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i can also vouch for this. I founded and ran a software company in Thailand for 8 years, and regret doing it the "right" way (incorporated) because of the admi
by novaleaf 11y ago
i can also vouch for this. I founded and ran a software company in Thailand for 8 years, and regret doing it the "right" way (incorporated) because of the administrative burdens associated with taxation. Additionally due to US banking laws (anti terror yadda yadda) it is very difficult to do business on the internet unless you have a bank account in the USA (or perhaps EU etc.. just an account somewhere besides Thailand).
- eis 11y agoYup it's really frustrating and ineffective to form a company here in Thailand. They really don't want all that startup money even though they could really make use of it. Try Hong Kong, Singapore or other stable and modern countries with rule of law. You wont have much trouble doing online business.
- stephenr 11y ago> due to US banking laws (anti terror yadda yadda) it is very difficult to do business on the internet unless you have a bank account in the USA Can you expand on what you mean by this some more? I operated from Australia as a sole trader (similar to single person LLC in the US I believe?) and I'm now the Director of a Thai Limited Company. In neither case did I have a "US" bank account. With literally one exception in.. 8 years, I've always been paid by clients via bank-to-bank Wire Transfers (the one exception used TransferWise). I've never had any issue with payments not arriving/not being processed? In the last 12 months I've been using my Thai bank's NYC branch to allow US clients to make an ACH payment, and the NYC branch of my bank then handles the transfer back to Thailand. Are you talking about B2B payments or consumer payments?