Sunbelt Asia Weekly Column
11 January 2019
You need to confirm your annual audit by February 15! Don’t be late – the government imposes fines on late filers.
Annual audits are due by May 30 for those who have a company registered on or before December 31, 2018. It is important to note that your annual audit must be prepared by a licensed accountant and must be filed whether your company has been trading during the year or not.
We need your confirmation before February 15 2019 to give us a reasonable lead time, not only to avoid late penalties but also avoid service fee surcharges for “urgent cases”, and to ensure that the deadline is kept. Failure to file your annual audit can result in fines up to 100,000 baht so be sure and contact us today to get the process started.
Our audit service package includes:
- Bookkeeping Data Entry (general journal & general ledger & trial balance).
- Required advertisements in Thai newspaper.
- Drafting the invitation notification letter to shareholders.
- Registered Mail to Shareholders and Acknowledgement and Shareholders meeting.
- Completing the financial statement and submitting this to the Revenue Department and the Department of Business Development.
- Filing corporate income tax and submitting to the Revenue Department (PND.50) together with the Annual Financial Statement & Auditor’s Report.
- Filing the Financial Filing Form (Sor. Borchor.3, 3/1) together with the Annual Financial Statement & Auditor’s Report to the Department of Business Development.
We will need the following documents by February 20, 2019, if you submit your documents beyond February 20 we cannot guarantee that your audit will be finished by the government deadline.
- Income and Expenditure Account.
- Complete Bank Statement.
- Inventory and Stock.
- Company Seal.
- Lease agreement.
- Title Deeds Copy (in case a company got one while purchasing a land).
- Previous Years Audit Documents.
- Half Year Report.
- Receipts must be in the name of the company.
Please contact us today at (+66) 02-662-7004 from 09.00 a.m. to 6.00 p.m., Monday to Friday or via email at info@sunlegal.co.th
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Bangkok was ranked number one destination for overnight visitors in the Mastercard Global Destination Cities Index and GDCI: Play Index, an index of the top leisure destinations last year. The Mastercard GDCI 2018 ranks 162 destination cities in terms of total international overnight visitors and the amount spent by visitors throughout the previous year. The Index looks at the amount spent within destination cities on dining and shopping. Bangkok came in third in money spent on food and beverage with US$3.38 billion, or 20.6 percent of visitors’ budgets. The city came in sixth in shopping with visitors spending 26 percent of their budget or US$3.75 billion. Phuket came in 12th and Pattaya came in at 18 out of the top 20. Thailand was the only country that had three cities in the top 20. This was Bangkok’s third year in a row at number one as the destination for overnight visitors.
Four cryptocurrency businesses were issued digital-asset business licenses, two others were rejected and a seventh remains under consideration. Businesses dealing in digital assets are regulated under the new law; the Emergency Decree on Digital Asset Businesses BE 2561 (2018). The two companies that did not receive licenses had inconsistent custody of client assets, and insufficient cyber-security. If the companies can meet the requirements in the future they can reapply for licenses. The decree regulates cryptocurrencies and digital tokens in Thailand. Regulated activities include offering of Digital Tokens to the public and operation of Digital Asset Businesses. The issuer must obtain prior approval from the Office of the SEC before offering its Digital Tokens to the public and must file a registration statement and draft prospectus to the Office of the Securities Exchange Commission. The offering can only be done once the license is issued and must be done through an SEC approved ICO Portal to investors.
The Board of Investment announced that investment applications jumped 43 percent year on year, reaching 902 billion baht in value. Thai and foreign firms submitted a total of 1,626 projects last year, up 3 percent from 2017 with applications in the new S-curve industries including digital, medical, petrochemical, robotics and space totaling 539 billion baht. The BoI has set a goal of 750 billion baht in value for 2019. The government plans a roadshow to Japan later this month to promote investment in 12 targeted industries; cars, smart electronics, medical and wellness tourism, agriculture and biotechnology, food. robotics for industry. logistics and aviation, biofuels and biochemicals, digital, medical services, defense, and education development.
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Please feel free to contact us if you are in Thailand on (+66) 02-662-7004 to discuss any of these listings.
Chic French restaurant in Sathorn business district
Located in the business district of Sathorn, this chic French restaurant offers locally sourced food presented in new and interesting style. The restaurant has earned excellent reviews on Trip Advisor and on foodie websites and blogs.
This bistro style restaurant has 300 sqm of indoor space with an incredible rent of only 15,000 baht a month with one-year lease, there is a charming al fresco dining area and a car park nearby. There are 5 full time employees and one part-time with a total monthly payroll of 80,000 baht. The business has been growing since its opening with annual sales reaching 4.5 million baht. Although it is now at the break-even stage a dedicated owner with time to manage and market this restaurant could easily see that grow. Fixtures, fitting and equipment valued at 2 million baht is included in the sale.
This is a great opportunity to walk into a turn-key business and make it grow.
The owner is looking at two sale options: 4.2 million baht for 100 percent of the business, or 2.4 million baht for 61 percent of the shares (transfer of shares from 3 Thai nationals, with this option the buyer can increase the paid up capital to get more shares by dilution.
ASKING PRICE: 4.2 million baht for 100 % of the business
2.4 million baht for 61 % of the shares
(BKK15857)
Restaurant in hotel near Terminal 21
Just off Asoke Montri Road near Terminal 21, this restaurant is on the ground floor of a hotel and has a booming lunch trade and is very popular with the locals in the area as well as tourists.
The restaurant can seat 85 people comfortably and a classically decorated private ventilated cigar room or VIP room. There is a contract in place to provide breakfast service and room service offering a guaranteed income every month.
There is a cool room which stores wine and beer kegs, new kitchen equipment included in the sale price. Rent on the 280 sqm space runs 155,000 a month with no key money. The lease runs until 2022 with a fixed rate. The website, email, Instagram, Facebook page (15k followers) are all included in the sale.
Total income is around 400,000 – 500,000 baht a month but can go higher with an owner with more time to spare for the business. The owner doesn’t have time to manage the business and so is looking to sell the business.
ASKING PRICE: 2.6 million baht
(BKK15802)
French restaurant in Siam Paragon
This chic new French-apartment style bistro in Siam Paragon opened only this year but has already garnered great reviews for delicious food and a charming atmosphere.
Siam Paragon is one of the top luxury shopping malls in Bangkok and known for a variety of great restaurants, and is often a destination just for meals. Its great for those seeking to avoid the traffic but still want delicious home-style French food.
There are 12 staff with a total monthly payroll of 191,800 baht, rent on the 132 sqm space is 435,1000 baht a month while sales in the first six months have already reached 7.8 million baht.
The owner is moving overseas and so is selling the business.
ASKING PRICE: 16 million baht
(BKK15786)
Long-running Pattaya hotel and restaurant
This long-running hotel and restaurant was fully renovated just this year for a new, modern look. Located on Pattaya 2nd road, the hotel now has a up to date, modern kitchen, bar, and restaurant with classic decor. There is an outdoor dining space as well and the entire restaurant seats 50 people.
The hotel has 14 rooms over 4 floors, in a three unit shophouse. Rent on this large space is only 100,000 baht per month.
The hotel has income from a tour company of 15,000 baht a month, reducing the total overall rent to 85,000 baht a month.
The lease is set for 4 years plus 3. There are 6 staff with a total monthly payroll of 70,000 baht a month. Located right on the main road and with good lease terms, this is a deal.
The owner is moving to Bangkok and so must sell the business. The sale includes all new equipment and the fully renovated restaurant and bar as well as a Thai company with work permit.
ASKING PRICE: 5 million baht
(BKK15804)
Fully licensed English school in Samut Sakhon
A leading English school is available in Samut Sakhon, in the greater metropolitan Bangkok provinces. With a top curriculum, fully equipped school and a high enrollment of students on an annual fee basis, the school is quite successful and a leader in the area with a waiting list for students wishing to enroll. The school has an active presence on social media that has helped to promote its brand, communicate with prospective clients and public relations.
Located in a 160sqm building, there is a reception area, two large classrooms, an office, a library, a back kitchen, an outside kitchen and yard as well a bathroom on each floor. The building has ample parking in front as well as a car park on the side. Rent on the premises is 15,500 baht a month.
The school has experienced consistent growth year to year with a profit of 1,065,801 baht in its first year. Sales last year reached 2,660,766 baht with a profit 2,160,964 baht. There is one full time and one part time employee with total wages at 12.620 baht a month.
The owner is moving overseas and so is selling the business. There is a detailed outline available for potential buyers once a standard confidentiality agreement has been completed.
ASKING PRICE: 4.8 million baht
(BKK15779)
Khon Kaen transportation company seeking joint venture
This profitable transportation has earned a good reputation having been business for 48 years in Khon Kaen, the company has also expanded with two branches in Bangkok. The business has many repeat customers and excellent word of mouth due to its long standing role in the North East.
A great team of 60 dedicated staff. The company has 17 trucks for delivery and they are included in the sale. The company has 2 rai of land on the main road of city. The land value alone is 50 million baht.
The business saw 36 million baht in revenues last year with a profit of 13 million baht. The business has started doing express delivery service and is seeking a joint venture partner. The company is looking to expand and growth..
ASKING PRICE: 50 million baht for a joint venture
(BKK15662)
Kanchanburi travel agency with shophouse and chanote title
This long established Kanchanaburi travel agency handles inbound tours to the popular province. Holding the valuable TAT license the business is turnkey for the new owner. The sale includes the shophouse with the business. The building is 320 sqm and the buyer will be owning a chanote title property.
Last year’s sales reached 4.5 million baht with a net profit of 1.04 million baht. There are six employees with experience in the business with a total monthly payroll of 80,000 baht. There are several part time tour guides the company can hire freelance as needed.
The owner is now retiring and so wishes to sell the business
ASKING PRICE: 11.8 million baht
(BKK15647)
Phang Nga villa resort with 44 rai of land
Located in the popular and growing tourist destination of Phang Nga on the Andaman Coast, this resort complex is set on 44 rai of land, of which only 3 rai have seen development, making this a tremendous opportunity to grow this business.
Currently there are three buildings on the property but the opportunities for villas, hotels commercial offices or condominiums is available. The business offers accommodation and a restaurant along with adventure activities, a popular tourist activity. Hosting events such as conventions and weddings has been a major source of income along with leisure tourists.
There are 40 full time and 10 part time employees with a monthly payroll of 500,000 baht. The property includes 44 rai of chanote land not far from the airport. Annual sales have reached 20 million since its inception in 2015 and profit reached 3 million per year.
The owner wishes to retire and so is seeking to sell this development with great potential.
ASKING PRICE: 375 million baht
(BKK15781)
