Business Property – Keymoney
If you are wanting to setup a business in Thailand then you have the option of buying the property or getting a leasehold agreement. Note that you cannot work in Thailand even when married to a Thai as you will need a work permit. Many who retire in Thailand usually setup a small business for their wife to pass time. Note that certain occupations in Thailand, foreigners are not allowed to do. Note that this could get you deported for working illegally in the country.
Business Property – Keymoney
The leasehold agreement for a business can be for a maximum of 30 years but most commercial leaseholds are for much shorter. These are normally for a period of 3 or 5 years. Most times when you buy a business the leasehold would also be transferred with the business. You would then have to pay the amount of “keymoney” to cover the lease and normally the owner of the property allows for this as the lease might be in the name of either the person or the business. Keymoney is normally not lease money and this is why people don’t like to buy a business with keymoney as you get nothing for it. You will need to check this when it is a commercial leasehold agreement. There is no set rate or percentage for the key money. Keymoney started as a security deposit and over the years it has simple become another overhead which you cannot recover. Note that keymoney is not refundable.
Keymoney is still very common in Thailand with a commercial lease and it is normally paid at the beginning of of the lease and usually once off. There is also those who want keymoney each time the lease is renewed. Nana Entertainment Plaza, Bangkok, Key Money is paid every 3 years on set dates. This has become the norm in Thailand with commercial leaseholds and this is one of the reasons why many simply do not start a business in the retail sector.
The lease agreement in Thailand for this tends to be short and you will need to check how much time is still left on the lease. Also you will need to see what the possibility of an increase in the lease renewal is going to be. Many times when the business is successful the owners tend to push up the lease pricing. They might also not want to renew the lease and start the own business in the property and basically copy what you did. There are loads of copy and paste businesses in Thailand so you need to consider that as well.
Note that if you are going to start a business that it will need you to register a business in Thailand. There are a number of registration options and you need to take proper legal as well as advice on these. Depending on the type of business you can get a work permit for yourself however it can be a profession that is reserved for Thai people. You are also going to need a liquor license in Thailand as well as a cigarette license if you are going to open a restaurant amongst other business that people do start. Always speak to a lawyer in Bangkok for more information.
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