Thai Company Annual Audit Checklist: What You Must Submit

Running a company in Thailand means meeting a set of annual financial obligations that are non-negotiable, regardless of whether your business turned a profit or sat dormant for the year. Miss a deadline or submit incomplete documents and you face fines, legal liability for your directors, and complications that can affect your company's standing with the Revenue Department and the Department of Business Development. This checklist walks you through exactly what a Thai limited company must prepare and file each year, so nothing slips through the gaps.

Understand Who Is Required to File

Every juristic entity registered in Thailand is required to have its accounts audited and its financial statements submitted annually. This includes Thai limited companies, branches of foreign companies operating in Thailand, and joint ventures registered as juristic persons. There is no minimum revenue threshold that exempts you. Even if your company had zero transactions during the year, a set of financial statements still needs to be prepared, audited by a licensed Certified Public Accountant, and filed with the relevant authorities.

The directors of the company carry personal legal responsibility for ensuring these obligations are met. That is worth stating plainly because many business owners assume this responsibility rests entirely with their accountant or auditor. Your appointed CPA does the audit, but the directors sign off on the statements and are accountable if filings are missed.

Know Your Key Deadlines

Thai companies work to two main filing deadlines each year, and both are tied to the company's accounting period end date. Most companies in Thailand use a 31 December year-end, so the dates below reflect that cycle.

First, the Annual General Meeting of shareholders must be held within four months of the accounting period end date, meaning by 30 April for a December year-end. At this meeting, shareholders approve the audited financial statements. Second, the approved financial statements must be submitted to the Department of Business Development within one month of the AGM, so by 31 May. Third, corporate income tax returns must be filed with the Revenue Department within 150 days of the accounting period end, which falls around 30 May for a December year-end. If your company has a different accounting year-end, count forward from that date to calculate your own deadlines.

Compile the Documents Your Auditor Will Need

Before your CPA can begin the audit, you need to have your records in order. Getting this right early saves time and avoids delays that push you uncomfortably close to your filing deadlines. Your auditor will typically need the following.

A complete set of accounting records for the year, including the general ledger, journal entries, and trial balance. All bank statements for every company account, reconciled against your books. Sales invoices, purchase invoices, and expense receipts. Fixed asset schedules showing additions, disposals, and depreciation for the year. Details of any loans, both those the company has taken and those it has extended to directors or related parties. Inventory counts and valuation if your business holds stock. Payroll records and evidence of social security contributions. VAT returns filed during the year. Withholding tax certificates received and issued.

The cleaner and more complete your records are when you hand them over, the faster your auditor can work.

Prepare the Statutory Financial Statements

The audited financial statements that get filed are a formal set of documents with a defined structure under Thai Accounting Standards. They must include a balance sheet as at the accounting period end date, a profit and loss statement covering the full accounting period, a statement of changes in equity, a cash flow statement, and notes to the financial statements disclosing accounting policies and explanations of material line items.

These statements must be prepared in the Thai language. They must use Thai baht as the reporting currency. For most small and medium-sized companies, they will be prepared under Thai Financial Reporting Standards for Non-Publicly Accountable Entities, commonly referred to as TFRS for NPAEs. Your accountant will advise if a different standard applies to your situation.

Go Through the AGM and Approval Process

Before any documents can be filed, the shareholders must formally approve the financial statements at the Annual General Meeting. For smaller companies this is often a straightforward formality, but the steps still need to be followed correctly.

You must issue a written notice of the AGM to all shareholders at least seven days before the meeting, or longer if your Articles of Association specify a different notice period. The meeting agenda must include approval of the balance sheet and profit and loss statement. Minutes of the meeting must be prepared, signed, and kept on file. A copy of the signed minutes is part of what gets submitted to the Department of Business Development alongside the financial statements.

Submit to the Department of Business Development

Once shareholders have approved the statements, you file with the DBD. The submission includes the audited financial statements, the auditor's report, the AGM minutes, and a completed DBD filing form. Filing can be done online through the DBD's e-Filing system or in person at the relevant provincial DBD office. If you use the e-Filing system, your company needs to be registered for it in advance, which is worth setting up well before your deadline rather than on the day.

Late filing to the DBD results in a fine. Directors who fail to call the AGM on time or fail to submit the financials can be fined under the Civil and Commercial Code. These are not large fines in isolation but they create a compliance record that causes problems if you later need to apply for business licenses, work permits, or credit facilities.

File Your Corporate Income Tax Return

Alongside the DBD submission, your company must file its annual corporate income tax return, known as the Por Ngor Dor 50, with the Revenue Department. This return is based on the audited net profit and applies the applicable tax rate. For most SMEs the standard corporate income tax rate applies, though reduced rates are available for companies that meet certain criteria around registered capital and annual revenue. Your tax accountant will prepare this return and advise on your liability.

One point that often catches smaller businesses off guard is that Thailand also requires a half-year tax return, known as Por Ngor Dor 51, filed six months into the accounting period. This is an advance estimate of the full-year tax liability. If you underpay at the half-year stage, a surcharge can apply on the shortfall when you file the annual return.

Getting all of this right consistently, year after year, requires staying organised throughout the year rather than scrambling in April. If you are unsure whether your current accountant is keeping you compliant, or if your company has missed filings in previous years and you need to regularise your position, speaking with an experienced local accounting firm is the right first step.