Close Company

[Rob5060]

I have a Thai company formed primarily to buy a house.

If I want to transfer the house to my wife and close the company is there a way to calculate the legal cost etc

Cheers

[joskydive]

From what I understand, it will cost you almost as much to close the Company as it did to open it. i.e. Lawyer services and Company Tax.

[eljeque]

Go to your accountant/lawyer who formed the company. he/she should have new clients who need to open companies. Have your accountant/lawyer sell them your company. You save the fees of closing.

[12DrinkMore]

I have a Thai company formed primarily to buy a house.

If I want to transfer the house to my wife and close the company is there a way to calculate the legal cost etc

Cheers

It is a pain to close a company, involving announcements in the papers, final accounts, shareholders signatures etc. I was quoted between 30,000 and 70,000 Baht for this. It cost me less than 15,000 to register the company. If you can find somebody to buy it, then that is probably cheaper. But as a purchaser, I wonder what the risks are in buying such a company? Maybe there are signed contracts lying around which might come back to haunt him?

When I pointed out to the legal advisor that opened the company for me that I felt closing a company was expensive, and that his "Thai nominee" shareholders, aka employees, could be fined a couple of million Baht, he smiled and said "no plobrem".

TIT.

Anybody want to buy my company? Actually I'll give the dam_n thing away free to avoid paying another 11,000 Baht accounting fee next year.

[keestha]

Don't forget land or a house changing ownership also involves paying a tax.