As part of their annual corporate compliance requirements, Thai private limited companies have been required to file a copy of their audited financial statements along with a form Sor Bor Chor 3 with the Department of Business Development (DBD). Starting with financial statements ending in 2015, the DBD will no longer accept hard copies of the form Sor Bor Chor 3 and financial statements. Instead, each company will need to register for the DBD’s e-filing system and submit these items electronically.
Details of this new requirement are set out in a 4 September 2015 DBD notification regarding rules and conditions for financial statement submissions. The notification applies to all private limited companies as well as registered partnerships, foreign entities operating in Thailand, joint venture business under the Revenue Code and public companies.
In order to register with the DBD’s e-filing system, juristic entities are first required to register for the service with the DBD by providing the following information and documents:
1. E-mail address of a contact person at the company;
2. Preferred password for the e-filing system (the password must be at least eight characters);
3. Updated copy of passport or Thai identification card of all directors of the company;
4. Application form for the DBD’s e-filing system signed by the authorized signatory director(s) of the company; and
5. Either (i) a consent letter to use the DBD’s e-filing system signed by all directors of the company or (ii) a board of directors’ resolution signed by the chairman approving the application of DBD’s e-filing system (the DBD has a preferred form of consent letter and board of directors’ resolution for this purpose, and which can be downloaded at the DBD’s website). Please see our article on the steps required to hold a board of directors’ meeting here.