Close Company?

[sierra01]

I set up a company 2 years ago, and it has never traded. The accounts are done by a reputable firm of Bangkok lawyers so everything is legal and above board. It's costing me money each year so is it better to close it or can it be of some use to me? I'm now living in the UK for the foreseeable future. Maybe someone else wants it for whatever the transfer costs would be?

[raro]

Closing a company that has never traded costs about the same amount as setting one up - plus the fee for the final audit.

Got the same problem sitting on a company that I do not really need. Nevertheless I keep it. If something cocks up with company A, I can switch all operations tomorrow under the name of company B.

[natalie96vernon]

Closing a company that has never traded costs about the same amount as setting one up - plus the fee for the final audit.

Got the same problem sitting on a company that I do not really need. Nevertheless I keep it. If something cocks up with company A, I can switch all operations tomorrow under the name of company B.

I just talked to a corporate lawyer yesterday on this. Steps of company liquidation are as follows.

1Call for an EGM meeting of the shareholders to inform the intention of liquidation x 2 times with 14 days gap of each meeting. The EGM minute is to indicate the date of liquidation and the auditor to be appointed.

2.Notify Ministry of Commerce (MOC) of the liquidation.

3.The audit starts up to the date of liquidation indicated in the EGM minute.

4.Notify all creditors.

5.Submit the audited report to Revenue Dept.

6.Call for an EGM meeting of the shareholders to inform the submission of the audited report for liquidation.

7.Notify MOC of submission of the audited report.

8. Revenue Dept examines all documents. This takes approx 1-2 years to complete.

Or if you don't want these hassles, just leave it lilke that. Dept of Business Development will declared the company abandoned which means closed in a few years time.

[sierra01]

If I just abandon it will there be any repercussions on me/other directors in the future? I don’t want to be nabbed at the airport when I go back to visit or retire, or if I decide to start another company some time.

I’ve been quoted 15000bt to close it, sound about right?

[Cyberstar]

If I just abandon it will there be any repercussions on me/other directors in the future? I don’t want to be nabbed at the airport when I go back to visit or retire, or if I decide to start another company some time.

Curiously, there have been a couple of threads with about same question, lately ... Can't help with links, but the threads are there to be found by the serious seeker ...

[laxman1960]

I set up a company 2 years ago, and it has never traded. The accounts are done by a reputable firm of Bangkok lawyers so everything is legal and above board. It's costing me money each year so is it better to close it or can it be of some use to me? I'm now living in the UK for the foreseeable future. Maybe someone else wants it for whatever the transfer costs would be?

Please pm me the details such as ownership structure (51/49 Thai/You), registered and paid up capital. I may need another company and this could be a good thing to purchase for the transfer/close down costs.

Dan

[raro]

If I just abandon it will there be any repercussions on me/other directors in the future? I don't want to be nabbed at the airport when I go back to visit or retire, or if I decide to start another company some time.

I've been quoted 15000bt to close it, sound about right?

yep, hear similar figures.

As for abandoning the company, I alo heard a rumour that a company that has done nothing in couple of years gets closed by the commercial department. Can anybody conform this? What are the implications?