July 19th, 2009 at 11:38am
Under Administrative Law
In Thailand, Bankruptcy Laws form part of the Commercial Law. Thai bankruptcy law is devised in such a way not only to help debtors to distribute their property but also to help them in rehabilitating via several reorganization provisions.
In other words, the Bankruptcy Law includes the Bankruptcy Act for Business Rehabilitation. The Business Rehabilitation Law was introduced in 1999 as Chapter 90 of the Thai Bankruptcy Law BE 2483. The main purpose of the Business Rehabilitation law is to assist a debtor facing liquidity problem by giving him an opportunity for rehabilitation before being insolvent.
The procedures in connection with rehabilitation are usually commenced by an eligible petitioner by filing a petition with a provincial or a civil court as per the domicile of the debtor. However, petition for business rehabilitation could be filed only if the debtor’s overall debt comes to an amount that exceed Baht ten million. Likewise, In order to file a petition for business rehabilitation, certain legal and perquisites must be complied with such as:
- The names and addresses of creditors must be specified to whom the debtor owes in total at least an amount of Baht ten million
- Specify reasonable methods in order to rehabilitate business functions
- Proposed planner’s name as well as qualification
- Planner’s consent
- In case the petitioner is debtor, then details regarding assets and liabilities must be given
- Consent of authorities which is applicable as mentioned below :
1.In case the debtor is commercial bank or finance company, then the consent of the Bank of Thailand
2.In case the debtor is a securities company, then the consent of the Office of the Securities and Exchange Commission
3.In case the debtor is a file insurance company or a casualty insurance company, then the consent must be of the Insurance Department
On filing the petition as per the above grounds, the liquidator will start the case once when he confirms and proves that the debtor’s assets could not pay off liabilities. The court’s concern with regard to the business rehabilitation is mostly on the basis of debtor’s balance sheet as well as accounting documents and liquidator’s power of arguments. Discussed further in detail in this article are procedures with regard to business rehabilitation.
According to the Article 90 of the Bankruptcy Act, once the petition for business rehabilitation is accepted, a planner is appointed, who in turn possesses duties and powers to manage the debtor’s business as well as assets. In case, a planner is appointed, then the debtor executive’s power in administering the business and assets would cease. In such a situation, until the appointment of a planner, the court will employ one or more persons or sometimes the debtor’s executive for a temporary period to deal with the debtor’s business and assets under the administration of the receiver.
During this interim period, the receiver has complete right to administer interim executives and to order them to prepare explanation regarding the account details as well as anything pertaining to the management of business and assets. The interim executives would be relieved from the powers of receiver by the court when the receiver makes a motion.
In such situations, the court would employ new provisional executive to presume the office. In case the court does not appoint interim executive, then according to the Section 90/20 of the Bankruptcy Act, the receiver would be given power for a temporary period to manage debtor’s business and assets. Likewise, according to the Section 90/21 of the Bankruptcy Act, until a planner is appointed, all of the rights of the debtor’s shareholders would be suspended except for in the case of right to obtain dividends.
Once the acknowledgement order for business rehabilitation has been received, the debtor’s executive should handover everything from assets and seals to book keeping ledgers and documents pertaining to business, assets, and liabilities of the debtor to the provisional executive or the receiver.
Nowadays, a number of leading law firms is in the scenario to provide excellent services in connection with business rehabilitation and bankruptcy. Many of them undertake a plethora of such services in connection with business reorganization as analysis as well as consultation with creditor or debtor, filing petition for business rehabilitation, plan administration, and planner representation.
By Law Article
July 19th, 2009 at 07:06am
Under Labor Law
The Labor Protection Act of 1998 (LPA) and the Civil Commercial Code (CCC) are primarily responsible for administering labor protection laws in Thailand. In other words, the rights and duties pertaining to the employer and employee are governed by series of a laws and procedures.
Apart from Labor Protection Act BE 2541 (1998) and Thai Civil and Commercial Code, the laws in connection with Thai labor issues cover Labor Relations Act BE 2518 (AD 1975), Provident Fund Act BE 2530 (AD 1987), Social Security Act BE (AD 1900), and Workmen’s Compensation Act BE 2537 (AD 1994.)
The Ministry of Labor and Social Welfare, via the Department of Labor Protection and Welfare, administers the laws as well as rights with regard to labor issues. Further, the Minister of Labor and Social Welfare also possess right to appoint labor inspectors as well as to issue regulations and notifications.
The Labor Protection Act and other related laws have set up employees’ minimum rights working in the country. This in turn includes rights covering almost every aspect of an employment such as working hours, remuneration, child and female labor, employee welfare fund, overtime wages, sick leave and maternity leave, holidays, employee dismissal and termination, provident fund issues, workers’ compensation, employee social security, and severance. Discussed further in this article are rights pertaining to certain aspects of employment in Thailand.
Working Hours
An employee is mostly entailed to work eight hours a day or 48 hours a week. However, it is reduced to seven hours a day or 42 hours a week, in case, the work is hazardous and affects employee’s health. In addition, an employee working continuously for five hours a day should be given a resting time of at least one hour. Likewise, an employee must also be given at least one day holiday in a week.
Remuneration
A remuneration committee has been set up, containing chairman who is the permanent secretary of the Ministry of Labor and Social Welfare, government representatives, and representatives of both employers and employees, in order to fix the wages and to determine basic pay.
Place of Payment of Remuneration
As per the Labor Protection Act, an employer is required to make payment of remuneration at the working place itself. However, it can be changed provided if employee is ready to accept payment at some other place or via some other payment modes.
Female Employees
According to the labor acts, both male and female employees must be treated equally in a working environment. However, there are certain exceptions in this case. For instance, an employer is restricted to employ female employee in such organizations engaged in mining as well as construction projects, underwater and tunnel works, and production and transportation of inflammable materials and explosives. Similarly, pregnant female employee is prohibited from working in plant or equipment that vibrates and lifting or carrying on her head more than 15 kilograms of weight. Additionally, an employer cannot terminate a female employee when she is pregnant.
Child Labor
According to the labor law, a child labor could be employed only if he has completed 15 years of age. But, in order to child labor below 18 years of age, the employer is required to notify it to the labor inspector regarding the employment of a child labor within 15 days from the date of his joining the job. Likewise, the law restricts an employer to make a child labor below 18 years to work on public holidays and to do overtime. Further, child labor below 18 are not allowed work in certain working environments such as metal stamping, working with hazardous chemicals, and working with poisonous microorganisms.
Sick Leave and Maternity Leave
As per the law, an employer must grant employees at least 30 days paid sick leave. However, an employee must furnish a doctor’s certificate in case, he takes sick leave continuously for three days. In the case of maternity leave, a female pregnant employee should be granted at least 90 days maternity leave, of which the employer should pay for 45 days of the maternity leave.
Termination
A notice in writing must be given to an employee prior to his termination. However, according to the Labour Protection Act BE 2541 (1998), an employer can dismiss or terminate an employee without any notice or severance payment in any of these following circumstances such as
- Performing his or her duties and responsibilities dishonestly
- Committing any kind of criminal offense
- Negligence from the part of employee that leading to serious damage or loss to the employer
- Disobeying working rules and regulations devised by the employer
- On imprisonment as per the final judgment of imprisonment
A plethora of law firms are now in scenario in order to help you dealing with the Thai labor law. Usually, these law firms provide a range of services in connection with labor issues such as labor disputes, labor court representation, payroll issues, social security, and labor law compliance issues.
By Law Article
July 18th, 2009 at 02:52am
Under Banking Law
The banking industry in Thailand forms an essential segment of the nation’s financial services industry. In other words, banking sector in Thailand is well-established. The history of Thai banking dates back to 1865, when the Hong Kong and Shanghai Bank appointed its agents in Bangkok. Accordingly, the HSBC established a branch in Bangkok, thereby becoming the first bank to open a branch in the country.
Following the establishment of HSBC branch, many European as well as business banks opened their branches. As a result, foreign banks became the dominant players in the nation’s banking industry. In order to counter the supremacy of foreign banks, Siam Commercial Bank – the first Thai bank – was established in 1906. Later, more Thai banks were opened to trade with Asian countries, as a result of the Second World War, when majority of the foreign banks were forced closed.
After the world war, the Thai government introduced a protective policy in order to promote the growth of Thai banks in the country, which included limiting the operation of foreign banks to one branch office. As a result, foreign banks became less dominant players in the banking sector of Thailand. Since 1960, many innovative economic as well as social development plans have been introduced in the country, which in turn has led to rapid expansion of banking sector in Thailand’s provinces, resulting in banks numbering more than 3000 throughout the country.
Thailand’s modern banking system is made up of a variety of financial institutions including commercial banks, special purposes bank, and Government Savings Bank. Commercial banks are perhaps the most popular among the banks in Thailand. Commercial banks include both local and foreign banking institutions.
Being the biggest financial institutions in the country, Thai commercial banks render an array of services including acceptance of time savings as well as demand deposits, lending money via overdrafts, discounting of bills, and leasing. Their activities also cover fee-based services like custodian services, syndication of loans, feasibility studies, and consultations for mergers as well as acquisitions. Apart from these, in some instances, these banks issue negotiable instruments of deposit, apart from underwriting and issuing of debt instruments.
Commercial banks in Thailand, consisting of branches as well as representative offices of foreign banks, are functioned in accordance with the Thai laws and regulations formulated by the Ministry of Finance (MOF) and the Bank of Thailand (BOI.) Formed in 1875 by the Ministry of Thailand, the Ministry of Finance initially acted as an agency of the government to administer national finance, collect revenues, and disburse royal funds.
In 1933, it got its present name and status as a result of the passing of the Civil Service Reform Act. With eight departments and 16 state enterprises under its control, MOF’s major duties include supervision of matters in connection with operations of Government monopolies, property, and treasury. Additionally, it has power to provide loan guarantees for financial institutions, government agencies, and state enterprises.
Bank of Thailand started its operation in accordance with the formulation of the Bank of Thailand Act, on April 28, 1942. Among its duties are devising of monetary policy and supervision of financial institutions.
Now we will discuss banking regulation with regard to bank licensing. As per the Commercial Bank Act, first of all an application, containing particulars as entailed by the Ministry, must be filed with the Ministry of Finance in order to set up a commercial bank in Thailand. On the approval as well as the obtaining of a license from the Ministry, a commercial bank is opened as a limited public company.
However, a foreign bank has to comply with regulations formulated by the Thai government in order to open a branch in the country, such as the money should be brought from its head office. When comes to investment, Thai government permits foreign banks to hold 100% shareholding for up to a period of 10 years. After a period of 10 years, they are not required to divest their shares. But, in case, if they hold more than 49 percent of shares sold, they are not allowed to acquire additional shares.
In addition, the Commercial Banking Act has put forward certain laws and regulations for the maintenance of capital funds and reserves. As such, the commercial banks are required to maintain certain amount and types of the assets in the country.
Special purposes banks are state-owned financial institution whose activities are administered by the Thai government. However, they deal with only specific clients or projects. Included in the special purpose banks are the Bank for Agriculture and Agricultural Cooperatives, the Government Housing Bank, and the Government Savings Bank. When comes to the Government Savings Bank, it consists of an extensive network of branches throughout the nations.
Banking and financial sectors in Thailand are further categorized into: Asset Management Companies, Credit Froncier Companies, Finance and Securities Companies, and International Banking Facilities (IBF.)
By Law Article
July 17th, 2009 at 10:40pm
Under Immigration Law
Jerry EricksonPublished: February 26, 2009
On Feb. 16, almost 200 people marched from Manassas Park to the Judicial Center in Manassas to bring attention to a case of alleged police brutality against a local immigrant and to Hispanic immigrant issues in general.
The complaint that sparked the rally was made by a 38-year-old Salvadoran immigrant, Agueda Dominguez. She claimed that a Manassas Park police officer beat her during a routine traffic stop on Feb. 2 because she refused to sign a ticket for having a broken headlight. Ms. Dominguez maintained that she is able to speak English, but she could not understand the officer’s request.
In addition to protesting the treatment of Ms. Dominquez, the marchers were protesting local government policies enacted in the past year that they claim are anti-immigrant. One of these regulations is the 287(g) program of the Immigration and Nationality Act, which allows local law enforcement to team up with Immigration and Customs Enforcement (ICE) to enforce federal immigration laws. The 287 (g) program is aimed at deporting illegal immigrants who have broken other laws. Members of the mostly Hispanic marching group chanted for “Justice!” in a call-and-response format, first in Spanish and then in English. One protest marcher’s sign read: “Nadie es ilegal (No one is illegal).”
Although it may be unrelated directly, on the following day, Feb. 17, the Prince William Board of County Supervisors, via a “Staff Directive,” eliminated a new requirement that unincorporated business owners verify their immigration status in- person at county offices to apply for a Business, Professional and Occupational License.
Now, instead of having to apply in person, these business owners will be able to check a box on their application certifying their lawful presence in the United States.
Many critics had decried the county’s recent imposition of this regulation as an unnecessary government requirement intended to make members of the immigrant business community feel unwelcome in Prince William County.
The county’s sudden reversal of its requirement of in-person certification of legal presence for a business license may have been the result of community resistance to a perceived anti-immigrant measure.
Just as likely, the county may have changed their mind because they feared that the in-person application requirement was scaring away some applicants and their tax revenue.
At the heart of the Prince William County and Manassas debate on immigration is the economy. Factions on both sides of the issues claim that immigration in recent years has had a serious effect on the local economy.
Prince William Board of County Supervisors Chairman Corey A. Stewart had predicted that the current weakened state of the economy would prevent the county from addressing the increasingly controversial proof of legal presence requirement. When quoted in the Washington Post recently, Chairman Stewart said, “I don’t think anyone is going to have the stomach to reopen this right in the middle of a tough budget cycle.” Contrary to his assessment, the county acted to eliminate the in-person requirement at issue the following week.
Like Chairman Stewart, those in favor of tougher anti-illegal immigration measures often argue that by not better controlling our nation’s borders, the U.S. is allowing immigrants to take away the jobs of native-born Americans. They also often view increased immigration as a stress on our national and local benefit systems.
Those advocates fighting for the rights of immigrants counter that immigration actually feeds economic growth and contributes to tax revenues. On Feb.11, New York Times Op-Ed columnist Thomas Friedman represented the viewpoint of those who contend that increased immigration will equal a healthier economy. He pointed to smart, diverse and energetic immigrants as the source of much American economic success and job creation in the past. He noted that in the last decade immigrants founded half of the Silicon Valley start-up companies. Friedman maintained that protectionist impulses only serve to stifle economic growth by shutting the borders to some of the world’s brightest entrepreneurial minds. He argued that our faltering economy must be stimulated “with green cards not just greenbacks, and with start-ups not just bailouts.”
There’s no doubt that proponents on both sides of the question will continue to vigorously advocate their views, whether through legislation, editorials or protest marching. And, as the troubles of the economy continue to take center stage for all, it is certain that the issues surrounding immigration will continue to share the spotlight.
The above information is provided for informational purposes only. The information should not be construed as legal advice and does not constitute an engagement of the Szabo, Zelnick & Erickson, P.C. law firm or establish an attorney-client relationship with any of its attorneys. An attorney-client relationship with our firm is only created by signing a written agreement with our firm.
Jerry Erickson is the managing partner of Szabo, Zelnick, & Erickson, P.C.
www.szelaw.com and the senior attorney in the firm’s Business Immigration Section. He has practiced law for over twenty years and represents clients in numerous complex areas of immigration law. He can be reached at
jerickson@szelaw.com.
Jerry has been a partner with the firm since 1989. Prior to joining the firm, Jerry was selected for a Judicial Clerkship in 1984 to work for the Judges of the Circuit Court of Prince William County.
The Prince William County Bar Association has previously elected Jerry to serve as one of its members on the Judicial Selection Committee. He has also been selected to lecture on behalf of the Virginia State Bar on issues related to ethics and professionalism.
Jerry received his Bachelor’s Degree from George Mason University in 1981 and his Juris Doctor from George Mason School of Law in 1984. He has been a member of the Virginia State Bar Association since 1984 and is a member of the American Immigration Lawyers Association, the International Business Committee and the Virginia State Bar International Practice Section. He is admitted to practice in the U. S. District Courts and the U.S. Court of Appeals for the Fourth Circuit as well as the U.S. Supreme Court.
By Law Article
July 17th, 2009 at 02:53pm
Under Banking Law
The answer is simple. All your transactions with a Panama Law Firm are covered by tight Attorney Client Privileged Communication. The lawyer/law firm can not reveal anything about the client or their transactions, business dealings, etc. unless specifically authorized by the client. The exception to this would be if ordered by a Panama Court which is a possibility but something very rarely seen.
Lawyers have to pass background checks from their government in addition to attending law school. The government knows who their lawyers are and regulates them. Lawyers have obligations and fiduciary responsibilities to their clients.
We see many people buying corporations, trusts, etc. from non-lawyer web based businesses and also for bank accounts. It for some reason never occurs to the client that the entity they are doing business with has all their private financial information such as name of their company, ownership of the company, passports, bank and business reference letters, addresses, phones, email, business information, where their bank account is, etc. These entities they are doing business with have no binding legislation or regulations on them preventing them from revealing any of this information to whoever they wish to reveal it to. In most cases they could not protect the client if they wanted to since they have no privileged communication. If they got a phone call from a governmental agency from 6,000 miles away the chances are they would cave in and provide the requested information. These phone calls usually go like this: I am so and so Inspector with the Tax Police of ABC country. Your country already knows that I am investigating this case. This means he sent an email to the government. I have a court order signed by a Judge would you like me to fax it over to you? This means the court order is as a rule almost never valid in the jurisdiction he is calling. Now when your friendly corporation registered agent says something cute like the court order is not from here and you have no authority here what he gets back sounds like this. If you fail to cooperate I will file a suspicious criminal actions report with your police since for all we know you are the owners of the corporation in question and are the guilty parties and we will ask that you be investigated by your police. This is usually done in a threatening way since it is a bluff. Now the corporate agent thinking the last thing he needs is to be the subject of an investigation by his own police and has to hire a lawyer, etc. says, wait a minute what is it you want? Okay wait while I pull it up for you. This probably took 3-5 minutes and your privacy is violated. No attorney client privilege means no downside for the corporate agent to cooperate. What would we say? We’d say there is attorney client privilege in Panama and you must get a court order from a Panama Judge ordering us to release any information about any client and then we’d hang up without providing any information.
Corporate Agents Offering corporations in Many Jurisdictions – Do not be deceived by firms that offer bank accounts and corporations from numerous countries. They are merely corporate agents or resellers of corporations from these countries. It is not very hard to become a reseller in many of these countries. Their ploy for credibility is selling from many different countries so you see a big shopping list of jurisdictions and think they are a real credible operation when they are really nothing more than a relatively unregulated offshore corporation based in some tax haven selling you formations in different jurisdictions most of which are not any good for asset protection, corporate privacy, or even bank secrecy. If you read through our web site you will soon realize that most if not all of these jurisdictions are “has been” privacy jurisdictions that are no longer private. They sell these products to people who are familiar with the jurisdiction from the past reputation but have not followed the recent changes in the laws relating to these jurisdictions in the post 9-11 world. If we knew of a better jurisdiction than Panama we would offer it!
Law Firms in Your Own Country – Be careful about using a law firm in your own country even if they offer to set up an offshore structure for you. The weak link in the chain is the attorney is located in the country where you are. If you felt your country respected the individual’s right to privacy and operated a fair and equitable court system you would probably not be reading this.
Attacking Attorney Client Privilege – An adversary can attack the attorney client privilege claiming your attorney conspired with you or was complicit in some way in something you allegedly did like the fraudulent conveyance of assets to avoid creditors, fraud, misrepresentation, tax violations pertaining to income tax, sales tax, property tax, gift tax, inheritance tax, probate tax, corporate tax, capital gains tax and other assorted and sundry taxes, creation of straw man trusts and other asset protection shams, money laundering, and the list can go on and on. We are not saying you did or should do such things, in fact you should not do such things, we are saying it can be alleged that you did such things and these allegations in these non-privacy countries are enough to break the attorney client privilege you have with the attorney. Jurisdictions that do not respect privacy and do not have fair and equitable court systems are not going to let a thing like attorney client privilege stop a big law firm from taking away your assets in the name of justice.
Suing your Attorney – Let’s assume the judge not understanding too much about offshore structures says well I don’t see anything here to justify the violation of attorney client privilege, what do you think the other side does next, walk away and forget about you? Not so fast, they can smell your assets and want a big bite as soon as they can get it. They see a chink in your armor that they are not finished exploiting. The chink is you did not use an attorney in a privacy oriented jurisdiction even though you might have used an offshore structure in one. So now they just add your attorney into the lawsuit as an additional defendant alleging him or her to be a conspirator in the plot to defraud the creditor out of his pound of flesh he wishes to take from your life savings, real estate, business, estate, etc. This gives them a shot at piercing attorney client privilege which is to say the attorney used an offshore structure to make discovery impossible thus thwarting justice and is sheltering the defendants assets behind attorney client privilege as an another layer in the scheme to defraud their client from collecting his lawful court ordered debt by grabbing your assets. If the other side is motivated and has money they will wear down your asset protection strategy until they can reach out and grab your assets. If you sued a lawyer in a privacy jurisdiction like Panama and did your formations there and banked there, you would be the one wearing down your adversary who would be getting frustrated spending time and money and getting nowhere in the Panama courts. They would be getting their cases dismissed for lack of jurisdiction, incorrect venue, etc. This could motivate your adversary to settle for pennies on the dollar after they had a very expensive taste of the Panama Courts, or they just decide they can’t penetrate your structure not even being sure what your structure is and plain give up. Using a lawyer in your own country to formulate your asset protection strategy is a weak link that should not be presented to a financial enemy. The same applies to using an attorney in another country where privacy and justice have disappeared. One privacy hating unfair jurisdiction can usually reach out to another privacy hating unfair jurisdiction and get their assistance, alleging almost anything will work in these jurisdictions. Some of these countries actually respect the court orders from another country, all that is required is a trip to the local court to have the foreign court order rubber stamped and thus domesticated and made enforceable. This is common with money judgments from foreign countries in the privacy hating jurisdictions but you do not have much to worry about in Panama.
How to do it -Use a law firm only in the jurisdiction where your corporation, foundation and bank are located. This way not only can the law firm that did your asset protection structure help you if trouble comes knocking on your door but your confidential information is out of reach of the courts your financial enemies will use. Do not use a corporation agent or non-lawyer for your asset protection. There is no attorney client privilege.
Anonymity is your Friend – Anonymity is your first line of defense. Only use anonymous bearer share corporations or anonymous foundations where no ownership records are in existence in any government registry (Panama). Panama Foundation assets are not sequesterable (not freezable). This makes discovery of ownership impossible even with a court order. Make sure the corporation or foundation need not file any tax returns and has no tax liabilities based on profit, income or assets (Panama). Tax returns could lead to an audit. Make sure the publicly recorded nominees of the corporation or foundation do not know the owners (Panama). Make sure there is tight Bank Secrecy (Panama has the best in the world now). Make sure there is strong attorney client privilege ( Panama). Make sure the jurisdiction in question is in no tax treaties with any country (Panama). Make sure the jurisdiction in question allows for no fishing expeditions (Panama). Make sure the jurisdiction in question does not cooperate on fiscal offenses (Panama, in Panama all tax offenses are civil not criminal). Make sure the jurisdiction does not allow civil lawsuits concerning matters that did not take place in the jurisdiction to be tried in their courts just because the corporation, foundation or bank account is domiciled there (Panama). Make sure the jurisdiction is dependent on corporate privacy and bank secrecy for its economy (Panama has 400,000 corporations domiciled there and there are 150 banks in country whose population is 2.9 million people, employing 20% of the workforce.
Hello Panama, Goodbye Switzerland!
For more information, please visit:
http://www.panamalaw.org
email at: panamalegal@hush.co
By Law Article
July 17th, 2009 at 08:53am
Under Banking Law
You can obtain a Panama Bank Account without having to come to Panama!
Panama Banks – Panama banks do open bank accounts for foreigners. Panama asides from being the number one retirement haven in the world is also the world’s foremost tax haven. Offshore bank accounts in Panama are the most coveted in the world today. All the banks we use have online banking including the ability to send international wire transfers, check balances, history and other information. You can get an ATM Debit card that is good worldwide for ATM withdrawals and it works for some Point of Sale Purchases. We work with several different banks and savings and loans in Panama. We do not discuss names of banks until after a person becomes a paid client, and all the required documents have been provided, please do not ask. Same applies to sending out bank forms, signature cards, etc. We have a list of banks that we have a working relationship with where we are able to have accounts opened without the need for the parties to come to Panama. Some of these banks are large multi-national conglomerates with assets in the 100 Billion Dollar Range and others are small Panama only Banks that offers a more personal touch and banks with everything in between. We have never had a customer leave us because we could not get them an account with a bank or savings and loan they felt was not suitable. We can normally have an account opened within 5 working days of the receipt of our fee and the required documents, some times faster.
The Process – Making a trip to Panama is not necessary. Panama Banks never accept cash to open an account. Some customers wish to come to Panama to meet the bank, etc. This is fine but we will NOT introduce a person to any bank until after they are a paid up client and we have done our due diligence having their reference letters, passport copy etc. The banks rely on the law firm to do the required due diligence in the area of know your customer which is the same as required by the banks. The banks in Panama have no shortage of customers since a Panama Bank Account is the most coveted in the world right now. The banks do not wish to have potential customers contacting them directly before the law firm has completed their due diligence. The banks are not fond of foreigners calling on the phone about opening up an account. If you are coming to Panama which again is not necessary, we suggest you do the formation of the corporation or foundation before you come and we can get the bank account approved by the new account committee before you arrive so basically you just meet the bank manager, sign the forms and signature cards and then are free to depart and your account should be functional the next day. We can assist with corporate rates on a hotel; get you an English speaking driver with a car, etc. You can have a checking account or a savings account. Time locked deposits for higher interest rates are available. Minimum deposits tend to run between $500 and $2000. Some banks will provide an ATM card with the account immediately. Some banks will issue direct from the bank a Visa card that is a secured debit card. It is good for ATM machines, internet purchases etc. The bank will generally require a security deposit which goes into a special interest bearing account. If your Visa card had a $10,000 credit line they would probably request a security deposit of $12,500. At the end of the billing cycle the money to pay your card balance down to zero would be deducted from your regular account. If a need arose you could ask the bank to clear the balance before the end of the billing cycle freeing up your credit for travel. There is the option of a third party ATM card that has numbers only, no account name at all on the card. There is also the option of having a third party MasterCard or Visa debit card (not credit card) for an extra fee. The Visa or MasterCard debit card also can function as an ATM card.
Documents Required – A notarized copy of the picture page of the Passport, letter of reference from a recognized bank, and a letter of reference from an attorney, accountant or company you do business with on their letterhead. Any bank in the modern world using the international wire system will require at least this much documentation from a foreigner opening up a bank account in their jurisdiction.
Stock Trading – The savings account can also be directly tied to a stock trading account. This allows one to trade online around the world. There is a $50,000 minimum to open such an account. The clearing agent is top drawer. We can also arrange for you to have a separate brokerage account in Panama with minimums as low as $20,000. USA passport holders can not have a personal stock trading account corporate or foundation only.
Type of Account – Offshore bank accounts in Panama can be opened for a corporation or a foundation. Accounts can be opened for personal, corporate or for a foundation. USA passport holders can not open personal bank accounts unless they actually reside in Panama and can document this. We always suggest the offshore bank account in Panama be opened using a Panama corporate structure. This way when wires are sent or received it can not be seen that you are the person(s) behind the corporation. When you use an anonymous Panama Bearer Share Company the ownership of the company is not recorded in any registry or public record database so no snooping entity can determine who is actually receiving the funds, and this makes for very private personal banking. Recently there was a scandal in the media where it came out that the USA was monitoring SWIFT wire transactions for some years. Monitoring a wire transaction to an anonymous corporation is fairly meaningless since nothing is known about the ownership of the corporation. If the sending entity was also an anonymous corporation that would be a good working definition of a dead end both ways. We always advise against personal offshore bank accounts in Panama for these reasons in addition to the fact that a corporate or foundation bank account greatly enhances asset protection but will work on personal accounts at the client’s request. We can not get personal bank accounts for USA residents/citizens. As an additional option one can open an offshore Panama bank account using a Panama Foundation which is also anonymous.
Bank Account Signatory Verification You or your designated signatory(s) will be the only person(s) with access to your offshore Panama bank account. What we do is have the bank opened up as a zero balance account; no money is in the account. Before you load the account with any funds we will show you how to securely contact the bank by phone and verify that no one else can sign on the account or otherwise access the bank account. After the account is funded online banking information will then be emailed to you directly and you reset the password securely online immediately upon receipt. ATM card will be sent by courier directly to you.
Number of Bank Accounts – You can open up more than one Panama offshore bank account in different banks using different corporations or same corporation or a corporation and a foundation. Sending funds from one corporation or foundation to another for payroll, purchases or other reasons can easily be accomplished using the ACH system in Panama which 30 large banks use. This is not a wire transfer and the data is covered by Panama Bank Secrecy laws and only entities covered by these laws have the data. It takes one to two days for the ACH transfer to be completed and the cost is about $1.00 per transaction.
Panama Bank Secrecy – Panama has strict banking secrecy laws better than any jurisdiction we know of. Panama has no tax treaty with any other country. This is not the case with tax havens like Switzerland, Belize etc. who do get into tax treaties with numerous countries. Tax treaties are the legal basis for government fishing expeditions. Fishing expeditions do not happen in Panama. If a bank employee or officer violates the bank secrecy laws they can go to prison, get fined and of course you can sue the daylights out of the offending bank. The bank secrecy laws are statutory in Panama. A question that frequently comes up is if a Panama Bank that is operating under the name of a chain of large international banks is able to maintain true Panama Bank Secrecy. Let us say the Bank is called Bank Two (no such bank in Panama) and Bank Two operates in Europe and North America with 68 bank branches in different countries. The Bank Two banks in other countries can not go into their computers and see account holder information about Panama Bank Accounts. This would violate Panama Bank Secrecy, expose the bank officers to criminal prosecution and enable you to sue the bank and its responsible parties for millions of dollars of damages. In spite of this some people prefer a bank that operates only inside of Panama and we can accommodate this sort of request.
For more information, please visit:
http://www.panamalaw.org
email at: panamalegal@hush.com
By Law Article
July 17th, 2009 at 02:52am
Under Banking Law
We are a law firm which means you have attorney client privilege – We specialize in Offshore Asset Protection. All of your affairs handled with us are covered by attorney client privilege which means that we could not reveal anything about you or your affairs without your specific permission or unless we were ordered to do so by a Panama Court (not a common occurrence). You can benefit from the legal protection and security of dealing with a licensed Panama Law Firm. If you buy an offshore corporation, offshore trust, offshore foundation or an offshore bank account from a non- law firm they could freely reveal your confidential information which they collect from you like name address, passport, name of corporation, bank account information etc. without any statutory penalties, in other words you do not have the benefit of attorney client privilege. Some of these corporate resale agents say they have some sort of financial privacy protections but it is flimsy and cursory at best.
Start here to learn more about why you should use a law firm for Offshore Asset Protection
Why use Panama – Panama is currently the new Switzerland and is also the number one retirement haven in the world. Panama does not tax offshore derived income, capital gains, etc. All tax violations in Panama are civil offenses, none are criminal and Panama has no tax treaties with any country. Panama actually requires all corporations to be formed by a lawyer to protect the privacy of their 400,000 corporations on file thus ensuring renewals each year. Panama cares about privacy, bank secrecy and asset protection. We only deal in Panama which is considered to be the most private jurisdiction in the world today, with the best bank secrecy laws, best corporate and foundation anonymity and strongest attorney client privilege in addition to having world class banks. Panama has no hurricanes, no earthquakes, no active volcanoes and no tsunamis which is why the Panama Canal was built here. So you do not have to worry about being unable to contact your bank by internet or telephone because a storm just passed over their island. Since we are in Panama we can and will represent any of clients who need legal representation in Panama with affordable rates ($150.00 hour). And yes we do get in our car and go down to the Panama banks representing our clients to open their bank accounts and to resolve any issues or problems that may come up down the road when our clients need our assistance. We are your corporate resident agent and would receive any official notices on behalf of your Panama Corporation or Panama foundation and of course we would understand the notices and could advise you not just say “hey, you got a document you need to read”. We are reachable by phone and email seven days a week and of course all communications with us are privileged communications. Always feel free to ask us questions by phone or email.
To learn more about why Panama excels as an Offshore Jurisdiction click here:
http://www.panamalaw.org/attributes.html
To learn more about Panama Asset protection click here:
http://www.panamalaw.org/asset_protection.html
Panama Banking – Panama boasts of having 150 international banks which is a living testimony to their strong bank secrecy laws please keeping in mind Panama is a country of 2.9 million people and these banks are in Panama City which is only about 9 square miles. All the banks we deal with have online banking including the ability to send international wire transfers. You do not need to come to Panama to open a bank account but you do need to supply reference letters and passport copies. You can even get up to 7% interest on 5 year deposits. The national currency in Panama is the US dollar but some euro accounts are available.
For more information on Panama Bank Accounts click here:
http://www.panamalaw.org/offshore_bank_account.html
For information on Offshore Debit Cards click here:
http://www.panamalaw.org/anonymous_mastercard.html
For information on offshore ATM cards click here:
http://www.panamalaw.org/anonymous_atm.html
Panama Anonymous Bearer Share Corporation – Such anonymous corporations are called by this term in Spanish – sociedad anonima. These corporations have no registry or database into which are entered the owners of the corporation. Ownership is through the printed stock certificate called bearer shares. There is no tax on offshore derived income other than the $300 annual tax included in our prices. Transfers of ownership do not have to be reported. With a Panama bearer share corporation wires moving through the wire system are not associated with any natural persons for more privacy. Panama corporations can be formed in 2-3 days. Panama bearer share corporations can own real estate anywhere in the world under Panama law.
To learn more about Panama Corporations click here:
http://www.panamalaw.org/bearer_share_corperation.html
Panama Private Interest Foundations – A Panama foundation has a number of advantages. It is like a combination of a corporation trust and will. Foundations have no real owner. The Panama foundation is anonymous. The foundation instructions are kept secret. Foundation assets including bank accounts are generally non-freezable. Foundations can own corporations and real estate.
To learn more about Panama Private Interest Foundations click here: http://www.panamalaw.org/panama_foundations.html
Panama stock Brokerage – You and or your corporation or foundation can have a Panama Stock brokerage account and play the worlds markets from home. Panama secrecy laws apply.
For more information click here:
http://www.panamalaw.org/stockbroker.html
Panama Passports, Visas and Residency – Panama offer an instant Passport program, a number of exciting and affordable visa programs.
To learn more about these exciting options click here:
http://www.panamalaw.org/passport_program.html
http://www.panamalaw.org/live_and_retire_in_panama.html
To learn more about the Panama Reforestation Visa Program click here:
http://www.panamalaw.org/reforestation_visa.html
Panama Legal Law Firm Panama Asset Protection Strategies:
Formation and Management of Anonymous Panama S.A. Bearer Share Corporations (sociedad anonima)
Asset and Estate Protection with a full range of effective strategies including Panama Foundations and Foundation Protectors
Providing corporate nominee directors and resident agent
Offshore Bank Accounts in Panama with online banking
Anonymous ownership of real estate anywhere
Anonymous ownership of boats and planes anywhere
Real Estate Investment (Panama real estate appreciating 28% per annum)
Panama Passport Program
Panama Residency, Citizenship, Visas
Stock Trading Accounts in Panama with secrecy
Offshore Visa, MasterCard from Panama Bank and other countries
Offshore ATM debit card
Offshore Merchant Accounts for high risk or low risk accounts
http://www.panamalaw.org
http://panamalaw.org/bearer_share_corperation.html
http://panamalaw.org/panama_foundations.html
http://panamalaw.org/foundation_protectors.html
By Law Article
July 16th, 2009 at 08:52am
Under Aviation Law
Congress leader Kapil Sibal will be the new HRD minister while Veerappa Moily will take charge of the law ministry in the Manmohan Singh Cabinet that was expanded on Thursday.
Salman Khursheed will be the new man for the minority affairs portfolio while Ambika Soni has been given information & broadcasting.
The Union Cabinet was expanded with the swearing-in of 59 ministers at Rashtrapati Bhavan. President Pratibha Patil administered the oath of office to 14 Cabinet ministers, 7 ministers of state with independent charge and 38 ministers of state.
In the first round of inductions on May 22, 19 Cabinet ministers had been sworn in. The count for the Union Cabinet now stands at 78, excluding the prime minister.
Here is the list of Manmohan Singh’s ministers with their portfolios who took oath on Thursday:
CABINET MINISTERS
MINISTERS OF STATE (INDEPENDENT CHARGE)
By Law Article
July 15th, 2009 at 08:53pm
Under Business Law
If you use a computer, and run a business, then no doubt you have gone through, and may still be going through, the confusing time of deciding which technologies are actually important to your business.
Is that latest program really going to help you, or are you going to find yourself spending more time trying to figure out how it works, or finding someone else who uses it.
I present for your consideration, the definitive list of what software you should be using, to keep your business running smoothly and efficiently, who could pass that up!
Skype
Skype is a program now used by over 9 million people worldwide, which allows free calling between skype users, including video calls, and ridiculously cheap calling rates to countries around the world.
Skype has multiple options similar to what your phone company would traditionally offer (voicemail) and even has the “skype in” feature, allowing you to (for a monthly charge) have a landline number people can call, that routes into your skype program. This feature comes into its own when you are dealing with customers from different countries, as you can give them a local number, and save the toll calls.
Skype helps your business because calls become clearer and significantly cheaper, saving thousands a year due to the reduced cost involved. If you have staff that move around then it becomes your lifeline, because your staff can be sending and receiving calls anywhere in the world with an internet connection, irrespective of landlines.
Download Skype 3.0 Now – http://www.skype.com/download/ .
Microsoft Office Outlook 2007
Microsoft’s outlook is an email application from Microsoft, although most commonly used for email’s, it also has a built in calendar, notes manager, and contact management.
Outlook is a solid basis for any organization, and with an exchange server, Users can have a shared mailbox as well as individual, and with the centralized contacts manager, you never have to ask someone for those customers’ details again.
With the new Vista edition, Outlook has gotten a system revamp, with a new snazzier finish, and a more intuitive design, Outlook is easier and faster to use than ever, making it a program no business can do without.
Check it out now – http://office.microsoft.com/ .
Firefox
Firefox is a graphical web browser increasingly being used as a replacement to Internet Explorer, with currently over 9 million people using it, it is becoming a strong player in the market.
Firefox incorporates a lot of features that make web browsing easier, from an intuitive page search that searches as you type, to tabbing, allowing you to have one window open, but multiple web-pages open inside it, a feature other browsers have quickly tried to incorporate.
Firefox is also significantly faster, and more secure, with a fix response time to security vulnerabilities as high as 3000% faster than Internet Explorer.
Firefox helps your business run faster, more secure, and more flexible, advantages all around.
Download Firefox 2.0 today – http://www.getfirefox.com/ .
McAfee Internet Security Suite
Let’s face it, the internet is a scary place, if it was a real place, it would be full of dark alleys full of dark figures, and everyone’s letterboxes would be overloaded with junk mail.
McAfee Internet Security Suite combats this problem, by introducing a powerful suite of programs, including spam blocking, safe web browsing and antivirus.
McAfee gives you 0 day protection for virus’s, meaning that as soon as a virus is found and the protection created, it is sent out immediately, unlike other antivirus suites, that might update only once a week, leaving you unprotected if you receive the virus the day it is released.
McAfee helps your business by keeping you protected against virus’s, and notifying you of the “dark alleys” of the web, so you know not to go down them.
Check it out now – http://www.mcafee.com/ .
ProWorkflow
How can you keep track of everything these days, with all that paperwork to do, and those customers to ring, how could you possibly know what Johnson is doing down the hall? Because you have ProWorkflow, that’s how!
ProWorkflow is a project management and time tracking solution, that gives you the control to see what all the staff are up to, how work is progressing, and see upcoming tasks and projects, even allowing customers logins so they can see how far you are on their projects.
And with the new Enterprise version, you can now manage your company worldwide, with the ability to submit projects to other locales through the click of a button.
Sign up for a free trial today – http://www.proworkflow.com/ .
Windows Vista Business Edition
Windows Vista is the new operating system from Microsoft, with the Business Edition being the first operating system to be specifically designed for the modern business.
With an overall upgrade to the look and feel of windows, getting things done becomes easy, no longer will you have the need to call tech support, or your “expert” staff member over again.
And with new features, such as Windows Meeting Space, doing things with other people becomes a breeze.
A must have for anyone that uses a computer for business.
Check it out today – http://www.windowsvista.com/ .
Microsoft Office 2007
Microsoft Office is a complete business system for creating and editing files, and even better, most business’s use at least some form of it, meaning you will practically never come across someone who can’t read the file you just sent to them.
Microsoft Office also integrates with your windows experience, merging with outlook, to provide you full Microsoft Word functionality when writing and receiving emails, and with the new Getting Started screen, you have plenty of pre-built documents ready and waiting to help.
Microsoft Office is a must-have for anyone who uses documents, and lets face it, who doesn’t! Whether it’s typing up a quick to do list, or preparing a professional report, Microsoft Office 2007 is your perfect companion.
Check it out today – http://office.microsoft.com/ .
Pageflakes
Pageflakes is your own personal start page on the internet, whatever business you are in, either personal or professional, Pageflakes will make your life easier.
With Pageflakes, you login (email and password is all they ask for), then add a few flakes, basic web-based programs that do things from display you-tube videos with a keyword attached to them, to a to-do list, to a clock, add some RSS feeds with interesting content to maybe help you learn something new, and viola!
You now have a homepage with content customized to you, where everything is relevant, and as an added bonus, you can access your content anywhere with a web browser and internet connection.
Now that’s smart business!
Get started at – http://www.pageflakes.com/ .
You-Tube
Who doesn’t know You-Tube? … Exactly!
You now have a branding space that basically everyone knows about and has visited at least once. This is the type of marketing space that advertising agencies dream about, and guess what, people go to you-tube to watch things, some of the most popular videos are advertisements, for example, a dove advertisement on the site has been played over 3 million times, and re-posted hundreds of times.
All you need to do is record a video with something humorous, or thought provoking, or alternatively something to help your customers, such as a how-to video or insight in your field of business.
Show it to some people, send it to some users, and so long as your video isn’t boring, bland or otherwise, than you have just given yourself some (relatively) free advertising.
Join the You-Tube revolution – http://www.youtube.com/ .
By Law Article
July 15th, 2009 at 07:07pm
Under Labor Law
In Thailand, all of the rights and duties pertaining to employers and employees are usually governed by a series of laws and regulations. Among the different acts that govern labor issues in Thailand are Labor Protection Act BE 2541, the Labor Court and Labor Court Procedure BE 2522, Labor Relations Act BE 2518, Social Security Act BE 2533, Thai Civil and Commercial Code, Provident Fund Act BE 2530, and Workmen’s Compensation Act BE 2537.
Usually, according to the employment law in Thailand, an agreement that has been established between the employer and employee should not be less than the minimum requirements or standards devised by the law.
The Labor Protection Act and other relevant acts dealing with the labor issues have set some specific rules and regulations for each and every aspect with regard to an employment such as working hour, remuneration, child labor, female labor, sick and maternity leave, dismissal as well as termination of employees, welfare and social security of employees, and hiring of employees services.
Working hours in an organization is usually on the basis of nature and type of work. In most cases, working hours should not go above eight hours per day or 48 hours each week. In case of such works that are harmful for the health of an employee, then working hours should not exceed seven hours a day or 42 days a week.
Under the Thai employment law, an employee’s maximum probationary period is 120 days. Further, the Labor Law entails every employer in Thailand to provide its employees at least 13 public days each year and at least six vacation leaves on completion of a year’s services.
Likewise, employees are eligible for annual sick leave of 30 working days each year. Apart from sick leave, pregnant employees are eligible for maternity leave of 90 days with 45 days’ full wages. When comes to remuneration, an employer is required to pay all benefits, apart from normal salary, that form part of the employment. In addition, the basic remuneration paid by an employer must be in accordance with the minimum wage as prescribed by the Ministry of Labour and Social Welfare.
Al though, male and female employees are treated alike in a employment, a female employee is prohibited from working in certain organizations or work environments such as construction as well as mining work which are performed underwater, tunnel, or underground, and transportation and production working conditions in which it is necessary to deal with inflammable or explosive items.
Likewise, there are also certain exceptions for pregnant female employees. In other words, an employer should not ask a pregnant employee to work overtime as well as work on public holidays. Further, they are also not allowed to work in certain environments such as on plants, construction firms where it is necessary to carry loads on heads or shoulders, and ships and other water going vessels.
In the case of child labor, the minimum age in order to employ a child labor is 15 years of age. But, to employ a child below the age of 18 years, it is necessary for an employer to notify it to the labor inspector within 15 days as of the date that the child starts his work. An employer is required to give a child labor a rest period of one hour for every four hours he has worked.
Similarly, an employer should not ask a child employee below 18 years to work overtime or on holidays. Additionally, child labors below 18 years are not allowed to perform dangerous works such as rolling as well as stamping metal and works dealing with unsafe chemicals and poisonous microorganisms.
A child below the age of 18 years is also strictly prohibited from certain establishments such as gambling centers, slaughterhouses, dance clubs, and center where liquors and other related beverages are served. Above all, an employer is required to pay the remuneration or benefits of child employees only to child employees and not to any other persons other than the employees.
Now we will discuss laws and regulations pertaining to termination and dismissal. A notice in writing must be provided to an employee prior to his termination. However, according to the Labour Protection Act BE 2541 (1998), an employer can dismiss or terminate an employee without any notice or severance payment in any of these following circumstances such as
- Performing his or her duties and responsibilities dishonestly
- Committing any kind of criminal offense
- Negligence from the part of employee that leading to serious damage or loss to the employer
- Disobeying working rules and regulations devised by the employer
- On imprisonment as per the final judgment of imprisonment
Nowadays, a lot number of law firms are in Thailand to help you dealing with the Thai labor law. Usually, these law firms provide a continuum of services in connection with labor issues such as labor disputes, labor court representation, payroll issues, social security, labor law compliance issues, and more.
By Law Article
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