Retirement has been a topic in this blog for sometime now. We all know how touchy this subject can be, but it’s also something that we have to tackle as it’s a very important milestone for everyone’s lives.
We’ve discussed what needs to be done in order to prepare for your retirement to the Kingdom of Thailand. What we have not discussed, however, is who do you need to have on your side when you’re ready to end your tenured employee life and move on to financial independence via your retirement?
There are three people that you must tap, considered as an important partner for your retirement in Thailand. They are, namely, an expatriate business partner, a legal advisor and a local businessman.
When you enter retirement, you don’t really totally relax when it comes to your finances. True, you may have a monthly stipend, thanks to the investments that you have made back when you were still working. However, they may or may not be enough for your lifestyle or even your basic needs.
So, you really need someone, a local entrepreneur, to help you out if you’re planning to start a business in the Kingdom. Thai law stipulates that, even when a business is foreign-owned, there still need to be local Thais in the Board of Directors with voting powers and stock holdings.
It may be tempting to go for nominee shareholdership, but that route is totally illegal for foreign-owned business. Nominee shareholders are applicable only for Thai-owned businesses.
Of course, because you’ll be dealing with a law that’s entirely foreign to you, you need an English-speaking legal advisor who is also fluent both in the Thai language and the law. You see, dealing with foreign languages comes with the risk of being lost in translation and ending up misinterpreting certain legal concerns.
That comes with danger because you might inadvertently go against the law. However, with a legal advisor on your side, you’ll be safe from that because you have somebody who can effortlessly translate and correctly translate Thai law for you. He or she will also be able to give you advice if a certain planned action by your business partners is actually a potential flash-point for conflict with the law.
Of course, no man is an island. You can pool up considerable resources if you team up with fellow expat retirees in Thailand to start a business venture. You could set up your business faster, and you’ll be doing it with somebody who speaks your language as well. Nothing can be closer to home than having someone who speak your language by your side, in business as well in leisure.
Once again, retirement is not something one should be fearing. It just takes some adjustment, but you’ll certainly be on your way to retirement just by knowing what is really in store for you beyond stepping down from your tenured life.
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Photo credit : thetaxhaven