Date: August 12, 2026

Does every Thai company need an annual audit, even a tiny one?

Yes. Every company registered in Thailand must complete an annual audit, even if it is very small, has never traded, or had no income during the year. The audited financial statements must then be submitted to the Ministry of Commerce within 150 days of the company’s financial year end.

What We See In Practice

My company doesn't have any activity, so I don't need an audit, right?

WHAT CLIENTS ASK US

We hear that all the time. Unfortunately, it isn’t how the rules work in Thailand. Even if a company has never generated any income or carried out any business, it still needs to keep accounting records, complete an annual audit, and file its financial statements. Thailand has no dormant company status, so these obligations continue until the company is properly dissolved. Ignoring them usually results in unnecessary penalties and a much bigger compliance headache later on.

Every company registered in Thailand must complete a mandatory annual audit, regardless of its size or level of activity. It does not matter whether the company made a profit, had no revenue, or never carried out any business. Not just any accountant can perform the audit, they must be independent and a licensed Certified Public Accountant (CPA). Once the audit has been completed, the financial statements must be approved by the shareholders at the Annual General Meeting before being filed with the Department of Business Development within 150 days of the company’s financial year end.

Missing the audit or filing deadlines may result in significant fines and penalties being imposed on the company. Companies that fail to complete the audit and filing requirements may face fines of up to THB 200,000, together with penalties and surcharges. For example, if corporate income tax is understated by more than 25%, an additional penalty of 20% of the understated tax may apply. Further surcharges of up to 100% for an incorrect return or 200% for failing to file may also be imposed, although the Revenue Department can reduce certain penalties in appropriate cases.

Author: Vincent Birot

Vincent Birot is a French-trained international business lawyer based in Bangkok. He holds a Master’s degree in International Business Law from La Sorbonne and an LL.M in International Commercial Law from the University of Exeter (UK), and has passed the Paris Bar examination. He is the Founder of Belaws, a one-stop platform for legal and corporate matters, facilitating access to trusted legal and business professionals who deliver compliant, practical solutions aligned with local laws and on-the-ground realities. He has advised foreign investors for over 10 years on corporate structuring, BOI promotion, cross-border tax, and regulatory compliance in Thailand. He previously served as Vice President of the Franco-Thai Chamber of Commerce and is a founding member of French Tech Bangkok.