With Thailand being more and more open to foreign investors, the country leaves the door wide open to a plethora of business opportunities. Those wishing to pursue them have generally a number of business structures to choose from – partnerships, limited company (private or public), joint venture, and representative, regional or branch office to name a new. While the options are seemingly numerous, foreigners must make sure they operate within the legal framework of the Foreign Business Act of 1999 (FBA) that controls and prohibits foreign nationals from engaging in a wide range of activities. For this reason, most foreigners choose to carry out their business activities through the registration of a limited company in Thailand.

Once the Thai limited company has been registered and is ready to operate, it has a number of legal obligations to meet, namely it has to follow accounting procedures specified in the Civil and Commercial Code, Revenue Code and the Accounts Act. At the end of each accounting period (this is determined during the company registration process), it must submit a balance sheet altogether with the profit and loss statement and perform an audit. Failing to do so will lead to monetary penalization of the company.

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