With a GDP of $670 billion, Thailand is the second largest emerging economy in Southeast Asia.In the year 2017, Thailand was ranked 46th as per the World Bank’s Ease of Doing Business Survey. Over the past few years, Business registration in Thailand increased as more foreigners are looking forward to doing business in Thailand.
Foreigners operating a business in Thailand
Foreign Business Act
Before operating a business in Thailand as a foreigner, the company needs an approvalunder the Foreign Business Act B.E. 2542.However, foreigners can be granted a license for business or can obtain an exemption based on aspecific act (investment promotion) or treaty.
Under the Foreign Business Act in Thailand, businesses are divided into three categories:
List 1: Businesses listed under this category are absolutely prohibited to foreigners unless there is an exemption contained in a special law or treaty.
List 2: Under this list, businesses owned by foreigners that existed were being operated prior to the enactment of the Foreign Business Law.
List 3: The businesses listed under this category are treated similar to those listed under list 2 except that the power to grant an Alien Business License to foreigners who wish to start a new business is vested with the Director General and a committee.
With services for Corporation Law in Thailand, Establish Thailand is here to take care of all your issues, when it comes to corporation laws. So, if you are looking forward to establish a business or wish to invest in the industry, we are here to take care of each of your concern.
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