Accountancy Fees

[chriswatson]

Hi,

A few years back I formed a Thai company with a reputable lawyer to purchase some land. As it turns out, I've since transferred the land into my wife's name and now have a dormant Thai company.

To wind the company down, my lawyer states this would cost me 20K bht. To keep it as a going concern will cost be about 13K/annum to file the accounts.

There has been no income or costs associated with the company over the years, and I'm happy to keep the company live as it may have a use for me in the future, but I'm surprised that the cost for a company's accounts return is so high in Thailand. I have a small company of my own in the UK with far more activity, and am charged about twice as much for a return by my UK accountant than I am by my Thai lawyer.

Is a 13K bill per year a reasonable figure for my lawyer to ask for to file a company return that has zero activity year after year?

And is it usual for a Thai lawyer, rather than an accountant, to do the filing?

Thanks in advance for any advise on this.

[Phil Conners]

I think the annual filing has to be done by an officially registered accountant hence the high fee.

[joskydive]

Your Annual accounts have to be done and filed by a registered Accountant. Your Lawyer is probably charging a little more for acting as the agent for the Accountant.

[chriswatson]

Thanks guys - from this I'll take it that the fees charged by lawyer (perhaps on behalf of an "official" accountant) are reasonable?

[Phil Conners]

Hm, I wouldn't call the fees reasonable, but it's what they charge. And as you apparently MUST have it counter signed by this authorized thing you don't have a choice but to pay. :shrug:

[chriswatson]

Hm, I wouldn't call the fees reasonable, but it's what they charge. And as you apparently MUST have it counter signed by this authorized thing you don't have a choice but to pay. :shrug:

File under "This Is Thailand"?

[TravelerEastWest]

Hm, I wouldn't call the fees reasonable, but it's what they charge. And as you apparently MUST have it counter signed by this authorized thing you don't have a choice but to pay. :shrug:

File under "This Is Thailand"?

With basically no activity you should be able to have a Thai CPA in a small office take care of it for 10,000 maybe slightly less.

[keestha]

Could be that I am wrong, but is not a company only allowed to remain completely inactive and devoid of possessions for a limited period of time, such as two years?