After the company has been established, it shall have the duty of preparing corporate data and operating results such as financial and tax evidence on finance, trading, income, expenses, profit or loss, to present to the Revenue Department and the Ministry of Commerce, detailed as follows:   Duty of registered companies and partnerships:

1. Provision of an accountant who possesses qualification under the Accounting Act B.E. 2543, registered as the Accountant of the Company, one for each company, to take responsibility in preparing an account of the juristic person. However, he can be an employee of the juristic person or an independent accountant or an accounting firm.

2. Provision of accounts according to the law, from the date of registration of company. the types of accounts to be prepared shall include:

1. Current account such as cash account, bank account, purchase journal, sales journal, general ledger,
2. General Ledgers: assets, liabilities, equity, revenue, expenses, receivable, payable,
3. Inventory,
4. Other current accounts and generals ledgers as necessary,

3. Delivery of accounting documents to the Accountant completely and correctly,

4. Closing of accounts: the first time within 12 months and closing of accounts every 12 months from then on,

5. Preparation of financial statements: at least once in every 12 months. The said financial statements shall include summaries as specified by the Director General and they shall be audited by at least one auditor. The financial statements shall be submitted to the General Shareholders Meeting for approval within 4 months from the annual closing of accounts and submitted to the Office of Business Information, Department of Business Development,
   
   

   or to the Provincial Office of Business Development, within one month after the approval of the financial statements (For partnership the financial statements shall be submitted within 5 months after closing of accounts), inclusive of companies and partnerships which have not yet start operation, failure to do so shall be liable for a fine of not exceeding fifty thousand baht.

6. Safe keeping of accounts and accounting documents: keeping for at least 5 years,

7. Provision of shareholders list of names: (for company limited only) as of the date of the General Shareholders Meeting and shall submit to the Office of Company Registration of Bangkok or the Provincial Office of Company Registration as the case may be, within 14 days from the meeting date; failure to do so shall be liable for a fine of not exceeding ten thousand baht,

8. Provision of an Ordinary General Shareholders Meeting: (for company limited only) after 6 months from the registration date as a juristic person, and provision of the following meeting at least once every 12 months,

9. Provision of share certificates: (for company limited only) for shareholders of the company; failure to do so shall be liable for a fine of not exceeding ten thousand baht,

10. Provision of shareholders book of company: (for company limited only); failure to do so shall be liable for a fine of not exceeding twenty thousand baht,

11. Addition, Amendment or termination and closing of accounts: in the event a company limited or a partnership decides to do addition, amendment otherwise registered, or shareholders/partners wish to terminate operation, it shall apply for registration of that particular amendment or addition or termination of operation on completion of closing of accounts at the Office of Registration of companies where the company or partnership situates. The registration of amendment or addition shall follow the prescription and criteria specified by law or government regulation.

1. Revenue Department: submission of various documents such as
1. Phor. Phor. 30 to be submitted by the 15th date of the following month,
2. Phor. Ngor. Dor. 1 to be submitted by the 7th date of the following month,
3. Phor. Ngor. Dor. 3 to be submitted by the 7th date of the following month,
4. Phor. Ngor. Dor. 53 to be submitted by the 7th date of the following month,
5. Phor. Ngor. Dor. 51 to be submitted in 60 days from the end of the accounting mid-year of the company,
6. Phor. Ngor. Dor. 50 to be submitted in 150 days from the end of the accounting year of the company.
   
   

2. Ministry of Commerce: submission of financial statements of the company for each year,

      For this the company shall prepare general ledgers, sale and purchase ledgers, balance sheets, profit and loss statement, trial statements, etc.

3.Social Security

According to the Labor Law, every employee shall be registered as an insured by deducting 5% from the salary of the insured and the employer contributes another 5% and submits the money to Social Security Office. In deducting 5% from the salary, it shall do so from the actual salary, but not to exceed Bt15,000; if an employee earns more than this, the deduction shall be from the salary of Bt15,000 only,

++ The objective of establishing the Social Security Fund is to provide insurance and security in living to people, by averaging burdens and happiness in a joint responsibility to society by saving and sacrificing for the public. The key criteria are aiming at people helping each other, himself and his family when he has no income, decreased income or increased expenses, without burdening others and the society. Social Security is therefore a measure to create security in life.

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