Transcript of the above video: 

It is not often that I read an article in anything that gets too - like - movies kind of in my head are like shards of metadata that like connect to other things as I'm like going throughout the world, that's just how my mind works, I don't know why, that's just who I am. I was reading this article we're going to get to, and it is by Victor Wong. I have quoted his stuff in the past and I have had differences of opinions from him that I have made clear on this channel, but at the end of the day, tip of the hat to this person, he is competent, he knows his stuff and I do enjoy reading his work from time to time and this latest article I got not one, but two, different thumbnails for different videos out of me. This first one is from a scene in the movie Braveheart where Robert Bruce the elder, is talking to Robert Bruce the younger and they are talking about the circumstances on the ground between Scotland and England in the lead up to William Wallace sort of coming on the scene and Robert Bruce the elder tells the younger - well the younger says to his father, "it isn't it time that we fight?" and he says "it's time to survive." And that is the advice of a wiser old man oftentimes, especially in this world where we all have to make a living, survival is of key importance.

Real quick before I jump into this article. Folks have sent me some emails recently, and I have talked to people and things on the street, and they have said, "I don't necessarily need to avail myself of your firm although if I ever do I would" - we appreciate that, we always like to have new clients, but they'll say, "well I don't really need you right now, is there anything we can do?" Look, my better half and I set up a restaurant here in downtown Bangkok; it's called Pancake Palace. As the name implies it is breakfast anytime, American Diner style breakfast; we do have an English breakfast on the menu. It's not only breakfast though. We have American Diner style food: hamburgers, cheeseburgers, chilli bowls, hot dogs, Polish sausages; we've got grilled cheese sandwiches, buffalo wings. If you're interested, check us out, links are in the description below, we'd love to see you come by, if you want to shoot the breeze. Honestly though, for those who come in, I'm not looking to talk shop when I'm in the restaurant. Various things that are in the news come up regarding visas and things, that's one thing, but just FYI on that. But that said, we'd love to see you down there and again links are in the description below. 

But let's jump in here to a recent article, Pattaya Mail, pattayamail.com, When high-stakes deals in EEC are shaken by "sworn declarations". This was a practical piece. I just felt like Mr. Wong deserves credit where credit is due here; this is good practical advice. Quoting directly: "The Perspective of Victor Law Firm "We are not threatening; we are warning you so you can survive." - Yeah, I have been burned over the years making videos on this channel. The biggest one I got in the beginning, it is the one I remember most poignantly was when I was warning people, "hey it looks like the Income affidavits that used to be issued by the American and British Embassies is coming to an end” and people told me, "oh you don't know what you are talking about, you are terrible", and then it came to pass. Again, I think he feels the same way as I do. Nobody is conveying this information to try to scaremonger. It is so people can survive. If you have a business, and you are worried about its structure, restructuring is a survival mechanism, it's not a scare-mongering result, it is just, "look, this is a change in paradigm." As we have discussed in other videos, Thai Law enforcement is now serious about the issue of nominees in Thailand and for that reason it is very, very important to take it very seriously the issue of having a compliant corporate structure and not utilizing what could be determined, what could be defined as nominees here in Thailand. And again, that doesn't mean you can't have a Thai partner, it doesn't mean you can't have a 49/51 set up on a company. What it means is that person that's involved in that company needs to actually be involved in the company. They can't just be a front if you will; they just can't be a name on a piece of paper and not be otherwise be involved - That said, quoting further: "At Victor Law Firm Pattaya, we stand firmly by the rule of law. This joint operation between the DSI, CIB and DBD" - and this is important; this is the Department of Special Investigations and the Central Investigation Bureau. That's like, in an American context, that would be like the FBI and maybe like the ATF kind of; again, it's not an exact apples to apples comparison, but like major law enforcement, nationwide operations, along with the Department of Business Development under the Ministry of Commerce. This is something to take seriously is what I think he and I both are saying - "marks a definitive turning point. Anyone who believed that Pattaya and Rayong were 'grey zones' where the law could not reach must now think again." Quoting further: 

"Transparency is your business's "Life Insurance" - Yeah, well said, well said - quoting further: "With authorities now knocking on doors from Nikhom Phatthana to Jomtien Beach, choosing a legal advisor who prioritizes integrity is no longer about image it is about the safety of your assets and your personal freedom." - well put. As discussed in prior videos, as discussed here, there are legitimate business operations that can be set up in Thailand, but they need to adhere to the rules. Failure to do so can lead to some serious consequences. - Quoting further: "Do not allow massive investments to collapse due to forged signatures or unethical legal structures. On the day the sirens stop in front of your office, "Legal Integrity" is the only thing that will save you." As we are called Integrity Legal, I don’t know if that is a play on words, but tip of the hat to you, Mr. Wong, it’s a good point. At the end of the day you need to do business, you're looking to make a living, you're looking set up an enterprise here in Thailand. One, it is a good idea to pick good legal advisors from the beginning. As I have discussed in other videos, unfortunately there is a plethora – not exactly a plethora - but there are many fake lawyers in Thailand. As we have discussed the legal profession itself is restricted to Thai nationals only; that’s the beginning part. For those who are unaware, despite how I look, I am a Thai, I am a naturalized Thai.

That being said and the thing to take away from this video, and I agree with Mr. Wong on this one, is this is about survival so let's not worry about whether or not this is the best idea or if this is policy the foreign community agrees with or not - which is really not particularly relevant anyway – it more comes down to the issue of look, if you have issues with respect to the structure of your business, if you're worried about it, and you know, it's sort of a know thyself situation. One knows whether or not they have someone who could be deemed a nominee. I think it is oftentimes pretty self-evident. That being said, at the end of the day, hiring proper professionals to be able to set up a company in compliance with Thai Law is key. That being said, we will be keeping folks updated on the news regarding this stuff as the situation evolves.