Sunbelt Asia Weekly Column
4 January 2019
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 & Auditors Report.
- Filing the Financial Filing Form (Sor. Borchor.3, 3/1) together with the Annual Financial Statement & Auditors 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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Please feel free to contact us if you are in Thailand on (+66) 02-662-7004 to discuss any of these listings.
Turn-key construction contracting company in Rayong
This construction contracting business offers services across the board including metal fabrication, insulation, construction and manpower. The company has been in business since 1997 and has earned a good reputation for quality work and has many large companies as customers including those in the gas, oil and chemical fields. This is a good business for someone looking for a turn key business that has a steady stream of customers.
The business is well-run and has 40 experienced full-time employees with a total monthly payroll of 900,000 baht. Sales last year reached 50 million baht and net profit is around 10 percent. The company is established in the busy area of Rayong and the 10 rai of land the business is on is included in the sale. The land is market valued at 15 million baht.
The owner is moving back to his home country and so is looking to sell this well-established ongoing business.
ASKING PRICE: 33 million baht
(BKK15703)
Pattaya fine furniture factory & interior design studio
This high-end furniture factory offers not just top-quality fine furniture but also full service interior design for residential and commercial projects. The company has earned a reputation for attention to detail, unique and interesting design solutions and high-quality products. Offering a wide variety furniture, including stand alone and built-ins, the company has a full service interior design solution for its customers.
The business has a 600 sqm showroom in a busy Pattaya area and a 2500 sqm factory on the outskirts. The company owns the land and showroom in town. There are 45 employees and the monthly payroll of 1 million baht includes the owners salary. The business is open 6 days a week.
Sales last year reached 50.8 million baht and net profit over 2.6 million baht. The owners have spent a great deal reinvesting in the business including property to continue its growth.
The sale price includes the company with showroom, factory and land
ASKING PRICE: 60 million baht
(BKK15797)
Beach resort on Samui
Have you always wanted to live the life in paradise? Now is your chance! This exclusive luxury resort has direct access to the beach on the peaceful and idyllic west coast of Koh Samui. Samui has developed a reputation for top luxury resorts that attract people from around the world.
Established in 2008, the resort has two villas and four apartments, a pool and a large private home, guest villa and gym. The total land area is 3200 sqm fronting the beach with a full chanote title for the new owner.
The villas are large, at 118 sqm each, while the four apartments are 32 sqm each. The private mansion is an enormous 760 sqm while the guest villa is 75 sqm. There is a fully fitted 75 sqm gym as well.
Sales last year reached 3.8 million baht and there are four full time employees. The valuation of this project has been set at 195 million baht but the owners are keen to move off island for their childrens education so are selling it at a must buy price of 150 million baht.
ASKING PRICE: 150 million baht
(BKK15798)
Top- quality design studio seeks investors
A top-quality design studio is seeking investors to help grow the company. Specializing in the design of lighting, acoustics, audio-visual, IT and security systems, this design consultancy has clients in Bangkok, South East Asia and the Middle East including several large projects including a contract valued at over 40 million baht. The owner of the business is seeking either a partner to grow the company or can sell outright to the right buyer.
The business has offices in central Bangkok with a monthly rent of 100,000 baht for the 100sqm space and has a highly qualified staff of 20 full time employees with a total monthly payroll of 1.2 million baht a month. The company has been in business for six years and has earned a good reputation for high quality lighting and AV designs, as well as security systems. The company is interested in opening new markets and offering new services.
ASKING PRICE: 25% for $US400,000
49% for $US800,000
51% for $US1,200,000
(BKK15814)
Modern Thong Lor area guest hostel
A chic and modern hostel with five dorm rooms and two VIP bedrooms with en suite bathrooms is now available in the popular Thong Lor neighborhood. The business also has a bar and restaurant on the ground floor and has a total of 41 beds and has earned reviews on Trip Advisor and booking sites.
The hostel has a three-year lease and a monthly rent of 84,000 baht. Sales reach around 2.5 million baht a year with profits at about half a million.
There are five staff members with a total monthly payroll of 40,000 baht. The owner invested more than 9 million baht in fitting out the building but is looking to sell quickly as he has another business to work on.
ASKING PRICE: 3.5 million baht
(BKK15822)
Amazing Siam Square location for Korean franchise
This well-known Korean dessert franchise is in an outstanding Siam Square location and while the business has only been open six months the owner is selling as he doesn’t have the time to manage this and his main business. The owner spent over 8 million baht in setting up the business including all decor and fixtures and fittings but is selling for the lease, franchise, and all fixtures and fittings for only 3 million baht. The owner is also willing to sell just the lease and the assets for 1.9 million baht.
The 60 sqm location seats 42 with a monthly rental of 210,000 baht on a 3 year lease. There are four full time and two part time employees with a total payroll of 60,000 baht a month. The asking price includes the lease deposit so the new owner can walk into a turnkey business. The franchise fee and lease deposit are included in the asking price
ASKING PRICE: 3 million baht
(BKK15837)
New Sukhumvit guesthouse
This guesthouse is in a great Sukhumvit location, just 10 minutes walk from the BTS station with 19 rooms, some en suite, others shared bathrooms. Although it opened 13 rooms in the shophouse style building in July 2018, the business has already seen steady income and a small profit in the first two months. With new rooms just opened, incomes should increase, however, the owner has no time to manage the business. A dedicated owner with time to market and manage the business should see this guesthouse do very well.
There are 21 total rooms, including the staff room and store room, and the 3 year lease and plus 3 years option has a monthly rental of 70,000 baht. The rooms are basic but with everything new, the place has already garnered good reviews. There are two staff with a monthly salary of 24,000 baht. All fixtures, fittings, and equipment are included in the sale however, the lease deposit of 420,000 baht is not included in the sale price.
ASKING PRICE: 799,000 baht
(BKK15850)
Cloud services BOI company
The BOI promoted business allows for 100 percent foreign ownership and falls within the guidelines and goals of the governments bid to progress the economy to higher tech. This business provides cloud services to companies in Thailand and currently has 3 active partnerships and active reseller agreements: Microsoft, Sophos and Acronis, offering managed cloud services and cloud powered IT solutions. The company offers 24/7 management of cloud services and offers services such as Windows and Linux Cloud servers, Cloud back up, website and app hosting and Microsoft Azure. As the company enjoys BOI incentives, profit and dividends are not taxed so it can be beneficial to a local investor to change to local ownership.
In Thailand the spending on public cloud services in 2017 was estimated at 7.73 billion baht according to global research firm IDC. Many companies are moving to the cloud and the Bank of Thailand recently announced that the financial sector can offer financial services on the cloud. Research firm IDC predicts a further growth of the Cloud Services market by 25% yearly on average.
The company has a dedicated team of well-trained IT professionals with certified and senior engineers offering technical support and the company also has an online lead capturing and sales strategy for selling recurring packages. The company conservatively predicts total net profit over 3 years to reach 100 million baht.
The owner has more than 10 years of experience in IT, Cloud, Hosting and Online Marketing. An extensive knowledge and experience that can be transferred to a partner or new owner.
The owner is interested in two options; a joint venture in which the partner takes shares in the Thai company and the owner stays on as the General Manager or a full takeover with 100 percent ownership by the buyer.
ASKING PRICE: 50 million baht for full shares
(BKK15827)
