Company Accounts

[mariner29]

My office manager informs me we have to have these done monthly ??

And it will cost 4000 baht per month it seems expensive the company is totally in my wife's name ?

Anyone know a good accountant ?

[p_brownstone]

My office manager informs me we have to have these done monthly ??

And it will cost 4000 baht per month it seems expensive the company is totally in my wife's name ?

Anyone know a good accountant ?

Depends on what you mean by “monthly accounts”.

If your Office Manager is telling you your Company has to submit a Profit and Loss statement and a Balance Sheet to Thai authorities on a monthly basis this is incorrect, there is no such requirement; you need to submit a half-yearly “estimate” of your expected end of year Sales and Profit and pay tax at that time on the 50% half year estimate. Obviously you also need to submit your Annual Accounts (Audited) by end of May the following year.

The only monthly submissions you have to make are those pertaining to Value Added Tax and the Social Welfare contributions your employees and you are liable for.

No way should that simple task cost you Baht 4,000.- per month - you can find copies of the Forms on the Thai Revenue Department website – including English translations to help you complete them, although the actual Forms you submit must be the Thai language versions

For a small Company the cost of the Annual Audit required for a Registered Company should be in the region of Baht 15,000 – 20,000.

Patrick

[mariner29]

Oh right it seemed expensive but she says these must be done monthly il copy and paste this reply to her ?

What she is basically saying is we must have monthly accountants done by an individual on a monthly basis.

At the moment i am funding the office via our uk office.

[InterestedObserver]

Good catch. Any other excessive costs that you happen to be funding for your wife's company?

[mariner29]

Its set up in her name as a 1 million baht company but i will change this within 3 months into a 2 million baht company to enable a work permit with myself owning it allegedly of course.

However its a branch of Thai visa express once it funds itself totally no money will leave the UK.

I cant help thinking once a farang is involved the costs double accountants at 4000 a month ridiculous.

I pay £300 per year here.

[spongeman]

Perhaps they mean monthly management accounts ?

Not really necessary unless you are a very big firm I would have thought.

[satiariyan]

My office manager informs me we have to have these done monthly ??

And it will cost 4000 baht per month it seems expensive the company is totally in my wife's name ?

Anyone know a good accountant ?

One must wonder what you are talking about. If it's an actual company - which for small private ones will have the abbreviation co., ltd. as part of its name - it isn't in any persons name, it is in its own name. There would have to be at least 3 shareholders meaning there would be at least 3 persons sharing the ownership. Okay, it might be possible that your wife owns 99.99+ % of the shares, but I find it hard to believe that any foreigner (presumably) funding a co.,ltd company 100% wouldn't have learned during the setup process - or prior to throwing money - that he can have 49% of the company registered in his own name.

The phrase "totally in my wife's name" applies solely to sole proprietorships for which accounting requirements are non existing - be it monthly or yearly for that matter.

So what are you talking about?

[mariner29]

My wife funded the office not myself so lets get that one out of the way first.

Yes we have 3 share holders my wife her sister and an employee are on the Ltd company set up.

As i said it will be transferred into my name shortly myself holding the majority share.