1999 Foreign Business Act Update after 3 Year Hiatus

by admin on March 23, 2018

thai-1549087_1280The Business Development Department announced on Tuesday, plans to improve the law regarding foreigners in the 1999 Foreign Business Act. A similar announcement was made three years ago. However, foreign companies in Thailand had opposed the “improvements”, as they would keep foreigners from controlling Thai companies, says the Business Development Department director-general.

The proposed amendments include removing certain service businesses from the list where foreign companies may not compete with local ones. Other amendments include reconsideration of the extent of voting rights/management control and revisions for penalties under the Act.

Expert divorce lawyers in Thailand advise that it matters where the marriage was registered in order to follow the correct jurisdiction proceedings for prenuptial contracts in Thailand.

The aim of the improved Foreign Business Act, explains the director-general is to make sure the FBA keeps “in line with changing economic conditions” and that Thai investors remain protected.

Read the full story here

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