Accounting for Foreign-Owned Companies in Thailand

If you own or manage a Thai company and you do not read Thai, the hardest part of compliance is not the tax itself. It is never being sure whether something has been filed, whether a document will be accepted by the Revenue Department, or what the deadline actually was.

STA Accounting and Consulting has handled Thai bookkeeping, tax and payroll since the company was registered in 2004, 22 years, led by a founder with 32 years in the profession. We are a Quality Accounting Firm registered with the Department of Business Development (DBD), a certification held by a limited number of firms in Thailand. We work with you in English and report in a format your head office can use.

Our office is in Nonthaburi, next to Bangkok, and we serve clients across the Bangkok metropolitan area and nationwide through electronic filing.

Most Thai compliance is monthly, not annual

This is what surprises foreign owners most, and missing a monthly deadline is the most common avoidable cost we see.

• PND 1 withholding tax on employee salaries, filed by the 7th

• PND 3 and PND 53 withholding tax on payments to individuals and to companies, filed by the 7th

• PP 30 VAT return, filed by the 15th if your company is VAT registered

• Social Security contributions for every employee, filed monthly

Annually you also need financial statements to Thai standards, an independent audit, a shareholders meeting within 4 months of your year end, the DBD filing within 1 month of that meeting, PND 50 within 150 days of year end, and the half-year PND 51.

Two things that catch foreign owners out

• The annual audit is not optional for a company limited. Even a dormant company with no revenue must file audited financial statements. There is no small-company exemption of the kind that applies to registered partnerships.

• Penalties reach the directors personally, not only the company. Under the Accounting Act B.E. 2543 section 40, where an offence results from a director instruction or failure to act, that person is liable as well.

Why clients choose us

• 32 years' professional experience We have closed accounts through several changes in Thai tax law and reporting standards.

• DBD Quality Accounting Firm. Registered with the Department of Business Development, Ministry of Commerce.

• Licensed professionals in-house. Certified Public Accountants and licensed Tax Auditors.

• English reporting. Monthly figures in a format you can send to a parent company or investor without reworking it.

• One firm for the whole obligation. Bookkeeping, tax, payroll, social security and DBD filings in one place.

Monthly bookkeeping starts at THB 3,000 per month. Fees depend on transaction volume, so we quote after we understand the business. Initial consultation is free.

Call 02-966-5589 · Email crm@account.co.th