Whatever the reasons for closing one’s business might be, the process of dissolving and liquidating a company, must be efficient and handled under lawful procedures:
Step 1: The shareholders need to be informed and the letter of invitation must be published in the local newspaper before the shareholder meeting. A liquidator and an auditor must be appointed, after the shareholders approve the dissolution.
Step 2: After the balance sheets and financial statements have been properly prepared, certified by an auditor and approved by all shareholders, the liquidator registers the company dissolution with the Department of Business Development.
Step 3: The company must declare and clear all outstanding debts. The initial investments will be returned to the investors and all remaining assets will be liquidated and returned to the shareholders.
Step 4: The liquidator can now register the liquidation with the Department of Business Development to complete the process.
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