I will create a Thai company and I will also be a director of this company. I know that 51% of shares will belong to the Thai shareholder and foreigner side (me) will own 49%, do I have the right to subsequently replace the Thai shareholder by myself later? if yes, I will let my friend in Australia to replace the Thai shareholder.
Panwa: Yes, the Thai shareholder can be replaced with another one from your side, but it must be a Thai person too, cannot be replaced by a foreigner. Moreover, actually you can completely control the private Thai company even if the shares of the Thai is higher, which you can register for modify article of association by specifying preferred shares and common shares. By this way, the Thai side will hold the preferred share with specific voting right such as 10 shares per 1 vote meanwhile the common share will be hold by your side (foreigner) which can be 1 share per 1 vote (so you could control the voting rights whenever you have meeting), by this your side will have 49 votes meanwhile Thai has only 5 votes. That means every time you have vote, your side will always win.
Related topic:
- Modify incorporation document – Click here
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