Precaution: Penalty for failure to submit or register documents with the Ministry of Commerce

(23/2009)

We refer to our Flash Report No. 9/2009, dated 3 April 2009, regarding the rates of fines for late filing of the audited balance sheet and other secretarial obligations with the Ministry of Commerce (“MoC”). At present, the MoC imposes a fine in every case, upon the company and its authorised representatives if any document is filed after the end of the specified period, regardless of any written explanation provided. We would like to summarise the main items as follows:

 
Schedule of Fines
No
Offence
Fine (Baht)
Company
Each director/ liquidator
1.
Failure to present the audited balance sheet to the general meeting for approval within four months.
2,000
5,000
2.
Failure to register change of director within 14 days.
200
200
3.

Failure to register the following matters within 14 days:

  •  Articles of Association, either upon incorporation or after amendment; or
  • Special resolution for capital increase; or
  • Special resolution for capital decrease.
200
200

4.
Failure to do the following matters within 14 days:
  • Register the company’s dissolution; or
  • Inform the general public and all creditors of the dissolution.
-
200
5.
Failure to register the completion of the liquidation within 14 days.
 - 200

 

This is unlike past practice, where the fine could be waived if the company submitted a reason for such delay. Please be advised that the current rates of fines are valid until 31 December 2010 and may subsequently be increased to the maximum rates as prescribed by law.