If you own a big business and you want to expand to the Thai market, it’s only natural that you will want to acquire some commercial properties, in the name of your company, of course. That is one of the three exceptions that allow a foreigner to legally own land and property in the country and, that is, to establish a limited company in Thailand.
In any case, you will want to have somebody manage that property for you. Some businessmen, shrewd as they are with their cash, will want to take on that task by themselves. After all, entrepreneurs are trained to think that if they want something done, then they should do it themselves. In this case, however, that saying doesn’t apply.
This means that you should hire the services of a property management lawyer in Thailand. There are actually many benefits that you and your business could enjoy out of retaining a property manager to watch out for your property portfolio in Thailand.
Here are some reasons why you should hire a professional to take on the task of managing your properties in Thailand.
First reason – it takes a lot of time to compile all information about your properties, especially when you’ve been in the business in the country for some time. You, as a businessman, would need to focus on generating the necessary revenue to keep your company afloat. Now, managing a property includes keeping you up to date with tax information, and legal obligations. Employing an in-house auditor to do that for you could work, but it could be expensive.
By tapping the services of a third party solicitor to manage your property, you get to save money because the retaining fee is a fixed amount you pay according to a schedule. Employing an auditor, on the other hand, could prove to be expensive and time-consuming because you will have to pay him, or her, a monthly salary plus the requisite benefits under Thai law.
Another reason to tap a third party solicitor for property management in Thailand is guaranteed expertise in Thai legal matters. To understand the law in the Kingdom, you will need an entity that can understand and speak the local language. This is to make sure that there are no misinterpretations of the law due to mistranslation or the language barrier.
The best thing is, you’ve get plenty of options when it comes to legal firms specializing in property management. All you really need to do is exercise due diligence and look at what options you got laid out in front of you. Don’t hesitate to ask questions! Your initial communication with the firm will actually give you a feel as to what it is like to work with that legal advisor.
If you have any questions about property management and anything regarding the law and foreigners in Thailand, feel free to contact us through our email or through our social media accounts. We’ll be happy to accommodate you.