Stuck with a company I no longer need

[pj123]

I started a business 8 years ago which has not traded for 5 years.

I would now like to close the company but understand it is complicated and expensive process

Can anyone outline what I need to do to close the company 

 

[laxman1960]

Might be interested in taking it over if the documents were all in order. Please send me a pm 

[geoffbezoz]

Costs money to close a company in Thailand.  Just do nothing, no company correspondences or company bank transactions whatsoever and after 5 years of un-filed yearly accounts it will be struck of the Thai companies register and at no cost.

Edited February 20, 2019 by geoffbezoz

[JohnnyBKK]

I closed my company, it took 1 year but actually was painless. The lawyer did it for me, we had to pay less than 4000 BAHT in "forgotten taxes" and the total cost was approx 100 000 THB. Pretty happy with the end result. As long as you have all your documents in order it's easy to close but it takes time for the revenue department to check all the documents.

[AhFarangJa]

Closed our company after we did not need a farang with work permit any more. Contacted our Thai lady who files my wife's taxes, she went down to the local DBD offices, paid 30K. Baht, plus 500 Baht for her time, job done in a day. As we were paying around 20K a month in VAT and accountant charges it was a cheap option that paid for itself in two months.

[JohnnyBKK]

1 hour ago, AhFarangJa said:

Closed our company after we did not need a farang with work permit any more. Contacted our Thai lady who files my wife's taxes, she went down to the local DBD offices, paid 30K. Baht, plus 500 Baht for her time, job done in a day. As we were paying around 20K a month in VAT and accountant charges it was a cheap option that paid for itself in two months.

She didn't close anything then, it doesn't take a day at all. Also many documents have to be signed by the director of the company. Our folder is gigantic. Did you receive the certificate of closure ?

[seancbk]

1 hour ago, AhFarangJa said:

Closed our company after we did not need a farang with work permit any more. Contacted our Thai lady who files my wife's taxes, she went down to the local DBD offices, paid 30K. Baht, plus 500 Baht for her time, job done in a day. As we were paying around 20K a month in VAT and accountant charges it was a cheap option that paid for itself in two months.

 

That is exactly the same as one of the companies some friends and I run.  We've been quoted 30K THB by our accountant to close that company down.  
 

[UKJASE]

i sold mine to a mate for 3000 baht. he was happy as got a company cheap, as was i

 

the only thing is, is that you need a mate who trusts you, as a company may have some hidden debts i was told, and so it is buyer beware

[blackcab]

Have you checked the status of the company with the DBD? It might already be dissolved.

[pj123]

Thanks for the replies. My accountant has also quoted 30,000 THB which I thought was rather expensive. 

[blackcab]

Don't forget you also have to pay all outstanding taxes, penalties and late filling fees to bring the company up to date before it can be closed.

 

A large part of the closure process is the government checking they have received all taxes due.

[AhFarangJa]

6 hours ago, JohnnyBKK said:

She didn't close anything then, it doesn't take a day at all. Also many documents have to be signed by the director of the company. Our folder is gigantic. Did you receive the certificate of closure ?

My wife obtained some papers from the accountant we were using ( who REALLY did not want us to close it ). She gave our rep the last DBD registration paper ( you know the one you have to register every three months ). Lady went away, and came back, ok, maybe two or three days later, with some papers, one of which was another from DBD, and another in Thai that my wife says stated that the company is no longer registered. That was about a year ago now.