4 Types of Entities Required to Keep Accounts in Thailand and Their Legal Nitty Gritty
Wondering if your start-up needs to maintain accounts? Be it a start-up, small, middle or a large company, accounts is crucial to maintain. This way one can operate the business more systematically without any hassle. However, for your information here is a list of top 4 business entities that require maintaining accounts in Thailand. Also, the date from which he must start bookkeeping is mentioned alongside;
4 Types of Entities
- A limited company, registered partnership or public limited company under Thai law: They must maintain the book of records from the date of registration as a public limited company, registered partnership or limited company.
- A juristic person established under foreign law engaging in a Thai business: Bookkeeping must be maintained from the date on which the jury begins business in Thailand.
- A place that operates a business on a regular basis: In this case, records must be maintained from the date on which the joint venture starts the business.
- Joint venture under the code of revenue: Bookkeeping must commence from the date on which the place functioning business regularly starts with operations.
Accounts must be maintained based on the accounting standards in Thailand. The Accounting Standards Committee (ASC) members are appointed by the FAP council and have the power and responsibility to determine plus revise accounting standards for using bookkeeping standards under accountancy laws.
The accounting standards are determined or revised by the ASC that come into force based on the Accounting Professions Supervising Commission’s approval and publication in the Government Gazette. Typically, there are two tiers of both Thai Accounting Standards (TAS) and Thai Financial Reporting Standards (TFRS).
As for the format of financial formats for each of this entity, it is the Department of Business Development of Ministry of Commerce that generally prescribes. However, certain businesses like financial institutions, securities companies, financial holding companies and asset management companies are regulated by some specific authorities; such as the Stock Exchange of Thailand (listed companies) and the Bank of Thailand (for banks and financial institutions).
