Hi Khun Jeab –
This message is about Sierra Med-IT (Thailand) Ltd.
I need to provide Ranjan and Erica with a “critical dates” timeline, with respect to their BOI process.
If I recall correctly, the BOI approval letter for Sierra Med-IT (Thailand) Ltd. was dated 9 September, and you picked it up (signed for it) on 21 September. One of those dates probably starts a timeline ticking away.
Also, if I recall correctly, their BOI commitment was to invest 5,000,000 baht in share capital., with a requirement for them to remit into Thailand at least 25% of that amount, within a set period of time.
They have thus far been credited as having spent – from “paid up capital” – most monies paid to Indo-Siam, as well as the purchase price for at least three laptop computers, purchased in September. They also have some amount of funds in a Thai bank account.
Their real situation is: They have had a fairly large team (maybe a dozen people) working in Thailand (illegally, as contractors) for more than a year – working at Siriraj Hospital, under a contract between the Singapore parent company, and a Thai Foundation associated with Siriraj (which was used to channel the money to Sierra Singapore, without any Foreign Remittance Tax or VAT). That contract is about to expire, and the new, renewal contract will probably be between Siriraj and Sierra Thailand.
What Sierra-Thailand needs to do is:
1. Find and lease office space (37 months) – probably in the Sathorn area – and then fit it out.
2. Put one Singaporean and the first four Thais onto the Thai payroll
3. Document required pay-in of capital
4. Complete necessary initial purchases.
What they want to know is:
1. Through March 2016, what critical dates are imposed by the BOI – and what must completed by those dates?
2. To what degree is it possible to get time extensions on those dates?
3. What critical quantities/numbers are defined by the BOI Approval Letter – in relation to dates up to 31 March 2016 – for personnel, salaries, remittances, leases, purchases.
4. EXACTLY how must pay-in of share capital be documented?
The answers may be easier than they look - because there may just be one critical date, and the numbers may be listed in one place in the approval letter.
I’m late on this response, so I’d like to get your input quickly – certainly before noon on Tuesday.
Thanks,
Boss