Those obligations start on the date of registration, not on the day the first invoice is issued. A company that is registered but not yet trading still has to keep accounts, close its financial statements and file its returns. Neglecting them produces surcharges and penalties that accumulate with time.
In practice the accounting problem and the legal problem are usually the same problem. Shareholder disputes are decided on the financial statements. Work permit applications are assessed on the statements and the tax filings. A sale of the business begins with an examination of its books.
The firm's accountants and auditor work in the same office as the lawyers, so there are not two firms to coordinate between.
What this group covers
- Accounting: monthly bookkeeping, annual closing and filing on time.
- Auditing by a certified public accountant, which every Thai company must have each year.
- Finance: document flow and internal controls scaled to the size of the business.
- Tax: filing on time, planning within the law, and handling assessments.
The recurring deadlines
- Monthly withholding tax and VAT returns.
- Monthly social security contributions for employees.
- Half-year and annual corporate income tax returns.
- A shareholders' meeting to approve the financial statements within the period allowed after the year end.
- Filing the audited financial statements with the Department of Business Development.
- Keeping accounting records for at least five years.
What causes trouble on an assessment
- Expenses with no supporting document, or documents missing required particulars, which may be disallowed.
- Money taken out by a director without being properly recorded as a loan, salary or dividend.
- Cash income that never reached the books.
- A director's personal bank account used alongside the company's.
This page is general information, not accounting or tax advice for your business. Rates and deadlines change; tell us what the business does and the applicable obligations can be checked.