International
Transportation Business Ministerial Regulation
28 September 2006 |
The
2549 International Transportation Business Ministerial
Regulation repeals Ministerial Regulation No. 29/
2530 and establishes new licensing requirements
for international transportation businesses.
According to government sources the regulation was
issued in order to allow Thailand international
transportation businesses to compete more freely
in the world market. In the case that the
international transportation businesses' head office
is abroad, a branch office or registered representative
office must be established in Thailand under Thailand
law. |
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Council
of Democratic Reform under the Constitutional Monarchy Declares
1997 Constitution Dissolved
19 September 2006 |
The
Council of Democratic Reform under the Constitutional
Monarchy, led by the General Army Commander,
Sonti Boonyarartkalin, seized control of Bangkok
and the surrounding area. At 11pm the Council
of Democratic Reform under the Constitutional
Monarchy issued a Declaration dissolving the
1997 Constitution of Thailand and stating
their reasons for seizing power from the current
administration. Read an abridged, English
language translation of the Declaration
of the Council of Democratic Reform under
the Constitutional Monarchy. |
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Immigration
Department Imposes Limit on 30 Day Tourist Visas
8 September 2006 |
According
to sources on 8 September 2006 the Royal Thai Police
Commandant issued Order No. 608/2549 imposing a
time limit on the number of days visitors from visa-on-entry
countries will be permitted to stay in Thailand
on 30 day on-entry visas. The new order may
specify that within a six month period, passport
holders from visa-on-entry countries will be permitted
to enter the country several times on individual
stays which do not exceed 30 days, or 90 days in
total from the first time the passport holder arrived
in Thailand. The new order does not prohibit
these same tourists from re-entering the country
with a 60 day tourist visa issued abroad and then
extending this visa for an additional 30 days in
effect staying in Thailand for the whole six month
period. The new order may also limits the
number of days of that a passport holder from a
country without a Thailand embassy can stay in Thailand
to thirty, may limits international sports competitions
and international conference visas to 30 days and
may limit the Asian-Pacific Economic Cooperation
(APEC) visa to 90 days. This order is planned
to go into effect on 1 October 2006. |
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Royal
Thai Police Issues Immigration Order
8 September 2006 |
The
Royal Thai Police Headquarters Order Re: Rules
and Conditions in the Consideration of Alien Applications
for Temporary Stay in the Kingdom of Thailand stipulates
new requirements for aliens obtaining permission
to stay in Thailand. The Order introduces significant
changes to the basis for consideration of alien
applicants and required documentation. In
order to be granted a visa in the case of employment
with a registered Thailand company or partnership, the applicant must
receive a monthly income from the sponsoring company
in the amount stipulated in the Order (50,000 baht
for European Countries, Australia, Canada, Japan
and USA; 45,000 baht for South Korea, Singapore,
Taiwan and Hong Kong; 25,000 to 35,000 baht for
other countries). Among other qualifications, the
sponsoring company must have a registered capital
of not less than 2 million baht, must have funds
sufficient to pay the salary of the employee for
one year and must have a ratio of at least one alien
employ to four Thai permanent employees. Branch
offices of International trade enterprises and Regional
Offices are permitted a ratio of one alien for every
two Thai nationals.Applicants
for investment visas must show proof of a money
transfer into Thailand in an amount no less than
3 million baht and must show proof of investment. Applicants
for retiree visas must be over 50 years of age.
They must have at least 800,000 baht deposited in
a Thailand bank account and show proof of income
of not less than 65,000 baht per month. (The former
regulations still apply for aliens who received
a retirement visa under the former legislation.) For aliens who entered Thailand before this Order
came into force, the Commissioner of the Immigration
Bureau shall consider and decide on the particular
case based on the prevailing reasons and circumstances
within 1 year from the effective date hereof. |
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Tsunami
Debtors Exempted from Paying Income Taxes
13 August 2006 |
His Majesty the King issued a Royal Decree under
the provision of the Revenue Code governing the
exemption of revenue. The 26 December 2004 disaster
in six provinces in Southern Thailand affected the
ability of debt repayment requiring financial institutions
and other creditors to restructure debt. In order
to promote debt restructuring, debtors are exempted
from income tax, value added tax, specific business
tax and duty stamps on income obtained from proceedings
related to debt restructuring in the period between
1 January 2005 and 31 December 2006. |
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New Requirement for Company Registration
10 August 2006 |
The
Ministry of Commerce issued Regulation
No. 102/2549 which may require Thai shareholders
in certain categories of mixed venture companies to show their source of capital when registering
a new company. The new regulation, which is planned
to go into effect on 15 August 2006, is intended
to discourage the practice of nominee shareholders
by requiring all Thai shareholders to present evidence
of genuine financial stake.
Regulation No. 102/2549 is said to require all Thai
shareholders in the following types of partnerships
and limited companies to submit evidence of their
source of capital when registering a new company registration:
(1) Partnerships or limited companies in which foreign
shareholders hold over 40% of the shares. (2) Partnerships
or limited companies in which foreign shareholders
hold less than 40% of the shares, but a foreigner
is the director of the company or partnership.
The following types of documents may be submitted
by the Thai shareholders as evidence of the source
of capital: (1) Copy of a bank book or bank statements
retroactive for 6 months (2) A document issued a
bank certifying the financial status of the shareholders
(3) Copy of evidence showing the source of money
for investment.
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SEC
Closing Illegal Investment Sites
17 July 2006 |
According
to sources the Securities and Exchange Commission
will begin to more closely monitor investment sites
as is demonstrated by the mid-July shut-down of
dsm-stockpile.com. The Security and Exchange Commission
regulates advisory and asset management services
in accordance with Section 90 of the SEC Act. Individuals
offering investment and advice management are required
to be both properly licensed and work at approved
asset management firms or securities brokers. This
regulation also applies to individuals offering
investment advice and services over the internet.
Pravej Ongartsittigul, senior assistant secretary
general of the SEC, explained to the media that
dsm-stockpile.com was closed because the site managers
were found to be dispensing advisory services and
managing assets without a license or approval from
the SEC. Websites can continue to provide investment
information and discuss market issues as long as
they do not violate the SEC Act. |
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US
and Cambodia Sign Bilateral Trade Agreement
14 July 2006 |
A
bilateral trade Accords to agreement (TIFA) may
have report ion been reached between the United
States and Cambodia . The agreement is supposed
to increase trade and investment between the two
countries and covers issues including intellectual
property rights, trade facilitation and customs
arrangements. The agreement is part of the Bush
administration's "Enterprise for Asian Initiative",
an initiative seeking to strengthen US trade and
economic ties with Asian member countries. |
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