IT’s TIME for every limited company whose financial year ended 31 December 2020 to hold an annual general meeting of shareholders (“AGM”) and prepare for the e-Filing of audited financial statements with the Department of Business Development (“DBD”) at the Ministry of Commerce.
Any limited company which fails to comply with Thailand’s legal requirements for AGM arrangement and the e-Filing of audited financial statements within the specified timeline will be subject to a fine.
For example, if a limited company does not hold an AGM to approve its audited financial statements, or does not file audited financial statements within the deadline, the company and its director(s) may be liable to pay a fine of up to THB 20,000 or THB 12,000, respectively.
Pursuant to Thai corporate law, a limited company whose financial year ended 31 December 2020 should hold an AGM by 30 April 2021 to consider the following (as the minimum required under Thai corporate law):
Upon obtaining the AGM’s approval, the limited company needs to submit the following documents to the DBD via the e-Filing system:
In order to be prepared and ensure that deadlines for arranging the AGM and the associated e-Filing processes are not missed, limited companies should consider the following significant matters:
We welcome any opportunity to discuss the relevance of the above for your company.
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