Bangkok delists more than 10,000 inactive companies

The Department of Business Development (DBD), under the Ministry of Commerce, announced the removal of 11,515 companies from the Bangkok business registry. The announcement, dated September 2 and 16, cited two primary reasons for this action.

The first reason involves 8,420 companies that have not submitted their financial statements for three consecutive years, leading to the assumption that these companies are no longer conducting business. The second reason pertains to 3,095 companies that were registered for dissolution but failed to appoint a liquidator, did not prepare liquidation reports, or did not file for the completion of liquidation within three years of dissolution.

The DBD has coordinated with provincial commerce offices to expedite similar procedures for companies outside Bangkok. The list of companies to be removed is available on the DBD website, under the business registration section. Companies listed in the announcement have 90 days to appeal to the registrar; failure to do so will result in immediate removal from the registry and loss of their legal entity status.

Once a company is marked as inactive, it cannot engage in any legal transactions. However, the liabilities of partners, managers, directors, and shareholders remain enforceable. Companies removed from the registry can be reinstated by court order within 10 years of deletion.

The DBD emphasises the importance of complying with the law to maintain the credibility of Thai businesses and ensure accurate financial data, which is crucial for both domestic and international investors.

Oramon Sapthaweetham, Director-General of the DBD, stated that the department urges businesses to adhere strictly to legal requirements to avoid operational burdens, such as time, costs, and fines. This will also enhance transparency in Thailand’s business practices.

The annual update of the registry aims to eliminate inactive companies and prevent the misuse of dormant company names by fraudsters. The public can verify the status of companies via the DBD website or the DBD e-Service mobile application, ensuring easy, fast, and free access to information, reported KhaoSod.

“Maintaining an up-to-date registry is crucial for curbing fraudulent activities and ensuring the integrity of business information in Thailand.”