There is this Managing Director of a renowned BOI-promoted company in Thailand who wrote to me asking about the company dissolution process in Thailand. Interestingly, this mail was followed by a few others. Nevertheless, you might think why people are looking to dissolve their Thai companies. Apparently, the reasons are completely personal. But those who are much motivated to open up a company in Thailand might suddenly consider giving it a second thought. Well, there’s nothing to fret about. In a business ecosystem, this is a very common scenario. And for your soul’s satisfaction let me tell you that against one to two emails for dissolution, we receive over thirty emails every day, inquiring about how to start up a business in Thailand. However, let us explain to you the process to dissolve BOI Company in Thailand.
If you too want to dissolve your BOI Company in Thailand, then make sure you have these documents ready:
- Company’s Detail:
- Certificate of incorporation
- Registration documents, including an affidavit, MOA, shareholders list, etc.
- Company Registered under the VAT System:
- Por. Por. 01 (Vat Registration)
- Por. Por. 09 (Vat Amendment)
- Por. Por. 20 (VAT certificate)
- Documents concerning the BOI:
- BOI application
- BOI’s pre-approval
- BOI Certificate
- BOI progress report of past 6 months or 1 year
- E-Expert username and password
- Rights and Benefits the company had to utilize
- Monthly Accounting Filing (in that year)
- Por.Por. 30, 36 (from January to December)
- PND 1, 3, 53 (from January to December)
- Social Funds filing (from January to December)
- Half Yearly Report (also known as PND.51)
- Financial Records
- Sales Tax Report
- Purchase Tax Report
- Payment vouchers & receipts
- For receiving
- For paying
- Withholding Tax slip(s) received from your client(s)
- Bank Statement (from January to December)
- Loan Agreement (if any)
The procedure is as follows:
Register Your Company’s Dissolution
A meeting with the shareholders needs to be arranged to inform them about your planning for the company’s dissolution. And during that, you must ensure at least 3/4th of the shareholder’s vote, support your decision. Once the first meeting is successfully accomplished, a second meeting should be held in order to affirm the resolution as well as appoint the liquidator.
The liquidator must gather the company’s assets, request for the unpaid amount of the shares, settle the obligation to the creditors of the company, sell the assets, and compensate the reserve alongside the expenses to the director. However, if the assets are not sufficient to settle the debt, then the liquidator should request an order from the court confirming company’s bankruptcy.
Registering the Liquidation
As soon as the liquidation is completed, the professional should hold the shareholders’ meeting again so as to approve the liquidation result. Within 14 days of the resolution, the liquidator will have to proceed with the second step of registering the liquidation. And once it is done, the company will be dissolved.
Please note one fact! You will need a Thai Corporate Law and Accounting specialist to dissolve BOI Company in Thailand. Therefore, email us at [email protected] for the best professional support in this regard.
