FBA Amendments Propose Tighter Restrictions for Foreign Businesses in Thailand

by admin on November 4, 2014

A proposal for amendments to the Foreign Business Act amendments being reviewed in the Thai government has foreign firms concerned about potential restrictions designed to limit competition for local Thai businesses, according to the Bangkok Post.

Currently, the Thailand foreign business laws allow foreign companies to use Thai nominees as majority shareholders in order to qualify as a local company. As reported by the Bangkok Post, the proposed amendments put forth by the Thai Ministry of Commerce would restrict foreign control over joint-venture companies, and would change the classification of foreign companies to account for board members in addition to shareholders.

The Thailand company registration attorneys at Chaninat and Leeds’ specialize in Thailand business laws for foreign companies.

The Bangkok Post reports that, after first holding public hearings, the government expects to finalize the draft amendments by the end of this year, and reportedly pass it into law early next year.

Read the full story here.

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