Accounting Service Thailand for Limited Company also Promoted by BOI.
We have within us a staff of accounting experts, combining our knowledge of your business with local tax laws. Our Accounting Service Thailand is efficient and fast: just send the compiled documentation and the first note deadlines to get in a few days the monthly statement. If you don’t want to worry about paying TAX and social security for your employees we do it for you. At the end of the year we provide an auditng by an accredited professional auditor who will certify your balance and submit to DBD for recording.
We support your projects for BOI promotion and take care of compliance after BOI acceptance.
Siam Trade Development services
Accounting Service Thailand is a part of our range of services for your Company Management. We cover all the aspects of your activity.
ACCOUNTING SERVICE THAILAND
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General Guidelines on the Accounting Service Thailand
All Thai and foreign companies registered in Thailand have accounting and tax obligations.
The rules are specified in Civil Code Commercial and accounting Regulation. The books can be kept anywhere as long as language accompanied by a translation in Thai. These are the obligations to which fulfill:
- Keeping of accounting and annual Audit
- Payment of Corporate Income Tax (CIT)
- Half year report
- Payment of VAT
- Deemed payment on account
- Payroll and social security
Our Accounting Service Thailand cover the full range of obligations to which your company is required to fulfill.
For example, keeping payrolls with generation of payroll, and the balance of social security (Prakan Sankom), that all workers (with the exception of shareholders) are required to pay. Therefore, the foreign partners will have no obligation to pay any social security but will not otherwise entitled to benefits from the State therefore, must resort to a private plan. In General both the worker and the employer are subject to a contribution of 5% of the salary (each, or 10% overall), up to a maximum of 750 THB. The contribution of a worker can’t go so over 1,500 THB per month.
Some knowledge about VAT
Thai State normally requires registration for the VAT registers businesses who invoice over 1,800,000 Baht per year. But if you have a company with foreign workers (including you) you will be asked to obtain a VAT number right away. This involves a monthly statement with the balance of the appreciation. There are two VAT rates: 0% to 7%. The first applies to exported goods, services rendered to the State abroad, bendita of goods and services to the authorities and State-owned companies, to international transport etc.
There are also activities exempt from VAT such as transport fee, the rental of premises, the sale of agricultural products, newspapers, books, articles for health and educational and cultural services. All other activities are subject to rate of 7%.
Corporate income tax
The income tax you pay at the end of fiscal year (or solar, at the discretion of the company) and has three rates: 0% up to 300,000 THB, 15% to 20% for higher profits and € 1.000.000 for small businesses (capital up to 5 millions and billed no more than 30 million). For other companies you have a flat tax of 20%.
Of course the above is the enterprise profit levy. Shareholders who receive dividends are charged separately the individual fee also with rates dependent on personal income.
Notes on Limited Companies
- The “Limited” is a joint stock company similar to one of our italian SRL or american LLC.
- Minimum social capital (in the case of working capital): there is no minimum capital but it is advisable to pay at least 2 MillionThai Baht for each foreigner who intends to hire and in any case an amount compatible with the operation of the Company. In absence of foreigners a “normal” capital is 1 million THB,
- Any additional loans can flow through “intercompany loan”
- Governance: an administrator/s or a board of directors can be appointed
- The articles of association may include limitations on the powers of the directors and/or qualified majorities
- The company shares can be entirely held by foreign legal and/or physical entities by virtue of the legislation
- Between Thailand and many Countries there exist a treaty on double taxation by virtue of which the Thai company fulfills its tax obligations in the country where it is based
- In case of distribution of profits, there is a withholding tax of 15% (whitholding tax), this tax is tax deductible according to “double taxation treaty” if enforced.
- To access the banking “credit facilities” it is necessary to wait for at least three non-loss-making company financial statements or through the system of the “stand By” L/C issued by an accepted foreign bank, in favor of the local bank
- The total social and social security contributions do not exceed 6% of the paid salaries