How do I cease operations and make my company dormant in Thailand?

May 28, 2024
7 months ago
Andy *******
ORIGINAL POSTER
Looking to get a second opinion from an accountant about my business. I'm looking to cease operating and making it a dormant company. No property or assets held. Can anyone advise one?
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TLDR : Answer Summary
The user is seeking advice on how to cease operations and make their business a dormant company in Thailand, specifically noting there are no property or assets involved. Suggestions from the community include ensuring all outstanding taxes and bills are settled, and seeking help from accountants or lawyers, with recommendations for specific services provided.
John *********
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Lawyers and in-house accountants 
Matt ************
I recommend thaibusinesshelp.com to close company
Kay ******
just need to settle all or any outstanding taxes/bills and such, then can get an accountant or lawyer to make it dormant.
Andy *******
ORIGINAL POSTER
@Kay *****
I've settled the end of year tax and pay vat monthly just got to settled our Internet package then I guess that's all but I 100% want to speak to another accountant as I feel mine lost interest the day I mentioned my plans
Kay ******
@Andy ******
could be, once the company goes dormant the accountant can't earn anymore from you. yes , do speak with a responsible accountant or lawyer on this.
Lone **********
has the company had any transactions in the past years?
Andy *******
ORIGINAL POSTER
@Lone *********
company has been legitimate, vat registered and sadly will be laying off some very good Thai staff
Barry ********
@Andy ******
sorry to hear that
Lone **********
then you will need to complete the tax filing up till now and then get your accountant to close out the company. VAT, Tax and Social Security will need some forms/statements then it's a relatively simple process to close the company. Your accountant should be able to do that for you
Andy *******
ORIGINAL POSTER
@Lone *********
thanks for your input but do you have an answer to the question? I'm looking for a second opinion by a Thai accountant
Lone **********
contact
**********************
he should be able to help you
Lone **********
what part of Thailand are you in no point in recommending one not in your neck of the woods
Andy *******
ORIGINAL POSTER
Kool *******
@Andy ******
you can not keep a company dormant for any length of time. From the time it was established it has 3
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years to start making a profit, or its business license will be voided, resulting in any business visa extension and work permits also voided. If you are fluent in formal Thai my wife, a licensed Thai accountant, can explain it to you. You formally close the business. You don't make it dormant, as you asked about. You also have compensation to pay to any employees terminated because of the closure. You can not avoid this by supposedly making the company dormant. What other questions do you have? My wife deals with foreign companies, and just went through the profit timeframe with one of them last year, and has closed out two in the last five years.
Andy *******
ORIGINAL POSTER
@Kool ******
Hi, I thought we could keep it dormant and just file the yearly docs etc, No issues about work permit or visa. This is just one of my companies and a change in the uk has made it no worth carrying on with at the moment and in the future I may like to carry on. I am not fluent in formal thai but do have a wife that is of course haha 🙂 Compensation I know about quite a hefty little payout for a business that hasnt made much in the last year but wouldnt cheat them out of that at all. Ive just paid my yearly tax
Kool *******
@Andy ******
as long as you file your taxes every year going forward, assuming you showed a profit last year on taxes, you can keep it as a company for over 3 years, doing the same required filings as you do now, as the UK company's situation might change within that timeframe. It does require keeping all the paperwork up to date. As a side note , you can keep paying into Thai social security for yourself, to keep your medical insurance with them, even if the business is liquidated.
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