Selling a motorbike that belongs to a deceased person
Question 1: A friend of mine wants to sell his Forza motorbike. He bought it from a friend of his a couple of years ago as his friend needed the cash for a severe illness, but did not complete the paperwork at that time due to illness. Sadly the friend passed away, although he did inform his family about the new owner. My friend has the green book and has kept the tax and insurance up to date, but now wishes to sell it. All parties are non-Thai, including the family. The bike is about 4 years old so still worth a reasonable amount. What other information would be required to complete this process?
Sunbelt Asia Legal Advisors responds:
Since the owner is deceased the person transferring the ownership must be the executor of the estate.
The executor will need to accompany the current owner and the buyer to the Land Transportation Department with
1) the will certified from district office where the owner lived
2) the green book
3) the tabien baan
4) death certificate of the owner
5) marriage certificate (if any)
6) passport copy with visa page of the owner
7) certificate of residence of the owner
If there is no will then an executor will need to be appointed and then the title can be transferred with the above documents.
The Ministry of Tourism and Sports reported last week that tourist arrivals in the first two months of the year jumped to 7.1 million people with over 3.5 million arrivals in February alone. Of those, more than 1.2 million arrivals were Chinese from China, Hong Kong, and Taiwan, coming for Chinese New Year in February. After the Chinese, visitors from Malaysia, Russia, Korea, Japan, Laos, France, India, Germany, and the USA had the highest number of visitors. Tourism revenues in February grew 23.78 percent to 190 billion baht while for the first two months revenues grew 17.47 percent to 380 billion baht. The Ministry reported that secondary tourism destinations saw an uptick in visitors with a total of 8.7 million visitors, both Thai and foreign bringing in 26 billion baht in revenue; Buriram, Nakhon Nayon, and Loei saw the highest numbers.
The Eastern Economic Corridor (EEC) Office will be proposing a high speed rail linking Don Mueang International Airport, Suvarnabhumi International Airport, and U-Tapao Airport in Chonburi to the Cabinet this week. The project, which will cost around 200 billion baht, will be pitched to investors. The track will be built along an existing route operated by the State Railway of Thailand and stop at Don Mueang, Bang Sue, Makkasan, Suvarnabhumi, Chachoengsao, Chonburi, Sri Racha, Pattaya, U-tapao and Rayong. The inner-city train travelling in Bangkok will have a slower speed of 160 km an hour and once it reaches rural areas can travel at a maximum speed of 250 km an hour. The new rail link would not only link airports but also link the three provinces in the EEC.
Exports grew 10.3 percent in February, in line with the government's target of an 8 percent export growth target for the year. Exports grew for the twelfth straight month, in the first two months exports rose to a 7-year high of 13.8 percent with a combined value of US$40.466 billion and imports were valued at US$39.778 billion dollars with a trade surplus of US$688 million. Thailand's top trading partners are still the United States, the European Union, and Asian countries.
Business registrations rose 11% year-on-year in February, mainly for construction, real estate and logistics services according to the Department of Business Development. Registrations in February reached 6,356, up from 5,751 year on year. Business registrations also rose in January so that registrations in the first two months reached 13,321, up 11 percent from the same period last year. The DBD expects the number of new registrations to rise to over 75,000 this year; the Commerce Ministry reported that new business registrations reached a five year high at 74,500 in 2017, up 16 percent from 64,200 in 2016.
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Board of Investment tech business
This BOI promoted business allows for 100 percent foreign ownership and falls within the guidelines and goals of the government's bid to progress the economy to higher tech. This business provides cloud services to companies in Thailand and currently has 3 active partnerships and active reseller agreements: Microsoft, Sophos and Acronis, offering managed cloud services and cloud powered IT solutions. The company offers 24/7 management of cloud services and offers services such as Windows and Linux Cloud servers, Cloud back up, website and app hosting and Microsoft Azure. As the company enjoys BOI incentives, profit and dividends are not taxed so it can be beneficial to a local investor to change to local ownership.
In Thailand the spending on public cloud services in 2017 was estimated at 7.73 billion baht according to global research firm IDC. Many companies are moving to the cloud and the Bank of Thailand recently announced that the financial sector can offer financial services on the cloud. Research firm IDC predicts a further growth of the Cloud Services market by 25% yearly on average.
The company has a dedicated team of well-trained IT professionals with certified and senior engineers offering technical support and the company also has an online lead capturing and sales strategy for selling recurring packages. The company conservatively predicts total net profit over 3 years to reach 100 million baht.
The owner has more than 10 years of experience in IT, Cloud, Hosting and Online Marketing; extensive knowledge and experience that can be transferred to a partner or new owner.
The owner is interested in two options; a joint venture in which the partner takes shares in the Thai company and the owner stays on as the General Manager or a full takeover with 100 percent ownership by the buyer.
This top American franchise business is located in the food court of a popular and busy mall in Northwestern Bangkok. The business has been opened for a year now but the owner needs to sell as his other businesses take up too much of his time to manage this one. Located in a top spot int he food court of a busy mall this business is great for someone who wants to take up a well-known and popular franchise in a busy area.
Rent is 17 percent of gross profit and the space is 25.60 sqm There are four full time employees with a total monthly payroll of 25,000 baht a month. A new owner with more time to dedicate to this business could easily grow sales which topped 3 million in the first year. The sale price does not include the franchise fee or deposit with the supplier
Silom fitness center near BTS with large customer base
This popular fitness center is located in the busy Silom area, not far from the MRT and BTS stations. This well-equipped center offers the latest in Pilates, yoga, yoga fly, Zumba dance, aerial hoops and piloxing; all the latest and most popular trends in yoga and fitness.
The business was established in 2015 and has an active social media presence with channels on Facebook, Instagram and others. The center has a large 200sqm space with good views over the city. Rent on this prime location is 87,500 baht a month. There are 20-25 part time teachers at the center The fitness center currently has more than 1,000 members of which 295 are active The center has an up to date booking system and profile database of the members well as a mobile phone app.
Sales last year 5,800,000 baht. The sale includes all fixtures, fittings and equipment as well as a company with enough registered capital for one work permit.
Although the current owner has owned it since January 2017 they plan on moving overseas
The current owner has plans to move to abroad with the family. The business could easily increase sales and profit with an owner with more time to dedicate to the business.
Wireless road hair salon with many regular clients
This long-established hair salon offers waxing and a nail spa for its clients in a top Wireless Road location. Wireless Road is often known as Embassy row due to the many embassies on the street but the street is also home to many office buildings and hotels. The salon has been in business for 12 years and has built up a great reputation and many repeat clients.
Rent on the 142 sqm space is 168,000 baht a month and there are 7 employees that earn about 200,000 baht per month in commissions. All of the staff are long-term, well trained technicians. Sales last year is 7,405,242 and net profit 1,628,301. The equipment and furniture are good quality and included in the sale.
This restaurant and bar is in a great location on Sukhumvit soi 31, a busy soi with many hotels and guesthouses and has earned a great reputation for its food and ambiance, even winning a restaurant award in 2015.
The restaurant has 200 sqm and a good rental price of only 45,000 baht a month. There are 7 full time and 7 part time staff with a total monthly salary of 145,000 baht. Annual sales are around 12-14 million baht and the business made a net profit of 4.6 million baht last year.
The owner is selling the business as he has no time to manage it.
This charming French bistro was established in 2013 and has earned a good reputation for delicious food in the hotel, office and condo filled Sathorn business area. There are 19 seats in this 35 sqm space with a very low rent of only 8,500 baht a month. There are 4 Thai employees and sales have reached around 2 million baht with a profit of around 15 percent.
The restaurant has earned good reviews on Trip Advisor with many praising the delicious food, excellent wine selection and outdoor terrace.
The owner is seeking to sell as he has invested in another business that takes up his time.
Phuket fitness center with both local and tourist customers
Set in the heart of the top tourist area of Phuket this fitness center has been open for a year and attracts both wealthy tourists staying at the many villas and hotels but also a core of local customers. The local Thai community has provided a strong market for the center as well.
The business includes a limited company that can provide work permits for two people, the business license, and includes all assets including the website and customer list as well as all fitness equipment and the fully fitted out gym. The company uses an accounting firm and a legal consult to manage all finances and legal matters for the company.
The business has been established for one year and has one full time and one part-time employee with a total monthly payroll of 30,000 baht. The lease on the building is 18,000 baht a month and expires in 2025. The owner invested 2.8 million in the business.
The owner is forced to sell as health issues keep him from managing the business full-time. A new owner can step right in and really grow this business even further with marketing and promotion.
Well-known guesthouse, bar & motorcycle rental on Samui
Located on the popular tourist destination of Bo Phut on Samui Island, this guesthouse and bar has been in business since 2013 and built up word of mouth for their friendly service. In addition to the guesthouse and bar the business also offers motorbike rentals bringing in a steady income.
The business brings in about 120,000 baht a month, with 75,000 baht coming from the bar, 30,000 baht from the rooms, and 15,000 baht from the bike rentals. Rent on the 420sqm building is only 15,000 baht on a 3 year renewable lease and there are three rooms for rent. Total costs average around 27,000 baht a month.
Included in the sale are all furniture, fixtures, and fittings, including televisions, and four motorbikes to rent out as well.
This is a great small business for a couple wanting to walk in to an already established business. The owner is selling as he is looking to take time off from working.
Interested in joining the most successful and popular Mexican restaurant franchise in Thailand? Sunrise Tacos is seeking qualified franchisees to join us in our commitment to quality and healthy, delicious food. Are you experienced in hospitality or business management but want to strike out on your own? Sunrise Tacos is seeking franchisees fully committed to the Sunrise Tacos way; with a hands on approach to running the business and experience in hospitality or business management. The leadership at Sunrise Tacos prides itself on maintaining a close and personal relationship with each of our franchisees and looks at franchising as a long-term business partnership. We are committed to our franchise partners and helping them grow.
With the opening of the ASEAN Economic Community at the end of this year we at Sunrise Tacos see the potential for growth in the region. If you want to be a part of that potential let us know! We already have a branch in Phnom Penh and have added more around Thailand, including our new franchise in Chiang Mai, and are seeking committed, enthusiastic business minded people to join us. Contact email@example.com for more information.