Accounting, Audit and Tax Compliance

Thailand’s Accounting Act prescribes that all business entities in Thailand shall maintain books of accounts and supporting records in Thailand, and shall prepare annual financial statements in accordance with Thai Accounting Standards.

The Thai Accounting Act also stipulates that all business entities in Thailand will appoint an accountant, who is a Thai citizen who holds a Bachelor of Accounting degree, and will also appoint a Thai national auditor, who will audit the books and annual financial records and reports of the business entity in Thailand.

Accounting, Audit and Tax Compliance

Thus, no matter what entity is chosen in Thailand, the entity in Thailand will employ Thai national accountants with appropriate qualifications, and besides, Thai national auditors with appropriate qualifications.

Annual reporting to regulatory authorities

All types of entities are required to submit two sets of audited financial statements and annual returns under the law to the Business Development Department under the Ministry of Trade.

The audited financial statements and annual returns must be submitted within five months from the end date of the entity’s financial year. In addition to the audited financial statements and annual returns according to the law, private limited company entities and ROH entities in Thailand are also required to hold an annual general meeting of shareholders (whose meetings will be held within four months of the end of the financial year date) and additionally will submit list of entity shareholders with the Department of Business Development at the date of the annual general meeting of shareholders.

Corporate income tax compliance

All types of entities are required to prepare and file annual corporate income tax returns with the Thai Department of Revenue within 5 months from the end date of the entity’s financial year. No extensions are permitted under the Thai Revenue Code, and an automatic additional fee (interest penalty) of 1.5% per month late is paid for all submitted late tax returns.

The annual corporate income tax return is accompanied by a set of audited entity’s financial statements, and a statement by the entity’s director or manager (if possible) certifying the entity’s tax compliance.

As discussed earlier, representative office entities and regional office entities in Thailand are not subject to corporate income tax in Thailand, and annual corporate income tax returns for these entities are prepared and submitted to the Thai Revenue Department for monitoring purposes only.

Value added tax compliance

Obligations for VAT in Thailand occur when goods are sold or services are provided to consumers in Thailand, and as such, for all types of entities (other than representative offices and regional offices, which are exempt from VAT in Thailand), these entities will be asked to be responsible for and apply for a refund of VAT to the Thai Department of Revenue.

Accounting and submission of VAT refunds is done every month. The entity responsible for VAT will be responsible for its monthly VAT collection, submit VAT for that month and pay the amount of VAT obligations to the Thai Department of Revenue within the 15th day of the following … Read More

Read More

The Law of Sources – An Concept Is not going to Get Off the Ground With no Sufficient Funding

When you possess a good notion and you are reading this article using the believed in thoughts that all you will need is actually a tiny advertising and marketing support, let me through cold water on that believed.

Even the very best concept in the world won’t go quite far without the need of the money to acquire it off the ground. Inventors, entrepreneurs, and assorted thought generators seem to consider that all their great concepts will need is specialist advertising assistance.

Nothing at all might be additional from the truth. Marketing and advertising is often a game fought in the mind with the prospect. You may need dollars to have into a thoughts. And also you require dollars to stay within the thoughts once you get there.

You will get additional using a mediocre idea plus a million dollars than with a excellent concept alone.

Some entrepreneurs see advertising because the option for the problem of having into prospects’ minds. Marketing is pricey. It price $9,000 a minute to fight Globe War II. It expense $22,000 a minute to fight the Vietnam War. A one-minute industrial shown throughout the Super Bowl in 2011 cost you $6 M for any one minute spot.

Steve Jobs and Steve Wozniak had a terrific thought. Nevertheless it was Mike Markkula’s $91,000 that place Apple Personal computer on the map. For his revenue, Markkula got one-third of Apple.

Suggestions devoid of revenue are worthless. Properly… not rather. But you’ve got to make use of your thought to locate the money not the marketing and advertising assist. The advertising and marketing can come later.

Some entrepreneurs see publicity as a cheap way of having into prospects’ minds. “Free advertising” is how they see it, so be sure you liberally make, upload, and distribute Cost-free Press Releases.

Some entrepreneurs see venture capitalists because the answer to their dollars challenges. But only a tiny percentage of entrepreneurs ever succeed in finding the funding they will need this way.

Some entrepreneurs see corporate America as prepared, willing, and financially capable to acquire their off-spring off the ground. Fantastic luck as you’ll have to have it. Very couple of outside suggestions are ever accepted by large companies. Your only real hope is finding a smaller sized company and persuading it on the merits of one’s concept.

Try to remember, an idea with out revenue is worthless. Be ready to give away a lot for the funding.

In promoting the wealthy frequently get richer because they’ve the sources to drive their ideas into the thoughts. Their dilemma is separating the superior concepts from the negative ones and avoiding spending income on as well a lot of merchandise and also a lot of applications.

In contrast to a customer product, a technical or business item has to raise significantly less promoting dollars mainly because the prospect list is shorter and media is significantly less high priced. But there is certainly still a have to have for adequate funding to … Read More

Read More

Learn About the Various Trends of the Healthcare Venture Capital Market

Basics of venture capital market

The tight economic scenario prevailing the present years reveals how demanding the healthcare venture capital firms have become. They expect fast return on investment (ROI). So, a good deal of homework will help you reach the bottom-line financial figures existing in your medical venture capital plan and understand the minute details. You need to chalk out a promising business plan with the proper facts and figures in place. Since, the medical investment firms are interested in ROIs they will eagerly be interested in your financials if your plans and ideas are worth the risk of investment.

The chances of success

•             If your business requires VC from a medical firm, you can increase your fund receiving chances by learning where should your invest your efforts. In this regard, it would help if you compile a list of health care venture capital firms.

•             Next, you can acquaint yourself with the trends occurring in the healthcare sector and make a note of those trends which appeal the venture capitalists the most in the healthcare industry. This will allow you to plan your business strategies accordingly, broadening your possibilities of being awarded funding.

•             Your next move would be to target firms who are interested in funding businesses like yours. This is because; every healthcare venture capital firm has a specific area in the medical sector upon which they like to focus.

The latest trends

Experts of the healthcare venture capital industry have suggested that one upcoming trend in the medical industry is ‘e-health’. The e-health concept makes use of the internet to boost up and streamline the medical products and services. Though it invokes a big IT challenge but its main objective is to connect medical practitioners, hospitals, clinics and patients over the web. The other trends include medical products associated with morbidity, cardiovascular disorders and neurovascular dysfunctions.… Read More

Read More

Land of the Rising Reputations – Survey Finds Top Seven Most Reliable Car-Makers Are All Japanese

The only non-Japanese makes to achieve a top ten place were Skoda, Kia and Mini, in eighth, ninth and 10th respectively. Skoda builds most of its cars in the Czech Republic, while Kia is Malaysian, and Mini, of course, builds many of the models, which would have been included in the survey, in Cowley, just outside Oxford.

The survey used data taken from Warranty Direct’s 50,000 ‘live’ policies, which cover cars between three and 10 years old. There was bad news for British car-makers in the survey, as out of the 32 car makes it covered, four were British – with Land Rover faring the worst of all, with MG, Vauxhall and Rover also in the bottom 10, at fifth, sixth and ninth lowest-ranked respectively.

Just one in 14 (seven per cent) of Hondas covered by Warranty Direct policies needed attention during 2009, the survey found, while more than half (53 per cent) of Land Rovers subject to such cover had to be returned for repairs. Honda’s top place was its fifth in a row in this survey.

The cars studied were all between three and 10 years old, which is the age range of most of the used cars bought in the UK. Buying a used car and arranging used car finance are undertakings which must be entered into seriously, so polls such as this often reflect the types of cars which are in most demand as used buys. When arranging bad credit car finance, the car itself can often be taken as security for the loan, so more reliable makes are always considered to be a wise buy. While many of these can be hard to find, it is always worth a buyer persisting if they have set their heart of owning a particular make, and not being too disappointed if what they are looking for seems to be like a needle in a haystack.… Read More

Read More

Helpful Information on Business Finance Loans

When starting a business or if in need for some financial help for an existing business, there are several business finance loans. Depending on the size of the loan and the business will help in the decision on what one is right for you.

Guaranteed Loans From the Small Business Administration

The small business administration does not give you the loan directly, but can guarantee the financial institution that it will be paid. These loans go according to the requirements of the small business association. The 7(a) loan program is the most flexible and the one that SBA uses primarily. The major types of 79a) loans are express programs, export loan programs, rural lender advantage program, special purpose loans program, CDC/504 loan program, microloan program, and disaster assistance loan program. These loans are made for existing and start-up businesses.

Prior to Applying for a Small Business Administration Loan

There is a few things that you need to do before you apply for any loan programs. Prior to obtaining a loan with the SBA, you must first try to get financed through a different source. If the terms are reasonable and you qualify, you will not need SBA.

If you do not qualify, then you may apply for an SBA loan program if your business meets the requirements of being a small business. Check the types of loans that they offer and be sure they you meet the requirements. Make sure the program you apply for will give you enough financial help that is needed. Look to so see if there are any specifications you need to know.

Financial Information for Business Finance

Some of the financial information for your business finance will be different depending on if you already have the business or are just starting. If you have an existing business, then you will needs the last three years of financial statements. This includes income statements, balance sheets, and your net worth. If you are starting a business you will need to supply them with a projection of one-year about income, cash flow, and expenses.… Read More

Read More