Sell or close a thai company ? Best solution ?

[JohnnyBKK]

Hello,

 

I find it to be too much paperwork to have a thai company, I formed a company in July this year, the company has only assets and no debts if we don't count the director loan that I will clear too, I will clear all the assets and close down the company unless someone wants to buy it from me. It cost me 125 000 THB to open it, all fillings for VAT are done, once I clear the assets the balance sheet will be at zero (we have 300 000 THB of VAT due to us as we bought a lot of stuff).

 

It comes with a virtual office in Nana (4 000 THB per month), you can cancel it at any time.

 

The name and company description can be changed, actually, it's online server data center.

 

The company only acquired assets and made no sales and never had any employee.

 

For sale only 60 000 THB without assets and without debts.

 

2 million THB already paid up as we bought for up to 7 million baht of assets (director loan).

[blackcab]

As you have discovered, Thai companies can be hard work.

 

Closing a Thai company is difficult and time consuming. It takes between 1 year and 4 years to close.

 

Selling a Thai company is also difficult. Firstly because they can be set up for under 30,000 baht and secondly because anyone who buys a company also buys any debt the company has.

 

I know you have said the company won't have any debt, and I believe you, but will the buyer?

 

What happens after a couple of months when someone appears with a contract from your company agreeing to sell 10,000 notebooks at half the manufacturer's cost price or pay a huge cash penalty? The contract was signed before you sold the company, but the new owners have to deal with it, not you.

 

Forget selling the company. If someone agrees to take it for free then run as quick as you can to the DBD office to change the shareholder and director details.

[prism]

A few years ago, I opened a 2 million baht Thai company for under 30,000 baht as Blackcab mentioned. I've since closed it and it took a few weeks to finalize the closing. That company had no assets or debt and was finished engaging in any business activities. I don't see how you can sell yours for 60,000 baht. 

Edited October 9, 2017 by prism
typo

[JohnnyBKK]

Ok, will close it then. I sent an email to the lawyer already.

[UKJASE]

i sold ours to a mate, and he paid me 3,000 baht.  luckily he was a mate and trusted me that there was no debt on the company

[prism]

5 minutes ago, JohnnyBKK said:

Ok, will close it then. I sent an email to the lawyer already.

You or your lawyer may find a buyer since the company is already set up and has shareholders, but the price would be a lot lower than what you're asking IMO.

[0815]

Bla Bla ...
Depends on the kind of business the company is set up for.

[blackcab]

1 hour ago, JohnnyBKK said:

Ok, will close it then. I sent an email to the lawyer already.

 

Closing the company will cost you more money. You will probably be quoted around 50,000 baht.

 

I can assure you that this will take quite a while before it is actually achieved, and you may be asked for more money in the future.

 

Try and give the company away for free first.

[recycler]

Selling is not easy because it's cheap to set up one, you may be able to give it away to people who need one to control real estate.

That at least saves you the cost of closing it.

[david555]

I would not even for free accept an empty Thai company...as a new one  is not expensive and complete ..clean..... to get rid of one you need a newbie to the company form......to take it...?

Edited October 9, 2017 by david555

[KittenKong]

19 hours ago, JohnnyBKK said:

The name and company description can be changed, actually, it's online server data center.

 

I take it that's the bitcoin mining setup you were asking about a few months back?