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Q:
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Is a Thailand Private Limited Company (“Company”) required to prepare audited financial statements?
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A:
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Company is required to prepare financial statements for each accounting period. Besides, the financial statement must be audited by a certified auditor.
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Q:
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How does a Company set its accounting period?
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A:
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In general, the first accounting period should be ended within 12 months of its registration. Thereafter, the accounting year will be 12 months as a period.
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Q:
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Can a Company change its accounting period?
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A:
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Yes, a Company can change its accounting period after getting the approval from the Director-General of the Revenue Department.
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Q:
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When should the director approve the Company’s audited financial statement?
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A:
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The director is required to approve the financial statement within 4 months after the end of the accounting period.
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Q:
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Is the Company subject to corporate income tax?
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A:
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Yes, the Company registered under Thai law is subject to corporate income tax. It is taxed on its net profits arising from the business activities in Thailand.
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Q:
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When does the Company file corporate income tax return?
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A:
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Company must file a half-year corporate income tax within two months after the end of the first half of each financial year. Besides, an annual tax return must be filled within 150 days after the end of each financial year.
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Q:
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Is the Company required to register employer account under Social Security Act?
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A:
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Yes, the Company is required to register employer account when there is start of employment.
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Q:
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When should the Company register the employer account?
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A:
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The employer account must complete the account registration within 30 days of the commencement of the first employment.
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Q:
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Does a Company need to hold annual general meeting each year?
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A:
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Yes, it is required that the shareholders of a Company hold the first annual general meeting within 6 months from the date of incorporation of the Company, and subsequent general meeting will be held within four months from the end of the Company’s accounting period.
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FAQ
