Thread: Closing a Thai company

Apologise if this is not meant to be here, but does anybody know the procedure, cost and time for closing a Thai company, placing it in the tgf's name and then issuing a 30 years lease instead?

Thank you

My advise to you is to see a lawyer, I know you dont need to close down the company to issue the 30 years lease on the property.
I have exactly the same ie, the company owns the land and the lease in my name and also I am a shareholder in the company.
Where do you live?

Looks as though all you are trying to do is transfer ownership.

Quick share transfer form which any Thai lawyer can handle in about 30 minutes.

If you want details of a competent Thai lawyer let me know. There aren't many.

Closing a Thai company - just your normal everyday Farang/Thai one that is, will cost you around 100,000 baht and it will take 12 months before it is finally done. The company must remain open for that period to enable all creditors to get theirs. The closing must also be advertised in local news papers to enable all and sundry to be made aware that they should get in for their crack before it closes. The main cost is the cost of the government auditor who usually charges around 50-60,000 baht for the privilege. I have never used a Thai lawyer for this as I have not found one straight enough to do the job without thinking that he is entitled to more than he should get. I have always used a competent accountant and the results have been satisfactory. Cheers and good luck.

There are some good Thai lawyers and straight, I live with one

Thank you for the information so far.

I live in Chiang mai. After the recent tax audit I was informed that companies that, shall I say, remain inactive, are now being scrutinized more and will be subjected to more tax as a result (quite a bit more from what I hear).

Currently, I, along with two other Thais', are the shareholders of this said company and my tgf is the MD. It was always my intention to open a small business of some kind but it never materialised, choosing to go back to University instead. Therefore, every year I have been paying the auditors to keep account of this company each year.

Now the plans have changed, and I will work abroad for the most part, I no longer really need the company set-up. Perhaps changing to a 30 year lease would be the better option if this proposed tax hikes are to be enforced.

Out of curiosity, how does it work if you still have a company set-up and a 30 year lease tied to the property?

Thanks for the advice chaps...

Assuming the company is a limited company established under the provisions of the Thai Civil and Commercial Code (CCC), which yours sounds very much like it is, then you need to dissolve the company pursuant to the provisions of the CCC

see here:Thailand Civil Code Part 2