I was reading the new Immigration rules for an Extension of Stay based on employment. It's says that:

The business concerned must have duly submitted its financial statement as at the end of the two fiscal years and certified by an auditor or tax auditor, showing a sound financial condition and an on-going active business as attached order (exhibit

Our first year-end was December 31 2008, we are in the process of doing the audit and will file our first financial statements in May of 2009.

We have 3 foreigners working here who needs to apply for an extension of stay. We employ more than 4 Thai nationals per foreigner and salaries are more than THB 50,0000 per month.

Can we apply for the extension of stay or we need to wait for our financials to be submitted - for 2 consecutive years - before we are eligible to apply?

That is what it says. You should have your lawyer or accountant check with immigration to confirm.

I think a lot of people that have new companies are going to need multiple entry visas for 2 years.

Did you read the guidlines mentioned in 2.1.

guide_lines.pdf