Chartered Certified Accountants based in Thailand
FULL RANGE OF ACCOUNTING SERVICES IN THAILAND
Accounting in Thailand is not just about numbers. An accountant in Thailand can interpret figures so that they reveal something about you and your business in the Kingdom of Thailand. We speak personal, business and corporate accounts fluently. These numbers are more than just mathematics to us. They tell a story and we can easily understand what they have to say and the options that they provide for us.
We like to provide a boutique accounting services for our personal and business clients in different and, particularly in Bangkok, Nong Khai, Phetchabun, Nakhon Ratchasima, Chiang Mai, Loei, Udon Thani, Samut Prakan, Ubon Ratchathani, Pattaya, Chonburi, and Phuket.
In order to be a qualified public accountant in Thailand, any accounting firm in Thailand must be a member of TFAC and complete the Certified Public Accountant (CPA) examination as governed and conducted by the TFAC.
We offer a complete range of company registration for starting, maintaining and managing a business in Thailand.
Thailand boasts a dynamic economy. It is open, market-based. Private-sector-led. And integrated into global economy. Thailand is much more than just a tourist destination. The country's strategic location, at the crossroads, between South Asia and East Asia, opens up to a market of almost 600 million people. Thailand is increasingly attractive for investors due to its solid infrastructure and global connectivity. It also has world-class transport links, high-quality human resources, and a business-friendly environment. Thailand is now moving towards modernization and industry, but Thailand's agricultural sector remains a major part of its economy. Thailand has long maintained an "outward looking" foreign policy. It is committed to friendly relations and active participation in regional and global organizations. Thailand is a founding ASEAN member. The ASEAN Community will become ASEAN Community in 2015. Thailand has also been active in the global community. This includes the United Nations. Thailand has supported international efforts to promote peace and stability, economic development, human rights, and human security. Thailand is also a leader for creating links between regional Asian organizations and those from other regions. Thailand is a diverse and open society with rich cultural heritage that can be enjoyed and unspoiled natural beauty.
Current law regulates services rendered by accountants under the Accounting Act. B.E. 2543 (2000).
According to Thai law, accountants can be called bookkeepers. "Bookkeeper" refers to "anyone responsible for the bookkeeping of a person having the obligation to keep accounts, regardless of whether it is done in the capacity of an employer of the person with the duty to keep account." This regulation is set by Department of Business Development (DBD), Ministry of Commerce.
The Accounting Professions Act B.E. regulates the accounting profession. This includes bookkeeping, auditing and managerial accounting as well as other services related to accounting. 2547 (2004) ("Act") is professionally self-regulated and managed by the Federation of Accounting Professions. Only a certified public accountant can apply for an auditor's licence from the TFAC, according to the law.
The Act also creates the Professional Accounting Supervisory Commission. This commission is responsible for supervising all activities of the TFAC. An individual in Thailand is authorised to sign the audit report and providing audit opinion only if the individual is a Certified Public Accountant (CPA) or if has been authorised by the competent authority to do so.
Accounting Auditors involved in auditing certain organisations need specific clearance from those regulatory bodies as below. Under the law, the bookkeeper must enter particulars in the accounts in the Thai language, or in a foreign language accompanied by the Thai language, or in accounting code provided the translation thereof in the Thai language.
- Securities and Exchange Commission (SEC) permits only CPA who passes its approval process to audit listed companies (under Securities and Exchange Act B.E.2535);
- Office of Insurance Commission (OIC) monitors CPA works performed in the audit of insurance companies;
- DBD supervises the filing of financial statements of juristic persons (under Accounting Act B.E. 2543);
- Department of Cooperative Auditing, Ministry of Agriculture and Cooperatives monitors CPA works performed in the audit of cooperatives (under Cooperative Societies Act of BE 2511 (1968))
- Department of Revenue allows the auditing of financial statements of small entities performed by tax auditors; however CPA can perform those works as tax auditors (under the revenue Code);
- Bank of Thailand supervises financial statements of the financial sector (under Commercial Banking Act B.E. 2505).
Company Limited in Thailand
For most cases, the initial step to setting up a new business in Bangkok or within Thailand is establishing a Thai limited company, a Thai equivalent of Limited Liability Company (LLC). In comparison to the West, the creation of a Thai limited company does not happen instantly as a formalized incorporation process has to take place before anything else. To begin the process, two essential documents are required: the Articles of Association and the Memorandum of Association, both of which must be registered with the Thai Ministry of Commerce. The Articles of Association may be fitted to match the specific needs of the company so as long as the original shareholders and promoters agree to the terms in writing.
Company Registration Step
1. Company registration in Thailand
1.1 Name reservation. You can provide 3 names: the desired name for your company along with two alternative names.
- Submission by yourself to Thailand’s Ministry of Commerce.
- Submission via www.dbd.go.th to Thailand’s Ministry of Commerce.
1.2 Registration of a Memorandum of Association (MOA)
The MOA is a document which provides the names and personal information for all of the company’s shareholders, registered capital, the company’s address and intended scope of business activities.
1.3 Convention of a Statutory Meeting
Meeting all shareholders to make all the appointments and to set up the company officially.
1.4 The Ministry of Commerce will issue the company certification, a list of shareholders and company articles of association.
2 Tax registration: all documents associated with the registration of the company must be submitted to the Revenue Department.
3 VAT registration: after getting a Tax certificate, you can apply for a VAT certificate from the Revenue Department.