Sunbelt Asia Weekly Column
25 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 firstname.lastname@example.org
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.
One of a kind party bus event business
Interested in event organization, love to have a good time and meet new people? This may be the business for you. This one of a kind party bus is now available! This is only the second owner of this amazing bus, it has been lovingly cared for and maintained so the new owner can walk (or drive!) into an already established business that can be set up anywhere.
This top of the line mobile entertainment and luxury vehicle was imported from the US and comes fully equipped and modified inside as a luxurious club set up. The party bus has a DJ booth with premium Pioneer console, VIP seating, Laser LED, dance poles, 2 LED televisions and 8 small displays, digital light controllers, a minibar, and even a private VIP area. This bus is equipped to go anywhere as it has its own toilet and bathroom. The bus can hold 30 people in air-conditioned comfort and is going strong with about 7-10 bookings per month at a cost of around only 15,000 baht per trip. Sales in 2018 reached 1.9 million baht. This could easily grow with a dedicated owner seeking out new markets. There are two employees with a total monthly payroll of 30,000 baht. With no rent, the costs to run are low.
The entire set up including vehicle and equipment, is valued at 2.5 million baht. The owner is selling as he is looking to move into another area of business. This is a great opportunity for a unique business.
ASKING PRICE: 2 million baht
Software & Consulting IT business
Offering software and consulting specializing in Information Systems and Enterprise Content Management, this business also offers product design solutions, international standard technical and engineering resources. It has earned a good reputation and built up a clientele of major corporations in Thailand since it started business in 2015. Currently the company has 60 active well-known clients and 12 clients that pay an annual fee for services.
This business has seen gross sales over 14 million baht a year since its inception and profits from 4.9 million baht and up, gross sales for 2018 are already at 24.9 million baht and profits at 9 million baht. There are four staff, including the owner and monthly payroll for staff excluding the owner is 130,000 baht.
The owner willing to stay with the new buyer for 1 year to ensure a smooth transition and will also offer future support if the new owner wants to create new software. The three major pieces of software that the company owns are valued at 5 million baht each and are included in the asking price.
ASKING PRICE: 35 million baht
Fashion jewelry business with 10 branches
This fashion jewelry business has 10 branches nationwide; eight in shopping malls and tourist areas in Pattaya, one branch in Rayong and one branch in Bangkok and offers well-known jewelry with popular designs.
Each kiosk style shop is around 15sqm and the business has 15 well-trained and knowledgeable staff with a total monthly payroll of 300,000 baht. Sales for this business reach 15 million baht annually with a profit of 20 percent.
Inventory valued at 5.5 million baht is included in the sale as is the lease deposits totaling 600,000 baht.
The owner is moving back to his home country due to family issues and so is selling the business.
ASKING PRICE: 12 million baht
Resort in Kanchanaburi
This lovely resort is fully licensed and within walking distance of the famed River Khwai or Khwae, as its known in Thailand, and 1.2 km from the famed Bridge, a major tourist destination not only for visitors but for local Thais as well. With a gorgeous garden and pool there are 15 bungalows, 3 family bungalows, 5 deluxe bungalows and 6 standard bungalows. Every bungalow has a private bathroom, mini bar, wardrobe, safe box, tea/coffee making set, free WiFi and comes fully air-conditioned. The standard and deluxe bungalows overlook the garden and the family bungalows are behind the swimming pool. The resort also books tours, and offers motorbike and bicycle rentals. There is a charming restaurant as well as a large 2 bed room house complete with full western kitchen.
The resort is one of the top-ranking in Trip Advisor and has an excellent feedback score on Booking.com as well. The resort is booked through August, 2019 and has had an average of 50 percent bookings throughout the year, high season is usually higher. With the right PR and marketing this resort could see much higher occupancy due to its high ratings. There are 9 full time employees and total monthly wages of 100,000 baht. The hotel has a lease contract to 2020, and pays rent of 240,000 baht every 6 months. Annual sales reach 5-6 million with profits of 1.5 to 3 million. The owner is retiring and believes the business could grow with a dynamic new owner.
ASKING PRICE: 5.8 million baht
Long-running Chiang Mai pub with property
You wont just be purchasing this long-running well-known pub, located in the heart of the busy tourist district of the Chiang Mai Night Bazaar, but also property that has grown and will continue to grow in value in this booming city.
The bar and restaurant has earned a reputation for good food and good drinks both with tourists and locals and is well-rated on Trip Advisor for its authentic atmosphere and great location.
Included in the purchase are two units of property covering 4 floors with a total of 400 sqm of area. The restaurant seats 90 people and is fully fitted out. There are 15 staff with a total monthly payroll of 200,000 baht.
The value of the property alone is already 45 million baht. The owner is retiring from the business and so wishes to sell this popular bar.
ASKING PRICE: 49 million baht
Oil & Gas Support services business with land
This oil & gas support services company is located on 4.5 rai of land owned by the company in a key location in Rayong. Near U-Tapao Airport, Sattahip port and Maptaphut Industrial Estate, it is right next to the new express way being built to the Eastern Economic Corridor.
Fully licensed, it holds a Factory License as well as a rare license for the storage and recycling of waste streams, ISO 14001 certified for the disposal of non-hazardous and hazardous waste, this is a turn key business built up by the owner since 2006. The business provides support services to the oil and gas sector in Thailand and across South East Asia. There are contracts with the company valued at 20 million baht and the fully equipped factory also has a large office site, and all major equipment needed for the business.
The factory, equipment, and land were recently valued at between 65-95 million baht. There are 17 employees with a monthly payroll of 425,000 baht. The company saw 20 million baht in revenues last year and the paid up capital in the business is 36 million baht.
The owner has been running this turn-key business for the past 12 years, building up contracts and developing a reputation as a leading services supplier but is ready to retire and so is selling the business.
ASKING PRICE: 75 million baht
Restaurant & Hotel in Pattaya
This long-running business in the heart of Pattaya and only 300 meters from the beach is a major steal, the owners are retiring after more than 20 years in business and are looking to sell these two freehold properties. Such a prime location does not come up very often, and include in that a popular and well regarded restaurant, pub, and hotel and the two four story shophouse units are a deal.
There are 10 rooms with an office and apartment over the two buildings, plus a large dining area that seats 70 people, a large bar area, and a large shaded outside terrace.
The restaurant and bar seats over 100 customers and is open from 8 am to 1 am. Total size of the properties are 63 sqw over four floors. The rooms come fully furnished with en suite bathrooms, air conditioning and large flat screen televisions.
All fixtures, fittings, and equipment are included in the sale price. The property is in the company name.
ASKING PRICE: 39 million baht
Popular Samui hotel in top Chaweng Beach location
Located in one of the top locations in Chaweng near Soi Green Mango on Koh Samui, this hotel has 28 rooms with four different room types all fitted out with TVs. Catering to all kinds of travelers, the hotel also has 8 hostel rooms with bunk beds and 1 dorm room. Fully fitted out with an elevator, generator, water tanks, storerooms, emergency stair exit, and reception the hotel does have a hotel license. Fully renovated in 2017 the sale includes all equipment, fixtures, and fittings as well as the Thai company and the hotel license. This allows the new owner to walk in, take over the premises with a new name and run it right from the get go.
The owners are selling as they are focusing on their franchise business and are looking to reduce operations on Samui.
The hotel has a lease contract through 2031 with the annual rental set for each period.
ASKING PRICE: 18 million baht