Every Thai limited company, including dormant and foreign-owned ones, must have its annual financial statements audited by a Certified Public Accountant, approved by shareholders, and filed with the Department of Business Development. The corporate income tax return (PND.50) is due within 150 days of the fiscal year-end. Employers also withhold personal income tax monthly on PND.1 and pay social security contributions for each employee by the 15th of the following month. A foreign company with no Thai entity can engage staff in Thailand through an Employer of Record, which becomes the legal employer and runs payroll, contributions and, where eligible, work permits.
Last reviewed: 2026-10-04 · General information only, not legal advice for your specific case
The annual audit: who needs one and what the auditor checks
Unlike several neighbouring countries, Thailand has no small-company audit exemption for limited companies. A company that traded only a few months, or not at all, still needs audited statements. Registered partnerships with small capital, assets and revenue can be audited by a Tax Auditor instead of a CPA, but that relief does not apply to companies.
The auditor is independent of the bookkeeper. They test balances against bank confirmations, contracts, invoices and tax filings, and issue an opinion on whether the statements present a true and fair view under Thai Financial Reporting Standards. For most SMEs that is the standard for non-publicly accountable entities (TFRS for NPAEs). An unqualified opinion depends on clean books. When we see gaps — missing withholding tax certificates, loans from directors with no agreement, or stock counts that were never done — we flag them early so they can be fixed before fieldwork.
| Filing | Deadline | Authority |
|---|---|---|
| Annual general meeting approves audited statements | Within 4 months of fiscal year-end | Company (Civil and Commercial Code) |
| Financial statements (DBD e-Filing) | Within 1 month of the AGM | Department of Business Development |
| Shareholder list (Bor Or Jor 5) | Within 14 days of the AGM | Department of Business Development |
| Corporate income tax return PND.50 | Within 150 days of fiscal year-end | Revenue Department |
| Half-year estimate PND.51 | Within 2 months after the first 6 months | Revenue Department |
Points foreign-owned companies often miss
- Companies with an FBL or BOI promotion may have capital, debt-to-equity or reporting conditions that the auditor must also check.
- BOI-promoted companies must separate promoted and non-promoted income to claim tax exemption, so the chart of accounts must be set up that way from day one.
- Intercompany charges from a foreign parent need an agreement, invoices and withholding tax on service fees remitted abroad, or the expense may be disallowed.
- Branches and representative offices of foreign companies also file audited statements. A representative office must show that it earns no revenue in Thailand.
- Transfer pricing disclosure forms apply to related-party groups above the revenue threshold set by the Revenue Department.
Monthly payroll and social security
Payroll in Thailand is simple in structure but unforgiving on deadlines. Each month the employer calculates salary, deducts personal income tax using the progressive rates and the employee's allowances, deducts the employee's social security contribution, and pays the net salary. By the 7th of the following month (or later when filing online, as extended by the Revenue Department) the employer files PND.1 and remits the tax withheld. By the 15th it files the social security return and pays both the employee and employer contributions.
Contributions are a percentage of monthly wages up to a wage ceiling set by the Social Security Office. The ceiling and rates have changed in recent years, so we take them from the current SSO announcement each year rather than from old payslips. New employees must be registered with the SSO within 30 days of starting, and leavers must be deregistered by the 15th of the month after they leave.
At the end of the year the employer gives each employee a Tawi 50 withholding certificate and files the annual PND.1 Kor by the end of February. Foreign employees need these documents when they file their own tax returns and when they renew visas or work permits.
How our payroll service runs each month
1. Cut-off and inputs
You send new hires, leavers, overtime, bonuses and deductions by the agreed cut-off date. We check them against employment contracts.
2. Calculation and review
We calculate tax, social security and the Provident Fund, if you have one, then send a payroll register for approval before anything is paid.
3. Payment files and payslips
We prepare bank bulk-payment files and payslips in Thai and English. You approve the transfer in your own bank account.
4. Filings
We file PND.1 and the SSO return online and send you the receipts. Year-end Tawi 50 certificates and PND.1 Kor are included.
Employer of Record: hiring before you have a Thai company
An Employer of Record suits a foreign company that wants one to five people on the ground — a country manager, a sales lead, engineers supporting a Thai client — but is not ready to form a Thai company. The EOR signs the employment contract under Thai law, runs payroll and social security, issues tax certificates and handles terminations in line with the Labour Protection Act. The foreign company directs the day-to-day work through a services agreement.
EOR is a bridge, not a permanent structure. If the staff generate revenue or conclude contracts in Thailand on the client's behalf, the foreign company may create a permanent establishment and become liable to Thai corporate tax. Work permits for foreign staff are possible only when the EOR entity itself meets Department of Employment criteria, such as paid-up capital and the ratio of Thai to foreign employees, and when the job is not reserved for Thai nationals.
| Option | Suited to | Main trade-off |
|---|---|---|
| Employer of Record | Testing the market with a small team; hiring Thai nationals quickly | Monthly service fee; permanent establishment risk if staff sell |
| Representative office | Non-revenue activities such as market research and quality control | Cannot earn income; needs a licence under the Foreign Business Act |
| Thai subsidiary | Long-term operations with Thai revenue | Set-up time, annual audit and possibly an FBL or BOI promotion |
PEO and outsourced HR for companies that already exist
Companies that already have a Thai entity sometimes ask for a PEO. In Thailand the term usually means outsourced HR administration rather than co-employment: the company stays the legal employer while we run payroll, onboarding paperwork, leave records and work permit renewals. That keeps sensitive salary data off the local office's desks, which is often the real reason a regional HR team asks for the service.
How to check an auditor, payroll provider or EOR
In Thailand, the statutory audit of a limited company must be signed by a Certified Public Accountant registered with the Federation of Accounting Professions. Before engaging an auditor, ask for the CPA registration number and confirm it on the Federation's public register. A bookkeeper or tax adviser can prepare the accounts, but cannot sign the audit report unless they hold that licence.
For payroll, the practical test is whether the provider can show you each monthly output: the PND 1 withholding tax return filed with the Revenue Department, the Social Security Office contribution filing, and payslips that reconcile with both. Ask who holds the e-filing credentials and how you will get them back if you change provider. The company remains legally responsible for these filings even when an outside firm prepares them.
An employer of record arrangement needs closer review. The EOR becomes the legal employer, so check that it is a Thai entity able to employ staff, how it handles work permits and visas for foreign employees, which party holds the employment contract and the obligations under the Labour Protection Act, and what happens to the employees if the arrangement ends. Read the service agreement for notice periods, severance responsibility and data handling under the PDPA.
- Verify the auditor's CPA registration number on the Federation of Accounting Professions register.
- Ask for sample PND 1 and social security filings with personal data removed.
- Confirm in writing who keeps filing credentials and records after the contract ends.
- For an EOR, confirm work permit handling and severance responsibility before signing.
Frequently asked questions
Our company did not trade this year. Do we still need an audit?
Yes. Every Thai limited company must file audited financial statements and a PND.50, even with no revenue. Late filing leads to fines for the company and its directors.
Can the same firm do our bookkeeping and our audit?
Not the same person. The auditor must be independent of the preparer of the accounts. We keep bookkeeping and audit with separate, independent CPAs.
Do foreign employees pay Thai social security?
Yes. Foreign employees working under a Thai employment contract are generally insured persons under the Social Security Act and contribute in the same way as Thai staff.
Can an EOR sponsor a work permit for a foreign manager?
Sometimes. It depends on the EOR entity's capital and Thai headcount and on the position. We check eligibility before you make an offer.
How quickly can an EOR hire someone?
For a Thai national, often within a few weeks once the contract terms are agreed. Foreign hires take longer because the visa and work permit must be in place before work starts.
Official sources
Related services
Send us your fiscal year-end and headcount
Tell us when your fiscal year ends, how many staff you have or plan to hire, and whether you already have a Thai entity. We will reply with the filings that apply and a schedule.
Contact the team