Closing Company Registration – Liquidation of Company
We thank you for your interest on our provided information for closing of company registration – Liquidation of company, Panwa Group of Companies has supported a lot of clients for almost 10 years since the establishment of this kind of services, below is our guidelines in closing a private company in Thailand:
STEP 1. Registration for Closing of Company to the Ministry of Commerce (MOC).
To comply with the policy of Thailand, one must send an Invitation Letter for a Meeting to the Shareholders with the agenda for closing of company. The letter must be sent to the shareholders by local post (with advise of delivery) and advertise in the newspaper. This process will be taken effect within 15 days. Please note that this step is just to comply with the policy for closing of company. Once the process and all the requirements are completed, the MOC will release its confirmation of closing date of the company. The company must prepare its accounting until the confirmed closing date.
Also once the closing date of company is confirmed, the permanent closing of its Social Security Fund in the SSO must be done also (in case that you have staff here in Thailand).
STEP 2. To return the VAT Certificate (P.P.20) to the Revenue Department (RD).
After the confirmation of closing date from MOC is obtained, the company’s VAT PP.20 must be returned to RD. This step must be done within 14 days from the obtained closing date as referred above; the original VAT certificate must be returned. Case of any delay, penalty is Baht 2,000. Please note that the company is still responsible to submit the VAT form every month until the RD released its confirmation letter accepting the cancellation of its VAT.
STEP 3. The company’s Financial Statements (FS) for the closing period (at Liquidation date) must be prepared and will be audited by a Thai auditor.
STEP 4. To file Corporate Income Tax Form (PND. 50) with enclosed FS to RD.
The audited FS must be submitted to RD within 150 days from its closing date.
STEP 5. Registration of completion of clearance documents to MOC with enclosed FS.
STEP 6. VAT Cancellation approval from RD
As mentioned in STEP 2, the company is still responsible to submit blank VAT form every month until RD released its acceptance letter for VAT cancellation. Normally, RD will release the said letter within or earlier than 6 months from the date that VAT certificate is returned.
STEP 7. To return Tax ID to RD
Fee: Our fee base on below situations;
- Option A.- Our fee for registration of closing of company refer to item nos. 1,2,4,5,6,7 above (except preparation and audit of FS) is Baht XX,000.
For preparation financial statement and audited by auditor (CPA) refer to step no.3 above, our fee will be based on the actual volume of documents and according to our accounting + auditing fee starting rate is Baht XX,XXX.
- Obtion B.- Special price for liquidation (closing) of a dormant company, we offer the best price for dormant company ( the company is inactive in business ) our fee for registration of closing of company including accounting and auditing fee is Baht 25,000
cover all step above.
- Remark - Our fees include meeting with the government officer for 2 times.
Information summarized by:
Ms. Myra Bago
Incorporated Adviser
For more information, please feel free to contact us:
Phone Nos.: +66(0)2-933 6121, +66(0)2-933 6122, +66(0)2-933-5601
(for call inside Thailand use 0 instead of +66)
Fax: +66(0) 2 933 6120
Email: mgr@panwagroup.com
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