Businesses in Thailand have joined arms with expats living in the Kingdom in opposition to the recent and strict enforcement of the TM30 Form, a controversial immigration regulation.

The TM30 Form regulation states that landlords must report when foreigners residing in their home or building visit another province for more than 24 hours.

The TM30 Form requirement dates back to a 1979 immigration law but has rarely been enforced in the past, according to Bangkok company lawyers.

Authorities are now cracking down on TM30 enforcement, which has drawn outrage from the expat community living in Thailand.

The law will affect over 2 million foreign workers residing in Thailand, not to mention the retirees and long-term visitors.

Now, companies operating in Thailand are also airing their grievances, saying the law–and its renewed enforcement–are bad for business.

Businesses, specifically startups, are arguing that the law is dissuading much-needed, highly-skilled workers from staying in the country.

For example, an expat living in Bangkok–or his or her landlord–is required by Thailand immigration law under the TM30 Form to report to immigration for something as small as a weekend trip from Bangkok to Pattaya, which could lead to queuing for hours in line at an immigration office upon both arrival and return.

Owners of property and accommodation that foreigners reside in also are complaining over the TM30 Form.

They state that the law forces them to report all the comings and goings, both small and big, of each of their tenants.

This, they argue, is an unnecessary and costly burden.

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Proposals will be submitted next month by Vietnamese regulators trying to ease restrictions on foreign ownership in companies in an attempt to lure greater international investment.

The outlined proposal suggests raising the level of foreign ownership investment in publicly traded companies from the current 49%.

If  indeed it does ever come into force (there are no time frames known yet), it is hoped the proposal would help Vietnam’s stock market grow – its stocks are valued at $44.6 billion (1.3trillion baht) compared with $621.40 billion in Singapore.

The proposal also suggests that foreign investors will be permitted to buy non-voting shares in order to lift their holding.  

Economists are however split whether the proposal will  boost Vietnam’s economy, or only aid to boost foreign firms.

Under Thailand Foreign Business Law the Foreign Business Act 1999 regulates the activities of foreigners . Restrictions of various degrees of severity re placed on foreign ownership and operation of these businesses. Foreigners can only hold 100% ownership of businesses in certain areas, for example, exporting businesses and certain types of manufacturing businesses, however the majority of foreigners in Thailand register a Thai majority company.  In other words, a company that has 51% or more of Thai shareholders. 

Any changes to foreign ownership in Vietnam are still subject to the government’s approval.

Related Documents:Thailand Foreign Business Law

Related Documents: New Laws in Thailand Aim to Curb Foreign Dominance