Company Liquidation & Dissolution

Company Dissolution Process

Step 1

• Hold a board meeting to approve of the dissolution
• Hold two general meetings of shareholders to approve of the dissolution, appoint a liquidator and an auditor, before which there must be announcements published in the local newspaper and letters sent to invite the shareholders to the meetings and inform creditors about the proposed liquidation

Step 2

• Have the balance sheets, accounts and financial statements of the closing company prepared by an accountant and certified by an auditor
• Ensure that the business affairs are settled and that all responsible government offices have been informed about the company closure, for example employees should be de-registered from the social security system, existing corporate bank accounts must be closed, visas and work permits cancelled (if any)
• Hold a general shareholders’ meeting to approve of the financial statements of the closing company, before which there must be an announcement published in the local newspaper and letters sent to invite the shareholders to the meeting
• Inform and request for approval from the Revenue department to liquidate and dissolve the company and return the company’s VAT certificate (if any)
• Hold a final shareholders meeting after which the dissolution of the company in Thailand can be registered with the DBD, where the company’s books, accounts, documents etc. must also be submitted to the DBD