What Will Happens If One Fails To Closed Thai Limited Company ?

[nachiket]

I had searched lots of topics about closing a Thai limited company (With foreign directors i.e. registered under FBA 1999) and come to know that, it will take THB 25k-35k and approx 30-90 days. As, no VAT was registered and no business activity was taken since company started, it will be easy to close a company.

Now, question is that, if we leave this company without closing it formally, what will be the action taken by DBD or RD or MoC against directors?

Will they (Govt.) sue Thai and foreign director(s), as foreign directors are fled due to lack of interest and maintenance costs. And on the other hand, there was no shareholders meeting, minutes meeting(s), no audit reporting, no AGM etc.

I personally know foreign director(s) and can lodge complaint along with their foreign addresses to the Royal Thai Police Deptt., and can serve foreign director through local police with the help of InterPol (I suppose) if necessary to save the neck of Thai director in case of any dispute occurred with govt.

Or initially, should we serve this matter to foreign director(s) through the Thai Arbitration Law?

[tombkk]

This is not a legal forum, and I do think you are in a situation in which you want to consult a lawyer.

That said, I believe the following is true:

1. You have to close the company, as otherwise you have to file yearly income declarations.

2. The managing director is personally responsible for the company's behaviour, in civil and criminal court in Thailand.

My recommendation is to officially close the company in order to prevent future problems. And yes, closing a company in Thailand is more expensive and troublesome than opening one. If you need a recommendation for a lawyer, please send me a PM.