Company Accounting

[excaliber]

Can someone please advice:

If a company is set up and during that year there is no income or expenses is there a need to report the inactivity of the company? and if so what are the procedures & costs.

I was told by a fiend that a balance sheet showing no income or expenses for the previous years needs to be submitted to the government at a cost of about 3,000 baht. Is this correct?

thank you for any advice...

[astral]

From what my lawyer has told me,

if you do not submit accounts each year the authorities are likely to

strike your company off the register.

[sierra01]

From what my lawyer has told me,

if you do not submit accounts each year the authorities are likely to

strike your company off the register.

Would that be a cheaper, quicker, easier method of closing a company than going through the palaver I recently read about on here? Any likely repercussions?

[astral]

From what my lawyer has told me,

if you do not submit accounts each year the authorities are likely to

strike your company off the register.

Would that be a cheaper, quicker, easier method of closing a company than going through the palaver I recently read about on here? Any likely repercussions?

There will a winding up procedure and possible tax payment if there are assets to be disposed of.

All of which costs you money.

I am the sort of person who does not throw things away, as I usually need them the next week.

If the cost of a zero acconting is only 3000 baht as another poster suggested I would keep the

company on the books.

It costs quite a bit, 30K if I remember rightly, to start a new company.

But then I am not you.

Check with your lawyer before deciding.

[Web_Director]

Hi,

As a tax adviser, I would suggest that it's not a good way to close the company like that because it's against the law. You can have no income during a year but it is impossible for not having expenses in such year i.e. accounting and auditing fee.

The best way is you must bring the company to the winding down process and rectify the figure to be nil or almost nil so that you will not have any problem with the Revenue Department.