Thailand bookkeeping service aims at helping companies registered in Thailand do their accounting works. All companies in Thailand have to prepare and keep accounts. This is not only the case for a limited company, but also for registered partnerships, foreign juristic persons doing business in Thailand, public limited companies and joint ventures.
Only a private person is exempted from this obligation. The accounts have to be drafted according to the Thai Accounting Standards formulated by the Institute of Certified Accountants and Auditors of Thailand, and should reflect a true and correct image of the company’s expenses and assets.
A newly incorporated company should close its first accounting year within 12 months after its registration, and for the following years the accounting period should be closed every 12 months (per December 31 or another date). The balance sheet, an overview of the assets and liabilities, and the profit and loss accounts have to be prepared and filed at the end of each period. The accounting year may be changed, but written approval from the Director General of the Revenue Department is required.
The financial statements also have to be examined and certified by a licensed accountant (regardless of whether the company has traded or not). Within four months after the closing of the accounting year, the fully signed off accounts should be approved by the Annual Shareholders’ Meeting. Upon approval, the financial statements have to be submitted to the Revenue Department and the Commercial Registrar within one month. Failure to comply with these regulations may result in a penalty up to 200,000 THB.
The accounts and other relevant company documents have to be kept at the company’s registered address for at least five years.
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143512, or emailing to firstname.lastname@example.org. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.
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