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Accounting & Secretary
Closing a Company in Thailand
A Thai company may decide to close down for many reasons. Some of the more common reasons include being unable to carry out business operations, market fluctuation and increased or direct competition.
Closing a company in Thailand can be a lengthy and often confusing process. There are many legal and accounting hurdles which must be overcome.
How do you close a company in Thailand?
Closing down a company in Thailand is a long and complicated process with many potential legal obstacles which need to be overcome.
When closing a company in Thailand, there are two steps that must be completed: dissolution and liquidation. Dissolution of a company refers to the official termination of a company’s legal status. The liquidation of a company refers to the payment of its outstanding debts and distribution of any remaining assets.
If the shareholders make the decision to close their company, the first step is to conduct an audit of the company’s accounts to create a list of the assets and liabilities. Any remaining legal and accounting issues must be addressed before the formal winding up process can begin. Additionally, a liquidator must be appointed to wind up the company’s affairs and register the closure with the Ministry of Commerce.
Our Company Closure service is performed by a team of top lawyers and accountants who can help make the whole process efficient and easy to understand.
Pricing
FROM
THB 35,000 *
+ 7% VAT
Minimum 45 Business days
(Average time from the moment we receive
all the required information from you)
All company closures are handled by qualified lawyers and accountants.Scope of work
- Arrange and prepare the shareholders meeting to pass the required special resolution. This includes publicizing the public notice for the meeting, drafting the meeting minutes.
- Prepare and submit all documents required for closure. This includes collecting and collating information about the company such as the business registration certificate and any other supporting documents.
- Informing and registering the closure with the relevant stakeholders, Government offices and departments.
- Clearance of outstanding debts and distributing all remaining assets.
- Answering questions in relation to the closure process.
- Advise on post closure compliance.
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What is the process for closing a company?
Be prepared for obtaining your BOI Licence with our comprehensive and free registration checklist.
Be prepared for obtaining your BOI Licence with our comprehensive and free registration checklist.
Organizing the special shareholders meeting
Our team will prepare and execute all aspects of the preparation of the special shareholders meeting. Our team will also conduct the drafting of the minutes for the meeting.
TIMELINE
20 business days
Collecting documents and completing the application
Our team of experts will collect, collate and fill in all the required documents, ready for your signature. We will then submit the application for closure at the Ministry of Commerce.
TIMELINE
> 7 days to collect documents from the parties and prepare the application.
Notifying all relevant parties
Our team of experts will notify all relevant parties of the company’s closure, including all creditors and the Social Security Office.
Additionally, our experts will begin the process of dissolving the companies VAT registration, returning any licences granted to the company, closing the companies bank accounts and canceling any Work Permits and Visas.
TIMELINE
> 3 days for filing the application
Clearing any outstanding debts and distributing the remaining assets
Our team of experts will deal with the clearance of outstanding debts and distributing all remaining assets.
Registering the closure of the company
Finally, our experts will register the liquidation with the Department of Business.
TIMELINE
The whole process can take between 3 to 6 months depending on the reactivity and additional information requested by the Revenue Department
Frequently asked questions
How long does the process to close a company take?
The whole process is very time consuming and there are a lot of obstacles to overcome. The process should take around 45 days but it could take significantly longer.
Does closing a BOI Company follow the same procedure?
The closure of BOI Company is different to that of a Limited Company. Please see the following for a brief outline of how to close a BOI Company:
- Before notifying the company’s liquidation at The Ministry of Commerce, you must notify the BOI of the decision to close. The BOI will conduct their own checks to see if there are any remaining Tax liabilities to be addressed. Once everything is clear with the BOI they will make an announcement concerning dissolution and inform any related government sectors.
- Follow the standard company closure process set out above.
- To dissolve the Foreign Business License (FBL) with the Bureau of Foreign Business Administration within 15 days from the date of closure.
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Question Before You Begin? *
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(*) This Conversation is intended to provide basic answers to questions you may have. But it is not a Lawyer’s Consultation.