Company Bussiness

[whoppe78]

I started company in Pattaya about 4 years ago. Haven't used it for last 2 years but pay annual tax on it.Was thinking of starting another bussiness venture but know now better to just put in girlfriends name,cheaper.First thought about transfer company but now maybe better to close.Tried to sell but no takers.Was told cost 25000 baht to close?

Also thinking having company might help me in future with some type of visa.Any advice is appreciated.

[SunbeltAsiaExpert]

Transferring ownership of the company would be a good option because you would avoid the necessary expenses of the company closure. When closing the company you are required to catch up on any outstanding annual audits and file a closing audit. During the company closure process you are required to continue monthly VAT filing, even though the amount will be 0 as the company has ceased trading. There are penalties to be incurred for any late submission of audits. Upon closing the company there is an Government fee in addition to the accounting fees. A 25,000 Baht legal fee is the average rate for the company closure service.

If you proceed down the route of transferring company ownership, all that is required is a change of shareholder and Director, removing yourself from the shareholder list and adding in the new Director. There is a requirement for a local newspaper advertisement to display the change of authorized Director within the company. Therefore, the process of transferring company ownership will take 3-4 weeks.

With regards to your visa, you are able to obtain business visas through your Thai limited company. Depending upon which Thai Embassy or Consulate you visit to make the visa application, you will either receive a 90 day single entry or a 1 year business visa.

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