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.
Accounting & Legal
Closing a Company in Thailand
When you've decided to shut down your business, it is crucial that your dissolve your company properly to ensure the company do not have any further liability and that all shareholders and Directors are properly discharged of their responsibilities.
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: liquidation and dissolution.The liquidation of a company refers to the payment of its outstanding debts and distribution of any remaining assets. Dissolution of a company refers to the official termination of a company’s legal status.
Dissolution
→ The official termination of a company’s legal status
Liquidation
→ 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.
Starts from
THB 38,500*
+ 7% VAT
Minimum 45 Business days
*In order to dissolve a company, the company must have updated audited financial statement, no pending liabilities and no pending tax obligations. Additional fees apply if your company do not have the above.
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All company closures are handled by qualified company secretary 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.
- For qualified company, we may issue you a certificate to discharge you from all company liabilities after our legal and tax team has verified your accounts to be free from any caveat and encumbrances. This frees you from further liability of your company on the issuance of the certificate. Should you qualify for this process, we will prepare the necessary documents for you to close your bank account and transfer out all your names from the company official records.
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Additional services that you may need
What is the process for closing a company?
#1
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
#2
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.
#3
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
#4
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.
#5
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
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Frequently asked questions
-
How long does the process to close a company take?
-
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:
1. 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.
2. Follow the standard company closure process set out above.
3. To dissolve the Foreign Business License (FBL) with the Bureau of Foreign Business Administration within 15 days from the date of closure.
-
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.
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