ThaiLawForum released the unofficial English translation of the draft amendments to the Thailand Foreign Business Act currently being reviewed by Thai government officials.
In its current form, the FBA draft amendments would impose restrictions on all joint-venture foreign companies that use Thai nominees to legally operate in Thailand; this would apply to both existing companies in Thailand and all future businesses seeking Thai company formation.
Additionally, the draft amendments would change the definition of “foreigner” in the Foreign Business Act and enforce a new, more encompassing definition.
Thailand’s Ministry of Commerce has not yet finalized the amendments and could continue to make revisions to the draft published by ThaiLawForum in November.
Read the English translation of the Thailand Foreign Business Law draft amendments.
Read the latest Thai business news:
Foreign Business Act Amendments Worry Foreign Businesses in Thailand
Foreigners Can Own More Types of Businesses in Thailand
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Important update this! Me and my business are definitely going to be affected by this new regulation since most of my clients are “doing business” in Thailand by way of purchasing houses for sale or creating luxury villas for rent. I hope that they finalise the details soon so that we can prepare for the additional administration and whatever soon!