Bangkok: More than ten thousand juristic persons are at risk of being marked "inactive" by the Department of Business Development for failing to submit financial statements and settle accounts. The public is cautioned to verify the status of their business partners to ensure they are "existing."
According to Thai News Agency, Ms. Aromon Sapphaweetham, Director-General of the Department of Business Development, Ministry of Commerce, announced that two notices have been issued by the Bangkok Company Registration Office to strike off 9,343 partnerships and companies from the register. These entities, with headquarters in Bangkok, have failed to submit financial statements for three consecutive years or have not completed required dissolution processes, prompting the belief that they are no longer operational.
Ms. Aromon emphasized the importance of legal compliance to reduce business burdens and enhance transparency standards. She highlighted how updating the database of inactive entities could prevent fraudsters from misusing inactive names.
The Department has made available the list of entities set for deregistration on its website. Affected entities have 90 days to request a review from the registrar. Failure to act will result in deregistration, although entities may seek court reinstatement within ten years. The Department underscores the necessity of legal adherence to build credibility and investor confidence in Thai businesses.