Consequences Of Failing To File Annual Financial Statements?

[Richard4849]

Hi, new poster here.

Can anyone tell me what the consequences might be of failing to file a private limited company's annual financial statements?

The situation is as follows. I have run a successful company in Thailand for many years, but I'm in the process of winding down the operation in order to do something else.

If I close down the company legally, I will have a mighty tax bill to pay.

What happens if I were to simply close up and walk away, without filing any annual financial statements from here on out? I understand that the company would be declared defunct and its license pulled after a certain number of years (three?), but this is not a concern.

Would the tax authorities attempt to pursue? How would they know how much tax was owed if no annual statements were filed? The company is registered at rented office space, so they could pay us a visit but would not find us there.

I understand they might repeatedly send summonses to directors to explain why statements were not filed, and that there is a fine of 50,000 baht -- which again is not a major concern.

Would it be beneficial for myself to resign as director, in place of a nominee? I could make my girlfriend's mother -- who is 80 years old and not going to be around much longer -- as the sole director. Then, they'd have a defunct company with no living directors on their hands.

Can anyone offer any advice? Thanks!

[ubonjoe]

Do it legally.

Topic closed for advocating an illegal action.