Thread: Making a Co Ltd inactive

Fancy local foreign lawyer, Baht 200,000. Online legal advertisers, 100,000
Acct. tells me 20,000.
I bet it cost 200. I'll pay 2000
I have a Co Ltd business that losing money and wish to staunch the flow. If I simply stop activity , how long before they catch up to me? What's the penalty? What about just making a company inactive . Is that possible? Is it cheaper?
Can't I just go to Dept of Bus. Develop and do this ?Taking a fluent Thai speaker of course.

How to dissolve a company in Thailand | Thailand Company Registration

Try some google-ing

Nothing will happen. But if you want to do it legally, you need to have an audit done and pay a lawyer to have the company shut down. Thailand has some of the most archaic business laws in the world.

You're being bled.

I'm not bleeding yet but you think the accountant at 20,000 is trying?
I should add I am on a WP from this company.
It expires end of Jan and I do not intend to renew it.
Actually can one own a business/ company without a WP?

I get confused, which needs the 4 employees for one foreigner? WP or visa.

Originally Posted by boloa

How to dissolve a company in Thailand | Thailand Company Registration

Try some google-ing

OK Thanks that sounds horribly complicated and designed to get me to spend a lot of money to Thai Lawyers.
Problem w Google is the pushing of advertisers.

I want to stop operating, if that's possible.

just shut the doors - give the keys back - sort out your suppliers bills and walk away.

Originally Posted by Albert Shagnastier

just shut the doors - give the keys back - sort out your suppliers bills and walk away.

You can't really just walk away.

Unless the Company is properly closed or declared inactive the Directors are responsible for submitting monthly VAT returns and Annual accounts.

The Company probably has Thai Directors who will be subject to fines and possible banning as acting as Directors in other Companies if these responsibilities are ignored - I am sure they will not want that to happen.

Patrick

Patrick speaks the truth , expensive to shut down but necessary to avoid future liabilities .

Originally Posted by Patrick

Unless the Company is properly closed or declared inactive the Directors are responsible for submitting monthly VAT returns and Annual accounts.

How many letters do you think they send before they "close the book"?

Originally Posted by Patrick

The Company probably has Thai Directors who will be subject to fines and possible banning as acting as Directors in other Companies if these responsibilities are ignored - I am sure they will not want that to happen.

The company probably has dummy Thai partners who earn 6k a month - do you really think the Poo Yai will come down on them?

Close of the balance sheet showing there are no outstanding debts
Go to Dept Biz Dev and register it as such
20,000 Baht
Normally about 5,000 service fee also

Yes you can own a company without a WP, the visa bit gets more complicated depending on your age and status.

^ qc, Do you know for a fact it costs 20,000 at revenue dept, that sounds rather high, any other specifics?

Not worried about other shareholders I am MD
I am old enough for retirement visa.
Although sounds like my problem is solved if it is actually the visa, not the WP needing 4 workers is this confirmed?

The four workers are killing me and two left for tourist season anyway, without notice,

Or option B I wish to perhaps sell the company , or try. Not the worthless business but the company registration

Declared inactive, that option sounds good, can I do that myself w a translator accompanying me to .. provincial revenue dept I guess?

Originally Posted by Hypatia

qc, Do you know for a fact it costs 20,000 at revenue dept, that sounds rather high, any other specifics?

I didn't mention the revenue dept. but here in Phuket it costs 20K to shut down a business plus a service fee. It is cheaper if everything is clear but you'll still need an accountant to sign off on everything. The Biz Dept fee is probably a lot less than that but accountants are accountants..

If the company books are in order then things will go smoothly, if not then there will be issues.

Originally Posted by Hypatia

Not worried about other shareholders I am MD I am old enough for retirement visa. Although sounds like my problem is solved if it is actually the visa, not the WP needing 4 workers is this confirmed?

Yeah, if you don't want/need to work and you are old enough to get a retirement visa (and meet the rules for that) then you don't need the workers.

EDIT: the company will need the workers if it wants to issue WPs to other foreigners, but you don't have to pay a salary, just the social security etc.

^ But wait , Patrick is saying the four workers is tied to the visa, not the WP.

I need one worker, maybe two , so I can have my own WP , but then I won't get one year extensions, and will have to go and get a new B every 3 months.
Well that's doable and beats paying four workers who make me crazy. Let me hire one good FT worker so I can pay them well. and maybe a PT to fill in.

Following the rules and doing it legally is too intrusive into my business. I don't want have fake workers, I'll get caught - seems if everyone follwed the rules , they have to realize the rules need changing, but I guess this the Thai way, make it hazy and make the foreigner pay.

Originally Posted by Hypatia

But wait , Patrick is saying the four workers is tied to the visa, not the WP.

No, he is not, well not exactly. The 4 workers is tied to an operating company, if you want to issue WPs or get a visa from that then you need the workers (or at least proof that the company is paying their social security etc).

If you want to switch to a retirement visa then the rules change. If you are no longer involved with the company or have shut it down properly then you can go for the retirement option.

Disclaimer: I'm not a lawyer, and the rules always seem to be open to erm.. 'interpretation' here on Phuket. I don't want to advertise as I am not a sponsor of the forum but feel free to send a PM if you have any more questions.

Your question was about visas (which is actually the wrong word, but let that stand for now).

If you are 50 yrs old or over and meet some other requirements then you don't need a WP if you don't want to work.

Wait a minute, how do all these land owners , who don't have business, have nominee companies and flit in and out on what- tourist visas? I know some who are here on retirement visas.
How are they involved in companies?
Come to think of it , my foreign landlord was here on a tourist visa signing contracts to lease me the property owned by his company

, maybe I'm not asking the right question

So I but give up the work permit. And put K in as manager, I already pay him enough.

You do need to shut it down. If you don't after three months the Revenue Department will be after you for failing to file returns. Those bastards don't quit, and it quickly become criminal with immigration getting involved (fines keep mulitplying the long you leave it open and not doing any of the monthly BS they ask for to justify the thousands of people working in the department's existence.