Transcript of the above video:

As the title of this video suggests, we are discussing Companies in Thailand. I am discussing this more in an SME context. It doesn't necessarily have to be this way but from an SME standpoint where a foreigner is using a Thai company to maintain status and do business here in Thailand, maintain a Business Visa, maintain a Work Permit and unfortunately lo these past few months or even longer I should say, as we have been seeing this response to COVID and the lockdowns associated therewith, there are a lot of businesses that are having some real problems and people are looking, in certain cases they are basically closing their doors; they are shuttering. 

A question that comes up is "What happens if I just walk away from my Company?" Well there can be some rather detrimental implications to that especially if you don't formally wind it down and don't go through the necessary steps associated with a corporate wind down. Most notably, if you go ahead and let things like your audited financial statement languish it could even lead to a criminal warrant depending on the circumstances. Again, in my opinion those who are looking to go ahead and shut down their business concern here in Thailand or even in certain circumstances they just want to truncate it down to the bare minimum possible that they can in order to maintain their status in Thailand, it is probably not a bad idea to contact a legal professional as just walking away from a Company, again one notable thing is if for example an audited financial statement remains unfiled for enough time, it could result in a possible criminal warrant being filed and a lot of fines associated therewith as well as possible criminal penalties. 

So again, the point of this video is not really to scare folks but if you are looking to wind down your business, it is probably a good idea to contact a legal professional, gain some insight and guidance into how to do that and formalize it correctly.