Bringing Co Ltd up to date?

[travellerinthailand]

I am a shareholder (39%) in a Thai Co Ltd with 1.000.000 Thb reg. capital.

Also I am listed as director of this company. (Not managing director)

The company was set up approx 10 years ago with the objective to use it as a vehicle for setting up a business in Bangkok. The mayority of shareholders agteed later not to use this Co Ltd for that venture and no business was conducted by the company.

Now looking to revive this Co Ltd (with consent and cooperation of the majority shareholder and managing director).

Problem is that no yearly audits have been made and no administration has been kept. I need to stress that no financial transactions were made by the company in the lifespan of it.

Question is following: Is it possible to clean up this company financially and for tax authorities?

If yes.... what will be the procedure, timeframe and approx costs to do so?

I am planning to meet with a laywer within short notice but would love to have some information before that meeting so that I am more prepared than present.

Thanks for your valuable input!

[beechguy]

Just my opinion, but probably less expensive to start a new company. If not mistaken, there is still a requirement to complete the Audited Reports annually, as well as Half Year Reports, even though there was no income or expenses recorded.

[N47HAN]

Beechguy is correct , youll also need to add the fines and penalties for non payment.

Better leave alone and hope they dont come after you .

It will easily surpass 150k thb to put back in order , if possible at all.

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

Edited July 18, 2014 by N47HAN

[p_brownstone]

Absolutely agree with the above two Posters.

The costs and other complications involved in re-activating the old Company would be very significantly more than establishing a completely new one.

Patrick

[travellerinthailand]

Thanks for the info so far. It is what I thought it was going to be but wanted to explorw the option anyhow.

Likely going to set up a new limited.... likely a partnership limites this time around. Less costly and faster.