Non-trading Company

[ThaiPauly]

Late last year my wife set up a Thai company.

This company has never traded but the firm of Accountants that set it up are saying She has to file by 31st March or face fines.

There is only one bill and that was their's to Her for the set up charges.!

They are saying their charge for doing this is 10,000 Baht.

It is unlikely that the comapany will ever trade

Is what they are saying correct?...and what about this cost..seems excessive to me for such little work...

Thanks in advance

[dsfbrit]

I am not an expert, but also have a dormant Liimted company - mainly to 'own' my house and land.

I have to file annual accounts also even though the company is dormant - and my annual cost is 15000 baht so you are fortunate.

Mind you my charge covers paperwork and accounts for the year - there is a smaller 6 monthly filing as well I believe.

Why did you set up the company ? to own land like many of us farangs?

Edited March 15, 2007 by dsfbrit

[ThaiPauly]

No-we were going to start a company...and then re-thought it.

The timing was not right

[Martin_F]

There are no execptions in thailand for dormant companies or small companies.

You could get your wife to ask around for better quotes.

As it is a limited company you need an accountant for the company and well and you probably should have filed ภ.ง.ด.๕๑ returns 1/2 through the year.

As it is getting close to the time for filing tax returns you don't have much choice.

[dsfbrit]

For what its worth, if you want to shut it down I believe my quote some time ago from Sunbelt was only 8000 baht if it has NOT traded. If it HAS traded - which in your case it has not - then I believe it was a lot more complicated and was more like 30000 baht.

I have no doubt that if this is wrong someone will give you the exact price.

Anyway, it may be easier to just shut it down.

Edit:

I found the email Sunbelt sent last November:

If this company has had no activity other than owning the house, we have people who are interested in a shelf company from time to time. The fee than would be 6,000 Baht

If it has had activity, then the process takes around 2 years. The professional fee would be 25,000 Baht plus expenses. ( advert in the newspaper twice and two audits)

Edited March 16, 2007 by dsfbrit

[backflip]

10,000K THB sounds high, but it's within the norm for us farangs. I own a condo (and a company) and the accountant is charging the condo association an audit fee of only 25,000 THB - and that enterprise is significantly more complex than a non-trading shelf company.