Closing company after selling property

[KarlKul]

My house/land is owned in a Thai company structure and may sell to buyer (Thai) who do not need the company. Afterwards there is no assets in the company and am told that I need to close it down. There were topics here some years ago where it appeared that companies were closed at cost between 5.000 to 20.000 Baht. My accountant estimates it will cost about 130.000 mainly consisting of Corporate taxes and shareholder taxes of profit. Proper balance sheets have been done every year since I bought the house/land 10 years ago but it seems that the 'registered' value of the property as per the balance sheets is much lower than the selling price - guess the developer registered a low value in the beginning to save tax?

Appreciate to hear your experience on this subject. If I want to go and check out the cost myself where is the relevant office in Hua Hin area ?

 

[Tapster]

Did you know that, if you are not planning to return to Thailand, you could just leave the country, without closing the company down.

 

This isn't strictly illegal, as who's to say that you weren't going to return to Thailand to use the company again in the future.

 

If you were to return to Thailand, there would be a fine to pay and some tax, I'm sure.

 

However, if you plan never to return, you could walk away and save yourself a lot of money.

????

[Mavideol]

10 minutes ago, Tapster said:

If you were to return to Thailand, there would be a fine to pay and some tax, I'm sure.

you would have to pay all (late fees) arrears + compound interest = think about it in detail,

[Mavideol]

somebody on another post made a good comment Never start a business in Thailand, sooner or later it will catch up with you

[khunPer]

Pay 130k baht and let your accountant close the firm properly; the 130k baht is a relative small amount to do things the right way, and you don't need to worry about anything in the future...????

[Tomahawk21]

why not try to give the company away thats what i did 

[Tapster]

1 hour ago, khunPer said:

Pay 130k baht and let your accountant close the firm properly; the 130k baht is a relative small amount to do things the right way, and you don't need to worry about anything in the future...????

 

That's three thousand GBP!

It's not a small amount to most people.

 

When did 'doing things the right way' ever benefit a farang in Thailand?

 

I'm sorry if I sound cynical, but only the accountant and the Thai government would benefit from your suggested altruism.

 

No Thai person would ever pay such an amount if he/she could get away with it.

????

[baansgr]

The figure is about right but aa said, walk away, no one will chase you about it for ten years

[mokwit]

As a general principle don't walk away from things like this. Everything is getting easier to capture data for and everything is increasingly interlinked - it may catch up with you when you are doing/applying for something unrelated further down the road and the point about arrears and compound interest made above is one to think about.

[wpsvo]

I did not closed my company. I left it open for about 3 years. I did no balance sheet. After 3 years or so I got a letter from the revenue office that my company will be closed down for bankruptcy. I had to go to court for a hearing. I told the judge that I had no income from the company anymore. After 2 min my company was closed...at no costs. This was in Pattaya

[khunPer]

6 hours ago, Tapster said:

7 hours ago, khunPer said:

Pay 130k baht and let your accountant close the firm properly; the 130k baht is a relative small amount to do things the right way, and you don't need to worry about anything in the future...????

 

That's three thousand GBP!

It's not a small amount to most people.

 

When did 'doing things the right way' ever benefit a farang in Thailand?

 

I'm sorry if I sound cynical, but only the accountant and the Thai government would benefit from your suggested altruism.

 

No Thai person would ever pay such an amount if he/she could get away with it.

????

"Relative" is the key word, and £3k can also be a relative small amount when talking business and property.

 

OP stated that a part of the money is tax, so the Thai government should benefit.

 

The point is, don't burn your bridges for a "relative" small amount of money, it might not be worth it.

????

[Tomahawk21]

11 hours ago, wpsvo said:

I did not closed my company. I left it open for about 3 years. I did no balance sheet. After 3 years or so I got a letter from the revenue office that my company will be closed down for bankruptcy. I had to go to court for a hearing. I told the judge that I had no income from the company anymore. After 2 min my company was closed...at no costs. This was in Pattaya

so it just sounds like another scam by the Thais to rob the unknowing farangs of quite large sums of cash.

Edited March 21, 2019 by Tomahawk21