Westerner Posted April 2, 2011 Share Posted April 2, 2011 Hi, When I bought my house a few years ago, I didn't want to put it in a Thai person's name so I formed a company. I now want to sell my house and I have a Thai buyer, but my lawyer says it will cost me 64,000 baht to dissolve the company! Can anybody tell me if this amount is correct Thanks W. Link to comment Share on other sites More sharing options...
colinthailand20005 Posted April 2, 2011 Share Posted April 2, 2011 Post your question in the "Ask the expert section, Sunbelt Asia" on Thaivisa. They should be able to answer that question. Seems like alot to me. Link to comment Share on other sites More sharing options...
JohnC Posted April 2, 2011 Share Posted April 2, 2011 depends when your last annual audit and tax return was done, normal charge for this is 12K, this is a requirement to wind down a company, other charges are depending on the companies dept and the lawyer. Link to comment Share on other sites More sharing options...
digitalchromakey Posted April 2, 2011 Share Posted April 2, 2011 Why not sell the company (with house attached) - that way there would be no land transfer tax to pay and the company is no longer your problem. If the company sells the house, then there could be a lot of taxes to pay on the profit, this is maybe why the figure is high. Link to comment Share on other sites More sharing options...
Maestro Posted April 2, 2011 Share Posted April 2, 2011 I am moving this topic from the forum "Thai visas, residency and work permits" to the forum "Real Estate, housing, house and land ownership" Link to comment Share on other sites More sharing options...
Maestro Posted April 2, 2011 Share Posted April 2, 2011 Why not sell the company (with house attached) - that way there would be no land transfer tax to pay and the company is no longer your problem. If the company sells the house, then there could be a lot of taxes to pay on the profit, this is maybe why the figure is high. Not every Thai who buys a house wants to buy a whole company, ie 100% of the company's shares, with all the risks and expenses attached to it. Link to comment Share on other sites More sharing options...
gregb Posted April 2, 2011 Share Posted April 2, 2011 Sounds a bit steep, but you've obviously got an expensive lawyer. The final audit will cost you around 10K direct from a Thai accountant. Your law firm is probably charging you twice that or more. There are a few thousand baht (less than 4K for sure) in fees to be paid to the government, and other than that it is just time and filling out forms. I would think you could get it for around 20k if you shopped around for a Thai lawyer. No reason to use your existing law firm if they aren't competitive. Thai firms won't be able to communicate in English though. Except for the final audit which must be done by a certified accountant, anyone can fill out the paperwork and close the company. You could even do it yourself. Just takes time. Link to comment Share on other sites More sharing options...
Westerner Posted April 3, 2011 Author Share Posted April 3, 2011 Thanks everybody for your help and suggestions. I'll shop around other lawyers and see what their charges are. Cheers W Link to comment Share on other sites More sharing options...
Deke Posted April 3, 2011 Share Posted April 3, 2011 It's two separate issues: 1. The company sells the house. 2. You disolve, or abandon, the company. The quote of 64,000 Baht to take care of the company disolution sounds reasonable to me. The accounting issues are not trivial. Link to comment Share on other sites More sharing options...
johnnyk Posted April 3, 2011 Share Posted April 3, 2011 I have also heard company wind-up costs of 50-60K. A Thai will never buy the company. Why should he? He doesn't need it and he sure doesn't need the 15K a year or so for tax returns etc. Link to comment Share on other sites More sharing options...
Livinginexile Posted April 5, 2011 Share Posted April 5, 2011 A friend of mine just disolved his company and it cost him well over 100k! Reason being is that he had "goast" employees, he had to pay all the back taxes and social security for them as well as all the legal fees. I'm not sure what the process is but I feel it's not just a matter of forming a company here in Thailand and then letting it sleep, there are tax & social security implications too! Link to comment Share on other sites More sharing options...
Westerner Posted April 12, 2011 Author Share Posted April 12, 2011 Hi Everybody, Thanks very much for your help and suggestions, also those who P.m'd me. Managed to get it dissolved for 32,000 bahl in the end, so quite happy with that. Cheers. W. Link to comment Share on other sites More sharing options...
johnnyk Posted April 12, 2011 Share Posted April 12, 2011 Hi Everybody, Thanks very much for your help and suggestions, also those who P.m'd me. Managed to get it dissolved for 32,000 bahl in the end, so quite happy with that. Cheers. W. Sounds pretty reasonable. Link to comment Share on other sites More sharing options...
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