What I Learnt during Submission of Annual Financial Statement to Thai Government
Submission of annual financial statement to Thai government is crucial for any limited and public limited companies. I was aware of this already. But the problem I faced was getting the details documented in the Thai language. Me being a Russian, I had no clue of the language. However, it is then I found Konrad Legal. They assisted me in submitting my annual financial statements to the Ministry of Commerce.
However, it needed to be submitted within one month of the Annual General Meeting approving the financial statement. Note, the AGM needs to be held within 4 months of the end of the fiscal year. Joint ventures, registered partnerships and foreign companies doing business in Thailand should submit the annual financial statements within 5 months of the closing of the accounting period.
The annual financial statement was prepared based on the accepted accounting principles. Failing to submit your audited financial statement within the tenure is liable to fine of around 50,000 baht. There is an exception too. The option such as case-by-case allows you some more time to submit the statement.
Alongside your company’s annual financial statement, the annual income tax return must be filed with the Department of Revenue within 150 days after the fiscal year ends. But, you have a dormant company, how to file the annual financial statement in that case? While choosing Konrad Legal I spoke to one of their clients to confirm their services and he told me that he opted for accounting, auditing and corporate income tax services for his dormant company in Thailand and he seemed to be very satisfied. In that case, the law firm offered them services like;
• Prepared the annual audit financial statement in both Thai and English version
• Prepared accounting records like general ledger, financial statement, journal and trial balance in both languages.
• Prepared secretarial documents, consisting of Sor.Bor.Chor. 3 and Bor.Oor.Jor.5
• Prepared yearly corporate income tax return and much more
In my case, they even gave me a copy of the legal documents in the Russian language on request.
