Shutting Down A Limited Company In Thailand

[Nickthegreek]

Hi,

I am about to change my visa from an Non Imm B to an O on marrriage.

Can anyone tell me what is the best way to go with the limited company?

1. Do I shut it down and is this easy?

2. Do I leave it running and then submit nothing at the end of the year..

Any advice welcomed

The reason,sorry forgot to mention is that I do not want to work anymore...

[astral]

Shutting down is quite straight forward.

Your lawyer will walk you through the procedure.

If you do not shut down and do not submit accounts the company directors

will become liable for fines.

[WilliamJarvis]

^I certainly agree with the second part of that post. However, it always used to be the case that liquidating a Thai limited company was anything but simple.

An article (if you could call it that) on this can be seen here http://www.thailawforum.com/articles/liquidation_ladda.html and unless this has changed, I'd hold to the belief this is not an easy process.

Edited May 1, 2008 by WilliamJarvis

[Nickthegreek]

Thanks,

now I am in a cold sweat..!!!

How are the people then that have set up companies to buy houses in the past getting around the system?

can I leave the company running then but not file accounts each year?

Or convert the company to solely Thai..

Are there options and approximate costs anyone?

[Chang_paarp]

If the company has been trading, you get the final operating tax return out of the way then to do it correctly it is is a long and drawn out process. The costs are in the range of 20-40K, there has to be 2 or 3 shareholder meetings, adverts in the papers and letters to all the creditors giving time to reply and lodge claims. The process can take up to 12 months although 6 months is not uncommon.

It is one of jobs for a professional, to make sure the paperwork is filed correctly. You may be able to sell the "non-trading" shell to someone, a friend did this through Sunbelt when he took his house out of a company and put it into a different structure.

[JohnC]

One lawyer quoted me around 60,000 baht to close down my company but also suggested I sell the company instead. That way you get some money without paying out the 60K !!

Edited May 1, 2008 by JohnC

[Nickthegreek]

One lawyer quoted me around 60,000 baht to close down my company but also suggested I sell the company instead. That way you get some money without paying out the 60K !!

Did you continue to use your company? or let it run idle until sold?