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Starting a Business in Thailand: A 12-Step Guide to Law, Registration, Shareholders, Capital Requirements & Tax

Starting a business in Thailand can be a daunting prospect, but get it right and it can be a lucrative one. There's an abundance of opportunity in the industrial and service sectors, and in import and export.

Thailand is the second-largest economy in Southeast Asia after Indonesia, and recognized by the World Bank as “one of the great development success stories” in social and development indicators.

But before you even consider this journey, you need to arm yourself with the basics of Thai business law and regulation.

There's a ton of incorrect information out there online, and indeed to be heard next to a mumbling expat at 2am on a barstool in a back alley of Bangkok.

So here it is. Everything you need to know in one handy post, broken down in to 12 helpful sections.

Get a coffee; you'll need it!

1. What law governs setting up a business in Thailand?

Foreign business in Thailand is governed by the The Foreign Business  Act of 1999, set up by the recently deceased His Majesty King Bhumibol Adulyadej.

It is extremely important to know the penalties should you not adhere to the restrictions imposed. Non-compliance could result in a three year prison term and/or a fine of between 100,000b -1,000,000 Baht (£2.277 – £22.778) at today’s exchange rates.

The Foreign Business Act prescribes a range of business, commercial and industrial activities that may not be carried out by “foreigners” unless a relevant licence has been obtained or an exemption applies.

This includes Thai registered companies where half or more of the capital is held by non Thai individuals, foreign registered companies or Thai registered companies which are themselves majority foreign-owned.

There is no general prohibition against foreigners carrying out business in Thailand. However, foreigners cannot engage in the following:

  1. Newspaper publishing, radio or television broadcasting
  2. Rice farming, arable farming or orchard farming
  3. Rearing livestock
  4. Forestry and the processing of wood from forests (naturally grown)
  5. Fishery, only in relation to marine life in Thai waters and the specific economic zone
  6. Extraction of Thai medicinal herbs
  7. Trading and auctioning of Thai antiques or antiques which are of historical value to the country
  8. Manufacture or casting of Buddha images and alms bowls
  9. Trading in land

You can read the full act here.

2. What different types of company can I start in Thailand?

Foreigners can choose from the following types of company:

  • Registered Ordinary OR Limited Partnership.
  • Representative Office, Regional Office or a Branch Office.
  • Limited Company.

Limited Partnership

Unlike a Thai partnership, in a limited partnership, one partner’s liability is limited while the other partner’s liability is unlimited.

Limited partnerships MUST be registered unlike a Thai partnership.

Representative Office

A Representative Office has limitations on activities, as outlined below:

  • Reporting on business movement in Thailand.
  • Providing advice related to products that are being sold to distributors or customers
  • Sourcing goods and services in Thailand
  • Inspecting and controlling the quality and quantity of goods purchased or ordered to be manufactured in Thailand
  • Introducing information regarding new products or services

Regional Office

Structure is what separates regional offices and their branch counterparts. The regional office will conduct its business in Thailand on behalf of its head office based outside of the Thai kingdom.

A regional office is limited to performing seven specific activities, all of which fall under list three of the Foreign Business Act ‘FBA Act 1999’, the afore mentioned activities are listed below.

  • Communicating, coordinating and directing, on behalf of the head office
  • The operation of branches and affiliates which are located in the region
  • Providing services in consulting and management
  • Training and personnel development
  • Financial management
  • Marketing control and sales promotion planning
  • Product development
  • Services in research and development

Also worth noting, a foreign company must have at least one active branch office or affiliate in Asia. Regional offices are also restricted from earning income, purchasing, selling, and negotiating while based on Thai soil.

Branch Office

Unlike the Representative Office and Regional Office, Branch Offices under Thai law are not limited to the “non-trading” activities. They are allowed to earn income.

The Branch Office's liabilities arising from the action of the business in Thailand will not be limited within Thailand but extends to the head office overseas.

Under Thai law, the branch office is also governed by the FBA Act. If one of the branch office’s activities falls under the FBA Act, it will require a Foreign Business License (FBL) to conduct activities in Thailand.

Limited Company

Here, two options are available depending on your circumstances:

1. Private OR closely held (company that has only a limited number of shareholders)

A private limited company is formed through a process which leads to the registration of a Memorandum of Association (Articles of Incorporation) and Articles of Association (By-laws), as its constitutive documents.

2. Public Company

A minimum of 15 promoters is required for the formation and registration of the memorandum of association of a public limited company, and the promoters must hold their shares for a minimum of two years before they can be transferred.

The Board of Directors of a public limited company must have a minimum of five members; at least half of them Thai nationals. The registration fee for a public limited company.is roughly 2,000 Baht per million baht of capital.

3. What is a Nominee Shareholder & a Majority Shareholder?

When setting up a company in Thailand is discussed, the term “Nominee Shareholder” often comes into the conversation. In Thailand a nominee shareholder is a shareholder ‘in name only’, thus does not have any substantial financial stake or interest in the proposed company.

Under Thailand’s Foreign Business ACT 1999, and also Thailand’s Land Act, the practice of having a nominee shareholder is illegal, punished by way of substantial fines or imprisonment.

So, in short; avoid setting up a company in the name of your partner or someone you've only met a handful of times in a bid to quickly get started – this may come back to bite you.

However, foreigners are allowed to control the company as a minority shareholder and are allowed to be appointed as the managing director of the company

In this respect, a foreigner can choose to form a Thai majority company whereby the Thai partner(s) will have a 51% stake in the company, and the foreign associate 49%.

4. How would I benefit from having less of a stake than my Thai counterpart(s)?

Simply put, a Thai majority company, as opposed to a registered foreign company, requires less capital and paperwork to setup and maintain. Another benefit from having Thai partners is that a Thai majority company is able to purchase land, should the need arise.

Buying property while in a Thai partnership, as a foreign investor, is a fairly common practice in Thailand. Should you choose this route, maintaining regular compliance of the company would be paramount.

Thai law requires balance sheets to be filed yearly and a company address must be maintained. Also bear in mind that if a company is not earning an income, it faces being de-listed by the authorities.

5. Given the fact I would be a minority shareholder, would I face being overruled by my associate(s)?

Under certain circumstances, the use of preferential voting rights and the requirement of a super majority of shares to votes may alter voting rights in favour of minority shareholders.

However, it is common practice for lawyers to create companies for foreigners whereby the “assigned” Thai majority shareholders have no interest in the company.

Even so, since the income of a limited company is normally disbursed through expenses, such as salaries and rent, there is no equity for them to claim in the rare event that a coup was to take place.

6. Do I ‘have’ to have capital to register a Thai company?

As it currently stands, the minimum capital requirement for a Thai majority shareholder company (limited) is 2 million Baht, with a government set up fee of roughly 7,000 Baht.

If you have a Thai spouse, this requirement is reduced to 1 million Baht.

On the other hand, if the business is required to obtain a Foreign Business License under FBA, the minimum capital requirement must be THB 3 million for each business activity.

7. Can I own/buy assets as part of a company?

Prior to 1997, it was not possible for a foreign national to buy property or assets in Thailand. These laws have now thankfully been relaxed.

A popular method is to be in partnership with a Thai national, in a Thai majority limited company.

An agreement would then be put in place that would result in the Thai entity handing over complete power of attorney to the foreign partner, which would then provide them with the power to purchase assets.

The owners of the joint venture would then be required to complete a tax return and pay administrative fees and tax each year.

However, as mentioned earlier in this document, using nominee shareholders and creating joint ventures for the sole purpose of owning property is illegal and highly punishable under Thai law.

Acquiring a 30-year lease on a property (which is extendable to 60 years once obtained) is another route you can go down. You don't need a business to do this though. For example, your partner could lease you land for 30 years to build a house on.

8. Is it possible to own 100% of a Thai company?

The long-standing rumour that a foreigner can't own 100% of a Thai company still permeates the pavements of Thailand. But it is false; though some of the methods are time-consuming and the outcomes may be un-predictable.

There are three ways to achieve 100% ownership:

1. Obtain a Foreign Business License

A Foreign Business License can be loosely understood as a Work Permit for companies. Just as foreigners in Thailand can only engage in certain occupations and are required to have a Work Permit to be able to work, foreign companies can also operate merely in the selected categories and need an FBL.

This way, the Thai government can control the influx of foreign businesses into the country and thus protect Thai nationals and their interests

2. Board of Investment (BOI) Promotion

The Thailand Board of Investment (BOI) is a division of Thai government that promotes business start-ups and projects in areas that are deemed desirable for the economic outlook of Thailand.

One example of a success story set up under the BOI is the App Development & Marketing Company Appsynth. 100% foreign owned, the business went from 1-40 employees in 5 years, and has won multiple regional awards for its services.

All you need to know about the BOI can be found here. 

3. Registration through the Treaty of Amity (for US citizens only)

Thai-US Treaty of Amity and Economic Relations is a special agreement between the USA and the Thai Kingdom that allows American companies or entrepreneurs to maintain a majority of shareholding or full ownership of a company in Thailand.

It's actually pretty cool, and darn unfair for the rest of us.

You can read about the full requirements here. 

9. What visa would I require to start the process of starting a Thai company?

To enter Thailand with the purpose of doing business, you will require a non-immigrant ‘B’ (business visa). This makes you legally eligible to conduct business activities in Thailand, and that includes prospecting to set up a company.

You can apply for this particular visa at a Royal Thai Embassy or consulate in your home country. The visa fee is 2,000 Baht for single-entry with three-month validity and 5,000B for multiple entries with one-year validity.

10. Can I hire foreigners to work in my company?

Eligibility boils down to registered capital, as mentioned above. Two million Baht will enable you to employ a foreign national, and a further 2 million Baht per person is required up to a maximum of 10 people.

Also note that the company may hire 1 foreign worker for every 5 million Baht paid in tax.

11. Am I able to open a Thai bank account?

If your company is small, then the bank may not give you a checking account when you first open your company account. You may get only a savings account, whereby you can only withdraw cash. Note that you won't get an ATM card with a company account.

You must go, or send someone, to the bank with a withdrawal slip, with the authorized signature (e.g., yours) and stamped with your company stamp. The bank will write up individual bank cheques upon request. You will pay your clients in cash, or else transfer/deposit funds into their account at the bank.

Bear in mind that loans from local banks are not easily obtained. Getting a loan from your bank overseas may be easier, even though you will be transferring the money to Thailand.

If you want a personal account with an ATM card, check out this post for the full lowdown.

12. What about tax? What will I pay?

Corporate Income Tax

Corporate Income Tax (CIT) is a direct tax levied on a juristic company or partnership carrying on business in Thailand, or not carrying on business in Thailand but deriving certain types of income from Thailand.

  • Tax will be withheld on interest paid to associations or foundations at the rate of 10%.
  • Royalties paid to associations or foundations are subject to 10% withholding tax.
  • Government agencies are required to withhold tax at the rate of 1% on all types of income paid to companies.

Get the full rundown on corporate tax rules here.

For personal income tax information, go here.

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I hope this post has helped you understand what setting up a Thai company entails. But let me just finish by making something very clear:

Succeeding in business in Thailand is no walk in the park. Sure, business costs are lower, but with that comes red tape – in business, banking and legalities. And then there's the cultural boundaries of dealing with suppliers and employees.

That said, there are thousands of foreign companies thriving in Thailand. And they all have one thing in common: They do things above board. They take time to learn the language, the culture, and pay that bit extra for the best legal advice.

Be sensible. And be lucky.

More Tips for Success in Thailand

Send Money to Thailand:

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Get Good Health Insurance:

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Last Updated on

Comments Sort by : newest | oldest

  1. Shon says

    Given the information you have provided, I would be entering Thailand as an entrepreneur attempting to open an alternative medicine practice. So despite needing a foreign workers permit and 2 million bhat, would I have to hire at least 4 employees immediately?
    Reply

  2. Gavin says

    Thanks in advance for providing this valuable forum that allows airing of questions on starting businesses in Thailand.
    My question is regards to rules in a Limited Company regards the Thai partner who is the Managing Director and a foreign director. We have recently set up such a company and I'm wondering, as the Director, if you can shed any experienced light on the potential pitfalls to normal operating to watch out for with a Thai partner in that role? Also, if for example, the Managing Director becomes an obstacle to conducting business for one reason or another can he/she be removed (easily) and replaced with a new Managing Director.
    Reply

    • TheThailandLife says

      I would assume that like any company, if the MD is a major shareholder, to be removed from the role the board (probably made up of the other shareholders) would vote on this. However, if the rest of the shareholders together do not hold a majority over the share of the MD shareholder, then unless he/she wants to step down you will have a fight on your hands. This is a great question because it highlights one of the potential pitfalls of the 51/49 percent split.
      Reply

  3. Marco Reynoso says

    Hi ! thanks from Peru for all this info provided here

    Im planning to start a foodtruck in Phuket selling peruvian food. i have a thai gf that would be the 51%.and me and my friend from Peru 49% . Found out we have to show a million bath. Plus since im not married would be 2 000 000bath and that must be shown in a thai account? or can we have it in different accounts? from our country. And also this funds are just to be shown right?. Aside of my investment ?

    thanks alot man
    Reply

    • Steve says

      It appears that you are trying to start a "juristic" Thai Limited Company (i.e., Thai national owns majority shares, 51%). As far as my research goes, I have learned that the minimum Registered Capital is 1 Million THB. And if you require a foreign work permit the minimum Registered Capital is 2 Million THB; however, note that "before" a foreigner can be issued a work permit, the Thai Limited Company must first hire 4 Thai nationals (i.e., pay 10% of each Social Security upfront for three months)! I have yet to get a bonafide answer from any person, including law firms, as to whether: (1) the minimum Registered Capital for both 1 Million THB, and the 2 Million THB (work permit) can be reduced pro ratio as to the size of the business. E.g., should your food truck pay the same amount as a large restaurant; (2) the foreign work permit 2 Million THB can be waived if the Thai Limited Company can show that the company will pay the foreigner at least $50,000 THB monthly pursuant to the rules, and if so, what documents are required; and (3) "if a foreigner marries a female Thai national" is the 2 Million THB waived for the work permit, if the foreigner wants to be self-employed with the Thai spouse, e.g., open a small restaurant together to support their family?

      Does any one know the least expensive way that a foreigner can be self- employed in Thailand and open a small restaurant with liquor and a band (i.e., to waive or reduce the Registered Capital required with or without marriage to a Thai national)?
      Steve
      Reply

  4. dnack says

    Hi TTL,
    Thanks in advance for all the great infos here.
    I am from Malaysia. I already have a company in my country. I want to extend my service from my country to Thailand.

    In my country, we provide directory listing service via webpages and mobile apps. For example, the web and mobile apps will list the nearby cosmetic clinic based on customer requirement eg. dental, plastic surgery. To minimise cost, most operation will still be in my country.

    1. What kind of company do i need to register?
    2. Can it be 100% foreign own
    3. What type of tax structure
    4. I cannot afford too many employee or only part timers during marketing events
    5. Will there be more benefit if my customers (clinics) paying their subscription via E-commence payment gateway like Paypal or credit card and totally avoid opening a bank account in Thailand?
    Reply

  5. Nikunj thakkar says

    Hi, I am under the process of company formation with one Thai shareholder and other being myself and my mother.

    I am currently in india and the lawyer has requested me to have a valid visa for myself as well as my mother in order to proceed further. However I have been told that the third shareholder which in this case is my mother with a holding only of 10% need not have a valid visa or come to Bangkok. It's just me who would own 39% and the Thai partner 51% need to be there. Could you please advise what's the reality here?

    Much appreciate your help
    Reply

  6. Bom says

    Hello TTL,

    First of all, thanks for providing such information! It was lots of good information...
    In my case, I am planning to open a sort of franchised tea shop with a Thai partner.
    Since we are pretty new in doing business, we wanted to start small. However, I am also married to a Thai national and already have a working permit from another company for which I am currently working.
    My question, is it possible for me to open a business on the side with a Thai partner (or with my wife) knowing that I already work for another company? I am not planning to quit my job for now, but I want to slowly get my own business at the same time and if successful why not quit my current job in the future.
    Any comments on any constraints of doing?

    Thanks for your time!
    Reply

    • TheThailandLife says

      Hi, the answer is yes, you can start that business, but the work permit thing is a tad more complicated.Only one work permit is allowed per province, so if the job is in another province you'd have to apply for a second work permit. If it's in the same province, you would need the permission of the employer who approved the work permit you currently have to add the new job to that work permit. I believe it requires written approval. This may be a problem, depending on your relationship with your boss. Also, some employment contracts in Thailand restrict secondary employment - so check that out too.
      Reply

  7. Mike says

    I have two areas of questions after reading your excellent guidance here.
    1 - In a company registered with a Thai partner (Thai majority shareholder company (limited) ) the capital requirement is 1 million baht. And a government fee of 7,000 baht. How much of the 1 million baht has to be in Thailand at the start? How / where do you show the money? What's the time frame for capitalizing the entire amount? Is the 7,000 baht a straight out govt fee? can it be used to make up the 1 million baht?
    2 - What is a typical compensation, if any, for engaging a Thai business partner where the Thai partner's real role is to meet the minimum requirements for the setup of the business? An upfront paid amount for signing the documents? Or all incentive is in a salary and or the split of profits from the business?
    Reply

    • TheThailandLife says

      Hi Mike,1. As I understand it, it's 1MB capital if you are married to a Thai national. Before you can register your business you'll also have to pay at least 25% of the initial investment capital into a corporate bank account. I'm not 100 percent sure but I think the remaining amount is to be paid upon completion of the registration process.2. There is no typical compensation, because it's is illegal to use a nominee shareholder in this way:Section 36 (foreign business act) 'A Thai national or juristic person that assists a foreigner in avoiding the Foreign Business Act by means of holding shares as a nominee or being a nominal owner of the company, shall (including the foreigner allowing Thai nationals or juristic persons to do so) be liable for a fine of 100,000 to 1,000,000 Baht and/ or imprisonment of up to three years'.
      Reply

  8. Narga says

    I need your suggestion please, I want to set up a small saloon in Bangkok in a rental shop, how can i start this small work in minimum cost? I also have a thai best friend who already running the same business, can she help me? in a cost cutting manner?

    Request you to let me know the various options.

    Thanks
    Reply

    • TheThailandLife says

      Do you mean a salon? Please see the answer I gave to Martin below. You would need to start a company. As a foreign national you would own 49%. Careful with hair salons: it's a very common business and unless you are a known brand or popular salon in a busy area with lots of foot traffic, you will struggle to pay the rent. There's two salon near me that change hands every 6 months because the owners can't make it profitable.
      Reply

  9. Martin says

    Hey! Great info on this page - thanks a lot.

    I am currently staying in Thailand on a 6 month tourist visa sharing a condo with my GF. We have been a couple for close to 2 years and are talking about marriage. I am currently looking for a job in Bangkok, but for quite some time my fiancé and I have talked about opening in a small cafe/tea-house in one of the university areas. We are currently doing a lot of research, visiting different areas, talking to locals, drawing up interior design ideas and so forth..

    I have about 830.000 thousand baht to spend.. the rest is tied up in my house back in Europe.

    Basically I want to register a business in her name, but at the same time I am wary about putting all my savings into something I do not own at least a part of myself.

    Are there no way to register this business in a way that shows that I am actually investing in this business and a partial owner of 49 %.
    It seems like I must have a million Baht to register such a company.. are there no way around this?

    Also: I realize that without a work permit, I am not allowed to help out starting up this business (doing painting, redecorating, etc..) - in fact, on my current VISA I guess technically I am not even allowed to entertain business start-up plans...
    However: should I get a work-permit and correct VISA being hired as an employee by a Thai company, would this grant me the right to help my fiancé starting her business when I am off work?

    Any information would be greatly appreciated.
    Reply

    • TheThailandLife says

      First thing I'd say is this: if 830k is your life savings and not money you can afford to lose, don't put it into a business. Risk 100k, maybe, but only put in what you can afford to lose. The margins are slim in tea and coffee and the competition is fierce.You could set up a company with your GF as 51% owner, but it's a lot of hassle for a tea shop. You would need the statuary minimum number of Thai Employees (4 I think it is) and the Social Security Payments for each and a Minimum of 2 million THB in money or assets to obtain a work permit. Plus you would still have all the visa reporting requirements to do, and the dreaded tax returns with accountancy fees too.All this and you're still a minority shareholder who can be overruled by your GF on all matters.Frankly, my advice in this would be to let your GF open a tea shop as a sole trader. If you want to put some cash in to help her get started and come to a personal arrangement over profit splits, that's up to you. You won't be able to work there per se, but no one is going to hunt you down for doing some decorating behind closed doors when the premises is shut, or helping her out with the books when at home.Be smart. Be extremely cautious with your money. Make your life easier, not more stressful :)
      Reply

  10. Terry says

    Hi TTL,This is the first time I come across your website. I have started searching for business information that I need. The information is appreciated and unfortunately you are so spot on with your assessment of how thai dealings at times can be a tricky and can end up not what you hoped for. You just can't take anything on face value here. You have to do your homework and don't trust what someone says is factual or the law. At times it feels like everything is learnt mostly from chinese whispers. Also trying to find two lawyers that will give you the same explanation about laws in thailand is rare with my experience. For an example, for 5 years I have been trying to find out what the law is for selling alcohol at my resort on buddha public holidays or royal family birthdays or events. Over 5 years and many different lawyers I still cannot get a definitive answer. A resort is not a hotel is not a bar. I can't get the same answer from anyone. They just tell you chinese whispers but don't seem to actually do their homework and keep up to date with the ever changing laws here. I am at a loss when with many laws here when it comes to running a business. I urge anyone wanting to do business here is learn the Thai language because if you have a Thai person translate a conversation that you are having with another thai person, you are more likely to be even more confused at the end of it. I only know a little bit of thai but I couldn't hold a conversation for more than 30 seconds. How different my world would be here if I learnt to speak thai. I have to find time to learn because then, and only then, will I be able to really understand how things are done here. It would also gain some respect being a farang that can speak thai.Taking into account everything I have said here, I have a situation that is arising with my business here. I have a 12 year lease on a resort. I have no relationship with a thai person. I have a thai company for the lease of the resort. This where it gets tricky. I sub-lease the resort off a thai person who leases the land off another thai person. Now those two are are in such turmoil because the the guy I lease the resort off of is owed millions of baht from the land owner. The land owner has no money to pay his debt and now the banks are about to repossess the land because the land owner has defaulted on the loan for the land the resort sits on. This leaves me on very very shaky ground with my 12 year lease. I have 10 years left on it but have spent 5,000,000 baht transforming what was a run down unoccupied property. I have transformed it into one of the highest ranking resorts on the bookings sites with a 9.3 review score average from about 300 reviews. It is a little gem. Now I feel I could lose it all unless I come up with a solution with full knowledge of the law. There lies my dilemma. How can I trust what I am being told about the laws that I need to know to know what are good options for me. The land and the resort realistically is valued at about 17,000,000 baht. It is now a 15 room boutique resort. The land owner has been trying to sell it for 25,000,000 and can't get a buyer. Before I took out a lease on the property they would have been lucky to get 12,000,000 for it. I was offered 10,000,000 baht to sell my lease 8 months ago. I paid 850,000 key money for the lease just under 2 years ago. That shows you how much it has been transformed by me and what I invested into it to make it what it is today. Unfortunately I haven't got any return on it because I had to invest so much money into it to create something special. I am kicking myself now that I said no. I know the resort and land owners are desperate to sell but I asked the question six months ago to the land owner, how much would you be willing to sell it to me for, taking into account I have a 12 year lease on the property and I have spent 5,000,000 making it a very good business that was no business 18 months ago when I took it over. The land owner said no discount for you, I would still have to buy it for 25,000,000 lol. Reality can be a rare thing here when it comes to what somethings true value is. Many think they can get a price they dream to sell at but don't take into account what real value the property is worth. You sometimes have to contend with this and it is not easy to use reality as a tool when negotiating the deal. I would like to know how possible it would be for me as a single person with a thai company to get a bank loan in thailand for about 10,000,000 baht. I could come up with the other 7,000,000 or so. I currently pay monthly rent of 100,000 baht for my lease. That money could be redirected to loan repayments for the 10,000,000 baht bank loan. Do you have any knowledge on a foreigner owning a thai company having a company bank loan with no real capital except for the lease on the business they currently have. Sorry for the long winded message. It would solve my problem if this was possible for me. Kind regards Terry
    Reply

    • TheThailandLife says

      Hi Terry, wow, this is quite something. Without any assets to put up as security, you won't get a loan. But there is hope, if you get a good lawyer. The bank will repossess the land from the owner, and then a court may rule that the bank has to honour your lease; at which point you negotiate with the bank on a monthly payment. So you'll be paying the bank and not the owner. It may be a better situation.But here's the thing that worries me: The guy you lease from is sub-leasing. So who is your contract with? Is the sub-leasing above board? What is the contractual set-up here? If everything is not above board, any contract you have with the sub-leaser may be disregarded, in which case the bank will take the land and sell it without having to honour your lease. All you can hope for in that situation is that the new owner wants to lease the resort to you. But if that happened, no doubt the new owner would be looking for some key money, as it would be a new lease.
      Reply

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