Hello,

 

If I understand well we are "supposed" to liquidate all the assets and issue a tax invoice when we close a thai company, I want to keep the assets for myself but I lent the money to the company to buy those assets and I don't have any money left to "buy back" the assets from the company.

 

Can I just issue the invoice without doing any real transaction and pay the VAT on that invoice without actually making any transfer of money to the company account ?

 

The process to close a thai company seems to be very difficult. To keep it dormant seems to be very difficult too as the company has many assets registered, my accountant told me if we don't have profits we might have an inspection by the revenue department. I just want to close down the company as it's too much paperwork and I don't plan on making any sales or any profit.

 

Thanks.

 

Easiest way is the company sells the assets to you. The company issues an invoice and you give that to the accountant. You can tell her you made the payment to the company in cash but the money hasn't been banked yet.

 

You will have to pay the VAT on the invoice or, if you have a VAT credit, the VAT can be deducted 

 

Try and get everything completed by the end of the year.

 

And yes, you are correct. Closing down a Thai company is time consuming, complex and costly.