his wife and their new born baby.
ASKING PRICE: 2.7 million baht
Samui restaurant near beach
Located only 100m from the ocean on Koh Samui, this well-known restaurant has earned great reviews with a large customer base. The kitchen is fully fitted out and the business can support one work permit, has all necessary documents and permits and is ready for a new owner to walk into this turnkey business. The restaurant offers delivery service, has a modern website and on the second floor of the premises there is living space for the new owner or manager.
Rent on the site is 20,000 baht a month with a 3+ 3 year contract due on 2021. There are 3 full-time employees with a total monthly salary of 45,000 baht. The business saw sales of almost 3-3.5 million baht per year and profits of 500-800,000 baht. The owner is selling at value as he has two other businesses and not time to manage this one.
ASKING PRICE: 2.775 million baht
Event organization and team building
?Events are an active and growing business in Thailand and a well-organized and well established events business can go far. This is your opportunity to buy into a long-running and well-known business that has been in business since 1994 and has a list of loyal clients. The company handles corporate groups that come to Thailand for conferences, gala dinners, corporate team-building and events. Their client list consists mainly of five star hotels and travel agents.
There are 6 full time staff while the current owners handle sales and accounting. Freelancers and sub-contractors are added to the team to handle an average of 50 events per year all over Thailand. The company rent offices and a warehouse in town, with the contract renewable annually. Last year sales reached 25 million with four million baht in profit. The owner wishes to retire soon but plans to remain available to assist the buyer in the handover period.
ASKING PRICE: 6.6 million baht
TAT licensed Kanchanaburi travel agency
This long established Kanchanaburi travel agency handles inbound tours to the popular province. Holding the valuable TAT license the business is turnkey for the new owner.
Last year’s sales reached 4.5 million baht with a net profit of 1.04 million baht. There are six employees with experience in the business with a total monthly payroll of 80,000 baht.
There are several part time tour guides the company can hire freelance as needed. The owner is now retiring and so wishes to sell the business.
ASKING PRICE: 11.8 million baht
4 Star beach resort on Samui with land
This is an amazing opportunity to take over a gorgeous 4 star resort with 9 rai of beach front land on Koh Samui. Deals like this don’t come along very often but this is a chance to take over this boutique resort that has a variety of room styles including villas, premium rooms, and suites, there is a total of 42 rooms available.
There is room for expansion should the new owner wish and the Environmental Impact Assessment was completed in May ‘19 to further expand the complex to 103 rooms. This is a must see for anyone serious about the acquisition of a premium hotel and resort complex. Further details available on request.
ASKING PRICE: 115 million baht
Backpacker hostel on Phangan
Set in the heart of Ban Tai on Koh Phangan this new 22 bed hostel is convenient to the Full Moon Party as well as the other parties held on the island. The hostel also has a popular restaurant and bar serving Western and Thai food that seats 26 people.
The business also offers motorbikes for rent and those are included in the sale. The rent on this 200 sqm building is only 16,000 baht a month.
The Full Moon Party draws thousands of visitors to the island every single month, while the neighborhood hosts the popular Black Moon Party as well as a few others.
This is a great deal for someone who wants to get in on the ground floor of a backpacker business on Koh Phangan.
ASKING PRICE: 2.5 million baht