Thailand
Financial Reporting Obligations for Companies in Thailand
1. Registry for Submitting Financial Statements
In Thailand, companies are required to submit their financial statements (annual reports) to the กรมพัฒนาธุรกิจการค้า (Department of Business Development, DBD) https://www.dbd.go.th. Companies can submit their financial reports electronically through the DBD e-Filing system.
2. Legal Forms Obliged to Publish Financial Statements
In Thailand, the following legal forms are required to submit and publish their financial statements (annual reports) to the Department of Business Development (DBD):
- บริษัทจำกัด (Limited Liability Company)
Translation: Limited Company
Notes: Must submit annual financial statements to the DBD. - บริษัทมหาชนจำกัด (Public Limited Company)
Translation: Public Company Limited
Notes: Must submit annual financial statements and undergo mandatory audits regardless of size. - ห้างหุ้นส่วนจำกัด (Limited Partnership)
Translation: Limited Partnership
Notes: Must submit annual financial statements if thresholds are exceeded. - ห้างหุ้นส่วนสามัญจดทะเบียน (Registered Ordinary Partnership)
Translation: Registered General Partnership
Notes: Must submit annual financial statements, but audits are only required if thresholds are met.
Legal Forms Not Obliged to Publish Financial Statements:
- ห้างหุ้นส่วนสามัญ (Unregistered Ordinary Partnership)
Notes: Not required to submit financial statements unless engaged in activities exceeding certain thresholds. - กิจการเจ้าของคนเดียว (Sole Proprietorship)
Notes: Exempt from publishing financial statements but must maintain financial records for tax purposes. - มูลนิธิและสมาคม (Foundation and Association)
Notes: Exempt from publishing financial statements unless they engage in business activities above certain thresholds. - สำนักงานตัวแทน (Representative Office)
Notes: Not required to submit full financial statements; only partial reports in specific cases. - กิจการร่วมค้า (Joint Venture)
Notes: Not required to submit financial statements but must keep financial records for tax purposes. - สาขาของบริษัทต่างประเทศ (Branch of a Foreign Company)
Notes: Must follow the financial reporting requirements of the parent company, but may not need to submit full statements unless local thresholds are exceeded.
3. Companies Requiring Audited Financial Statements
In Thailand, the auditing requirements are determined by the พระราชบัญญัติการบัญชีและการตรวจสอบบัญชี (Accounting and Auditing Act) http://web.krisdika.go.th and are based on company size, turnover, total assets, and number of employees. Companies are required to have their financial statements audited if they meet certain thresholds. Below is a table summarizing the audit rules and criteria for various legal forms:
| Legal Form | Audit Rule | Criteria (must meet at least two of the three) |
| บริษัทจำกัด (Limited Liability Company) | Mandatory audit if thresholds are exceeded | - Turnover > THB 30 million - Total assets > THB 15 million - More than 50 employees |
| บริษัทมหาชนจำกัด (Public Company Limited) | Audit always required | No minimum thresholds; audit is always mandatory for public companies (PLC). |
| ห้างหุ้นส่วนจำกัด (Limited Partnership) | Audit required if thresholds are exceeded | - Turnover > THB 30 million - Total assets > THB 15 million - More than 50 employees |
| ห้างหุ้นส่วนสามัญจดทะเบียน (Registered General Partnership) | Audit required if thresholds are exceeded | - Turnover > THB 30 million - Total assets > THB 15 million - More than 50 employees |
| ห้างหุ้นส่วนสามัญ (Unregistered General Partnership) | Audit not required unless voluntarily submitted | Exempt from mandatory audit, unless above threshold. |
| สาขาของบริษัทต่างประเทศ (Branch of a Foreign Company) | Audit depends on parent company obligations | Follows parent rules but may be subject to Thai thresholds. |
| สำนักงานตัวแทน (Representative Office) | Audit not required unless special conditions met | Generally not required unless specific activities trigger reporting. |
Key Criteria for Audit Obligation:
- Turnover Threshold: > THB 30 million
- Total Assets Threshold: > THB 15 million
- Employee Threshold: > 50 employees
Special Considerations:
- Listed Companies: All companies listed on the ตลาดหลักทรัพย์แห่งประเทศไทย (Stock Exchange of Thailand) https://www.set.or.th must have audited financial statements.
- Medium and Large Companies: Must undergo audits if they meet at least two of the three key criteria.
- Small Companies: Exempt unless they meet thresholds; can opt for voluntary audits.
4. Local Stock Exchange and Financial Statements Publication
Companies listed on the ตลาดหลักทรัพย์แห่งประเทศไทย (Stock Exchange of Thailand, SET) https://www.set.or.th must publish their financial statements in accordance with exchange regulations.
5. Deadline for Submitting Financial Statements
The deadline to submit financial statements to the DBD is typically within five months after the end of the fiscal year for most legal forms. Listed companies have stricter deadlines as per the regulations of the Stock Exchange of Thailand.
6. Companies Submitting Partial Financial Statements
Smaller companies with lower turnover or total assets (below THB 15 million) are allowed to submit simplified financial statements. These generally include small enterprises and sole proprietorships.
7. Consequences for Late Submission of Financial Statements
Failure to submit financial statements on time can result in fines between THB 10 000 and THB 50 000. Continued non-compliance may lead to being struck off the business register.
8. Requirements for Foreign-Owned Branches and Newly Established Companies
Foreign-owned branches must submit financial statements in line with Thai law and parent company regulations. Newly established companies must submit their initial financial statements at the end of their first fiscal year. Audit requirements depend on thresholds and legal form.
Sources
| Source | Link |
| Department of Business Development (DBD) | https://www.dbd.go.th |
| Accounting and Auditing Act | http://web.krisdika.go.th |
| Stock Exchange of Thailand (SET) | https://www.set.or.th |
| Start Companies Search | Order Credit Report |
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