Q: Why should I go through the trouble of closing a company, instead of simply “walking away” from a failed company?

A: Provided that all registered capital was at some point paid up, company shareholders have no personal responsibility for long-term obligations. But – the building owner at the company’s last registered address, and the individual who is the final company director both persist in the Ministry of Commerce and Revenue Department files – forever. Proper company closure protects these two individuals from future complications.

Q: Can we use Indo-Siam’s services if our company has un-discharged debts, contracts, or other obligations?

A: Generally, no. This situation requires a formal bankruptcy proceeding – and this is a much more complex process. But – we can probably refer you to a qualified bankruptcy attorney.

Q: Why must we pay in advance? (And how do we know that Indo-Siam will deliver results as promised?)

A: By definition, companies that engage our closing services are generally “distressed”, and not financially successful. Thus, the risk of payment default is higher than normal. Our auditor will not take on closure audits without prepayment. We will not pay government and publication fees in relation to your company, from our own pockets.

Q: Why does the process take so long?

A:The audit step typically takes 45-60 days. By law, the sequence of required shareholder meetings must be spaced out over a time frame of about six weeks. There is also a minimum time period duration for posting of public announcements. Finally, the Ministry of Commerce approval process has some delay, awaiting signature approval.

Q: We don’t want to close the company, we just want to place the company into “hibernation” – dormant - to be reactivated later on. Is this possible?

A: Even an inactive company is going to require maintenance of a legally-sufficient business address, submission of monthly “no activity” tax submissions, and services of at least a custodial signatory director. Company will also need annual tax year audits. If we supply all these services, the minimum fee is 10,000 baht per month - or 120,000 baht per year. You are thus better off closing the company – and opening a new company later on.