Every company limited that is set up in Thailand has to perform the duties as follows:
(1) The company limited must prepare its financial statement at least once every 12 month period and at least one auditor shall audit to propose to the ordinary shareholder’s meeting to approve the financial statement within 4 months from the closing date, and submit the financial statement to the business information service office, department of business development, or any provincial business development office within 1 month from the date of financial statement’s approval although such businesses have not yet been started or have not ceased temporarily; otherwise, they shall have the fine penalty of no more than 50,000 Baht. Also the authorized directors shall have the same penalty.
(2) The director shall prepare the copy of list of all shareholders’ names that are holding the share at the time of the annual shareholders’ meeting and the list of persons who are not the shareholders from the date of the last shareholders’ meeting and submit to the department of business development or any provincial business development office within 14 days from the date of the meeting; otherwise, they shall have the fine penalty of no more than 10,000 Baht.
(3) Must arrange the annual shareholders’ meeting within 6 months from the juristic person’s registration date, and arrange the next meeting of at least one time for every 12 months; otherwise, they shall have the fine penalty of no more than 20,000 Baht.
The invitation for the shareholders’ meeting shall be advertised on the local newspaper for at least one time of at least 7 days before the meeting date, and shall send via reply mail to every shareholder named in the company’s registration for at least 7 days before the meeting date, except the invitation for the shareholders’ meeting to vote for the extraordinary resolution shall be sent for at least 14 days before the meeting date.
(4) Must prepare share certificate to the company’s shareholders; otherwise, they shall have the fine penalty of no more than 10,000 Baht.
(5) Must prepare the book of shareholders’ registration of the company; otherwise, they shall have the fine penalty of no more than 20,000 Baht.
(6) Any companies that relocate the location of head office must request for the registration to the registrar; otherwise, they shall have the fine penalty of no more than 20,000 Baht.
In case that the juristic person does not submit the yearly financial statement as specified by the law, such juristic person has offense, and the managing director or authorized director on behalf of the juristic person shall also have the offense too.
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