|
|
|
The Ministry of Commerce Memo 102/2549 of July 20, 2006
which outlined new provisions for screening applications
for establishment of Partnerships and Limited Companies
and became effective as of August 15, 2006, has created
quite a stir recently in the business community. This document
requires applications for business license with shares of
40% or greater, or with aliens being authorized directors
to disclose certain information related to the validity
of funds and source of funds used to set up the company.
As reported in both the Joint Foreign Chambers (JFCCT) President's
Council meeting (Aug 28) and the F4C meeting (Aug 31) a
meeting was held between a representative from the Board
of Trade, representatives from the Ministry of Commerce
(Commercial Registration Department) and the JFCCT Chairman,
Peter van Haren, during the afternoon of August 31 to discuss
this issue.
Herewith the summary of the meeting.
|
|
The
intention of the provisions is to reduce the burden
of MoC staff in analysing applications and making
the analysis more transparent/standardized among the
various officers making the analysis. Not all applications
will be screened for disclosure and source of fund
requirements, only those as stipulated in the provisions
of the memo. Furthermore it was stated that there
are numerous companies that are operating in violation
of the Foreign Business Act, often due to the unreliable
declaration of information given during the application.
Notably, this is more prevalent in provincial areas
and often related to the purchase of residential/"business"
property. This has necessitated the issuance of this
memo. |
| |
|
|
The Deputy Director General responsible
for this issue assured us that the provisions are
only targeted at new business applicants, not companies
that are restructuring (financial or management),
or renewing their licenses, and not retroactive. |
|
|
Only the validity and source of funds
of Thai shareholders will be scrutinized, not any
alien investments. This is supported by the wording
in the July 20 memo stating "all Thai partners
or shareholders shall submit (information concerning)
the source of capital together with the request of
registration." |
|
|
It was agreed that the
MoC will submit a letter of explanation to the Board
of Trade and Foreign Chambers of Commerce to clarify
these issues. |
|
|
It was agreed that future similar memos
should be better communicated to the private sector,
either prior to release or after, depending on the
circumstances at the time. |
|
|
The Chairman reassured the MoC that
the Board of Trade and JFCCT fully supports the existing
laws in Thailand and does not condone or promote any
violation of such. Further more assurance was made
that JFCCT we would work cooperatively with the ministry
in promoting transparent and proper practices for
business operation in what ever capacity they can. |
If there are any questions or clarifications
related to this meeting please let send them to SATCC for
relay to Mr. Peter van Haren.
|
|
|
|
|
With a continuing prospering economy, South Africa continue
to present opportunities for additional investment. All
the vital statistics about South Africa as well as potential
opportunities are contained in the following presentations.
Medium Term Strategic Framework 2006-2009 - download
PDF
South Africa's Investment Environment - Powerpoint
Presentation |
|
|
|
|
 |
|
|
Coega is the solution for a wide range of manufacturers and logistics service providers who want to be in the best position to serve both the world and African markets. The area is already served by all the world's major shipping and logistics companies. Coega is part of the Nelson Mandela Metro, which is the home of one of the most diverse auto clusters in the world - it includes original equipment manufacturers General Motors and Volkswagen, as well as over 150 suppliers, including Goodyear, Bridgestone, Corning, Visteon, Hella, Faurecia, LUK and Johnson Controls. Both OEMs and most of the suppliers are active in both the local and export markets. They are succeeding in the highly competitive global auto market thanks to their position - Coega and the metro, which includes the city of Port Elizabeth , are mid-way between the major markets in the east and west. Coega is also ideally situated for primary production as it has access to South Africa 's vast mineral reserves, as well as its strategically important position at the centre of shipping routes for ore reserves that are found in different parts of the world.
find out more atdownload the powerpoint presentation here or
visit the website at www.coega.co.za
|
|
|
|
|
|
|
|
|
|
|
JOHANNESBURG - A
few years ago, the tiny kingdom of Lesotho appeared to
have a lot on offer for investors: cheap labor, generous
tax incentives and proximity to the regional powerhouse,
South Africa. Textile manufacturers certainly seemed to
like what they saw. Taiwanese entrepreneurs started arriving
in Lesotho in 2000. By investing in the country, they
were also able to take advantage of the African Growth
and Opportunity Act (AGOA). This United States program
was set up to allow duty-free access to the American market
for a wide selection of exports from countries in sub-Saharan
Africa that met certain conditions, such as respect for
human rights and the rule of law.
Learn More
|
|
|
|
|
|
