Thai Company Tax Obligation Urgent Question?

[Gerry290]

hi

I sent up a 4m bhat Thai company, in Oct/Nov last years. (company was set up proper, but the "lawyer" who was really a free lance business agent, did a runner with money we gave her to do work permits etc, which caused an initial problem for us and a few farang who paid for visas, and similar down here in pattata).

Anyway, we gave company papers over to sunbelt pattaya, who did great job of getting work permit. My work premit I renew as I actively need it, while other farang sharholder is not working company no more in thailand, so does not need permit).

I have business in europe which pays my salary in my home country.

Situation with our Thai company, which is focused on interet projects, is that, they are stil being developed, and as such the company has not made any revenue yet.

(I have been living off income from business in europe).

Now, accountant has contact me to say we need to file balance sheet beofre 31 May, and aside from my work permit obligations, and side from a internet bills, etc...there is no real transactions in this Thai company as of yet.

I am wonder now, does this put us in an akward position, about getting business visa and me and work permit for next year. (the other investor is getting his O visa next year, so he is ok).

What is the situation with this?

I am going to meet Sunbelt tomorrow. to find out.

It is common in other countries to set up companies, that do not make income for a period, due to start up phaze, etc... so in thailand is different.

I feel a big beaurcratic mess coming on at this stage, about this. and problems.

This is all down to the biz agent who screw us and disappeared, we were very much left in the dark about what had to be done, and now its a last minute scramble to fix the problem.

Any ideas?

[Mid]

slowly but surely the long term plan is to have all falang companies profitable to the point of paying tax or close them ......................

your milage may vary .

[KronbergTH]

Now, accountant has contact me to say we need to file balance sheet beofre 31 May, and aside from my work permit obligations, and side from a internet bills, etc...there is no real transactions in this Thai company as of yet.

You need an annual report - and normally, at least in Bangkok, you need to show that you have paid min. 18.000 i personal tax upon renewal of your work permit.

[Gerry290]

So, It might just be the case for the short term of filing the report/balance sheet, and stumping up the 18,000 in tax.

anyway, I ll find out tomorrow.

Its harder, when you run company, that is like a holding company for a few online business, and it takes maybe 12 months to start turning cash... and your not taking salary etc... more of a long term view.

as opposed to a bar/restaurant where you have cash flow from month 1. etc etc...