Category: Corporate

Thai Limited Company Registration

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Thai Limited Company Registration is a multi-step process governed by precise legal requirements. Once registered, a business can apply for and receive a company corporate tax ID card from the Revenue Department, as well as register for value added tax (VAT) if required.

The first step involves reserving a name with the Department of Business Development (DBD). This name must be unique and comply with DBD’s naming regulations.

The Memorandum of Association (MOA)

A Memorandum of Association is one of the most important documents during the Thai limited company registration process. It acts as the company’s fundamental constitution, detailing its core objectives, capital structure, and internal governance procedures. A professionally drafted MOA can help protect shareholders’ interests, while also adhering to Thailand’s regulations.

The MOA begins by establishing the company’s name and registered office address, followed by a description of its business objectives and authorised capital. It must include the maximum amount that the company can raise through issuance of shares and how this sum will be divided into equity and preference shares. The MOA should also explain the company’s legal liability, stating that each company member’s liability cannot exceed the value of their shares in the company.

Any alterations to the MOA must be approved by the company’s board of directors and communicated to the Registrar of Companies. The company must also hold a general meeting to obtain the approval of shareholders for these alterations. If the alterations concern the company’s object clause, or any changes to the nature of the liabilities of its members, a special resolution must be prepared and submitted to the Registrar of Companies.

The Articles of Association (AOA)

The Articles of Association (AOA) is a document that establishes the internal management procedures of a company in accordance with Thai laws. This includes establishing operational procedures, setting up quorum numbers and voting thresholds, and defining the extent of business exercises that the company is permitted to take on.

The AOA must be filed with the Department of Business Development along with a copy of the MOA. It must include the company name that has been successfully reserved, the province where it will be located, its business objectives, the capital to be registered, and the names of the promoters. At least three promoters must sign the AOA. The promoters can be both foreign and Thai citizens.

In contrast to the Memorandum of Association, which outlines the company’s goals and authority, the AOA is more concerned with internal management rules and regulations. Changes to the AOA can be made by a special resolution passed at the annual general meeting of the company, and must be approved by the Registrar of Companies before becoming effective.

The AOA must be amended if the company’s business activities change. It should also be amended if it wishes to change its name, or if it wants to transfer the ownership of shares between shareholders. In addition, the list of shareholders must be filed with the Department of Business Development annually. The list must be certified by the company’s directors and authenticated by at least one director.

The Share Certificates

As a business owner, you will need to follow strict accounting procedures in accordance with the Civil and Commercial Code and Revenue Code. This includes the preparation of a set of accounts and an annual financial statement, certified by the auditor. This is a critical document that will help to ensure the company has sufficient assets and is not over-borrowed.

At the time of establishing a limited liability company, you will need to deposit a fixed amount of share capital in a bank account to be used for the company’s operation. The number of shares deposited and whether they are ordinary or preference shares can be changed only by an amendment to the memorandum of association or in another method authorized by the law.

A private limited company is Thailand’s most popular business structure and suits businesses that have scale, high income or value and require systematic management. It is managed by a board of directors and liabilities are limited to the par value of the shares held by shareholders.

To register a private limited company, the company promoters must be natural persons over twenty years of age and must be available to sign documentation during the registration process. A statutory meeting is convened to make all the appointments including those for directors, officers and auditors. Once the appointments have been made, a bank certificate must be presented and an application submitted to the Department of Business Development.

The Tax Identification Number (TIN)

A TIN is an alphanumeric code that identifies your business in the Thai tax system. Your TIN is assigned once your company is registered by the Department of Business Development. It will also be your tax ID number when you register for Value Added Tax (VAT).

All Thai companies must acquire and display their TIN in public places. This is to ensure that third parties, including investors and lenders, have a clear picture of the company’s financial state. Failing to obtain a TIN may result in legal penalties, especially when it comes to reporting foreign income. It can also complicate matters such as opening a bank account and securing loans.

As a result, the TIN registration process can be lengthy and complicated. It is important to work with an experienced team to avoid delays. Professional assistance can also minimize the risk of mistakes, as Thailand has strict regulations regarding the validity and legality of documents submitted for TIN registration.

In addition to establishing the legal structure of your company, a TIN allows you to secure a work permit and visa for your foreign employees. This, in turn, can expedite the hiring process while also enhancing your company’s credibility and reputation for legal compliance and professionalism. For overseas investors, a TIN can help to limit liability and protect their personal assets from the risks of operating in Thailand.

Thailand Income Tax

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Thailand Income Tax. Thailand taxes individuals on a calendar-year basis and distinguishes residents from non-residents. You’re a resident if you spend 180+ days in Thailand in a tax year; residents are taxed on Thai-source income and on foreign-source income when it is brought into Thailand. Non-residents are taxed only on Thai-source income.

1) What counts as taxable income?

Thai law groups “assessable income” into eight categories (Section 40), including employment income, hire-of-work fees, royalties, interest/dividends, rental income, professional income (e.g., lawyer, doctor), contract work, and business income. The category matters because expense deductions differ by type.

Real-world snapshot:

  • A Bangkok-based employee receiving salary plus a rent-free apartment has both cash and in-kind income taxable as employment income.

  • A freelance graphic designer issuing monthly invoices falls under “hire of services” (Section 40(2)) and can claim a standard expense deduction before allowances/tax credits.

2) Rates and how the progressive system actually bites

Thailand applies progressive bands to taxable income (after expense deductions and personal allowances). Current resident brackets top out at 35% on income above THB 5,000,000. The lower bands step up at THB 150k, 300k, 500k, 750k, 1m, 2m and 5m.

Example: If your net taxable income (after deductions/allowances) is THB 1.2m, tax is computed slice-by-slice across the brackets, not 25% on the whole amount.

3) Residency + the foreign-income “remittance” rule (2024→2025)

For residents, foreign-sourced income is taxable when remitted into Thailand. In 2024 the Revenue Department confirmed that foreign income earned in 2024 or later is taxable on remittance; pre-2024 earnings remitted in 2024 were generally excluded. Guidance and practice notes widely reflect this “remittance-year” approach.

There are 2025 policy signals about softening the rule to encourage repatriation (e.g., draft legislation to ease the burden on residents remitting foreign income). Treat this as proposed until enacted—follow official updates before planning.

Practical scenarios:

  • A retiree resident in Chiang Mai transfers 2025 UK pension payments into Thailand monthly → taxable here in the year transferred.

  • A digital nomad earns in 2025 to an offshore account, then wires funds to a Thai bank in 2026 while still resident → taxed in 2026 (the year of remittance).

4) From gross to taxable: expense deductions and personal allowances

Before applying the rate bands, Thailand lets you deduct standard expenses for certain income types and then claim allowances/credits:

  • Employment / hire-of-work: standard expense 50% capped at THB 100,000. (Actual expenses aren’t normally claimed for these categories.)

  • Mortgage interest for a Thai residence: up to THB 100,000 per year.

  • Social security contributions: deductible up to THB 9,000 a year (Section 33 employees; other sections have lower caps).

  • Insurance: life insurance premiums up to THB 100,000; health insurance up to THB 25,000; parents’ health insurance up to THB 15,000 (subject to combined caps).

  • Retirement savings: Provident Fund (PVD) up to 15% of wages (combined cap), RMF up to 30% (≤ THB 500,000 combined retirement cap), and SSF up to 30% (≤ THB 200,000), with an overall retirement-related ceiling of THB 500,000 across instruments.

  • Donations: generally up to 10% of income after other deductions; certain education/health donations may be treated preferentially within that cap.

Worked example (employee):
Gross salary THB 1,200,000 → expense deduction 50% capped at 100,000 → assessable THB 1,100,000. Then subtract allowances (e.g., social security 9,000; life insurance 100,000; mortgage interest 100,000). Remaining taxable income runs through the progressive bands.

5) Filing, payment, and timing

  • Tax year: 1 January–31 December. Paper returns due 31 March of the following year; e-filing enjoys an 8-day extension (for 2025, to 9 April 2025). The e-filing extra-time policy is currently extended through 31 January 2027.

  • Employers generally withhold monthly; final settlement is via your annual return, where you claim your allowances and either pay the balance or obtain a refund.

Case study: An employee with multiple income sources (salary + SideCo dividends). Salary withholding covers most of the PIT. Thai-company dividends are generally withheld at 10%; residents can choose to exclude those dividends from their annual computation (waiving the dividend tax credit) if that’s beneficial.

6) Penalties, surcharges, and how they are calculated

Miss a deadline or underpay and the Revenue Code imposes a 1.5% per month surcharge (a fraction of a month counts as a month), capped at the tax due. Additional fixed fines can apply for late filing—even where no tax is due—plus heavier civil penalties in serious cases.

Example: You file on 30 May with THB 40,000 due. Two months late = 3.0% surcharge (THB 1,200) plus any administrative fine the officer assesses for the late return.

7) Cross-border relief: treaties & credits

Thailand’s double tax treaties typically allow a foreign tax credit against Thai tax on the same income (subject to limits). In practice, keep evidence of foreign tax paid; timing and characterization (which Section 40 category) affect the credit mechanics—especially under the remittance rule for residents. (Use the treaty that matches the source country and confirm the creditable amount under Thai rules.)

8) Putting it together — three grounded profiles

  • Remote employee paid overseas, resident in Thailand (2025): If the salary is for services performed while in Thailand, it’s Thai-source and taxable here regardless of where it’s paid; if parts are for services performed abroad and you remit them, those remittances are taxed in the year brought in. Keep clean records splitting workdays and remittances.

  • Retiree with foreign pensions + Thai condo: Pensions remitted in-year are taxable; claim mortgage interest (≤ THB 100k) and insurance deductions as eligible. Consider the treaty position of pension income and whether withholding abroad creates a credit.

  • Entrepreneur with Thai and overseas dividends: Thai-company dividends face 10% WHT (with optional exclusion from the annual return); foreign dividends remitted are taxable, with potential foreign tax credit. Timing of remittances materially changes your Thai tax year exposure.

Key takeaways to act on in 2025

  1. Confirm your residency days—they drive exposure to the remittance rule.

  2. Map each income stream to its Section 40 category before year-end to know which expense deduction method applies.

  3. Use the e-filing window through 9 April and the extended policy through 2027 if you need extra days.

  4. Track retirement/insurance/mortgage caps; these move the needle for middle- to high-income taxpayers.

  5. If you have foreign-source income, plan remittance timing and keep documentation for any foreign tax credits—and watch for any enacted 2025 changes before moving funds.

Foreign Business Act

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The Foreign Business Act B.E. 2542 (1999) (FBA) is the primary legislation governing foreign investment and business activities in Thailand. It establishes clear restrictions on foreign ownership, defines regulated industries, and outlines licensing requirements for foreign entities seeking to operate within the country.

Understanding the Foreign Business Act (FBA) is essential for foreign investors, as non-compliance can lead to severe legal consequences, including fines, imprisonment, and forced business dissolution.

This guide provides an in-depth legal analysis of the Foreign Business Act, covering restricted industries, foreign ownership structures, licensing procedures, legal loopholes, and strategies for compliance.

1. Legal Framework Governing Foreign Business Operations

1.1 Purpose of the Foreign Business Act

The FBA B.E. 2542 (1999) was enacted to:
✔ Protect Thai industries from excessive foreign control.
✔ Define business activities that require government oversight.
✔ Provide legal pathways for foreign investment in restricted sectors.
✔ Encourage regulated foreign participation in Thailand’s economy.

The Department of Business Development (DBD) under the Ministry of Commerce is the primary regulatory body enforcing the FBA.

1.2 Definition of a “Foreign Business”

Under the FBA, a business is considered foreign if:
✔ A non-Thai individual or entity holds 50% or more of the shares in a company.
✔ The company is registered outside Thailand but conducts business in the country.
✔ A majority of directors or authorized signatories are foreign nationals.

This classification determines whether a company must apply for a Foreign Business License (FBL) or qualify for an exemption under investment promotion programs.

2. Business Activities Restricted Under the Foreign Business Act

The FBA divides restricted industries into three categories (Lists 1, 2, and 3) based on the level of restriction and the possibility of obtaining permission for foreign ownership.

2.1 List 1: Activities Absolutely Prohibited to Foreigners

Foreigners cannot engage in these industries under any circumstances, as they are considered essential to national security, cultural identity, or strategic resources.

Restricted Activities (List 1)
Media (newspapers, radio, TV broadcasting)
Land ownership and land trading
Agriculture, forestry, and animal husbandry
Fisheries and marine life conservation
Traditional Thai handicrafts and art trade

Even BOI promotion or government approval cannot override these restrictions.

2.2 List 2: Restricted Sectors Requiring Cabinet Approval

Foreigners may operate in these industries if Cabinet approval is granted and at least 40% of the company shares are Thai-owned.

Restricted Activities (List 2)
National defense industries
Domestic transportation (air, rail, and maritime)
Mining, energy exploration, and mineral extraction
Businesses affecting Thai culture and heritage

Due to bureaucratic complexities, Cabinet approvals for List 2 businesses are rarely granted to foreign investors.

2.3 List 3: Restricted Sectors Requiring a Foreign Business License (FBL)

Foreigners can operate in these industries if they obtain an FBL from the Department of Business Development (DBD).

Restricted Activities (List 3)
Legal, accounting, and architecture services
Retail and wholesale trade (if capital is below THB 100 million per store)
Hotel business (except for hotel management services)
Advertising and media production
Brokerage and agency businesses
Construction (except for government projects)

Foreign investors can apply for an FBL if they can demonstrate economic benefits to Thailand, such as job creation, technology transfer, or infrastructure investment.

3. Legal Pathways for Foreign Investors to Operate in Thailand

Despite the FBA’s restrictions, foreign investors have several legal options to establish and operate businesses in Thailand:

3.1 Obtaining a Foreign Business License (FBL)

✔ Required for List 3 businesses.
✔ Applications are submitted to the DBD, Ministry of Commerce.
✔ Approval depends on economic impact assessments.
✔ Processing time: 3–6 months, depending on the industry.

3.2 Board of Investment (BOI) Promotion

✔ BOI-approved companies are exempt from foreign ownership restrictions.
✔ Benefits include:

  • 100% foreign ownership approval.
  • Corporate tax exemptions for up to 8 years.
  • Work permits and visa privileges for foreign executives.
  • Import duty exemptions on machinery and raw materials.

Industries eligible for BOI promotion include:
✔ Technology, automation, and digital economy.
✔ Renewable energy and environmental industries.
✔ Advanced manufacturing and high-tech production.
✔ Research and development (R&D) sectors.

3.3 U.S.-Thailand Treaty of Amity (For U.S. Investors Only)

✔ Allows U.S. companies to own 100% of a Thai business.
✔ No need for a Foreign Business License.
✔ Applies to most industries, except those in List 1 and List 2.

3.4 Thai-Registered Joint Ventures

✔ Foreigners can establish a joint venture with a Thai partner (owning at least 51%).
✔ Must be a genuine ownership arrangement, as nominee shareholding is illegal under Thai law.

3.5 Representative Offices and Branch Offices

✔ Representative Offices:

  • Allowed for market research, liaison activities, and sourcing.
  • Cannot generate revenue.

✔ Branch Offices:

  • Allowed to engage in commercial activities but require an FBL.

4. Penalties for Violating the Foreign Business Act

Non-compliance with the FBA carries severe penalties, including:

Violation Penalty
Operating a restricted business without an FBL Up to 3 years imprisonment and/or THB 1 million fine
Using Thai nominee shareholders to bypass foreign ownership rules Up to 3 years imprisonment and/or THB 1 million fine
Violating BOI or Treaty of Amity privileges Revocation of business license and deportation

The Thai government actively monitors foreign business structures, and fraudulent nominee arrangements are highly scrutinized.

5. Conclusion

The Foreign Business Act (FBA) is a crucial regulation defining foreign participation in Thailand’s economy. While the law imposes restrictions, it also provides legal pathways for foreign investors through BOI incentives, joint ventures, FBL applications, and international treaties.

Foreign entrepreneurs and corporations must carefully structure their business entities to comply with the FBA while maximizing investment opportunities. Given the complexity of Thai business regulations, working with legal experts and business consultants is essential to ensure full compliance and long-term business success in Thailand.

Thai Business Partnerships

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Thai business partnerships are governed by the Civil and Commercial Code (CCC), offering entrepreneurs flexible and straightforward structures to establish their ventures. Partnerships are widely used in small to medium-sized enterprises (SMEs), as they allow for collaborative management, shared responsibilities, and pooled resources. However, different types of partnerships come with distinct legal implications and operational requirements.

1. Types of Business Partnerships in Thailand

1.1 Ordinary Partnerships

  • Definition:
    • Unregistered partnerships where partners share unlimited liability for debts and obligations.
  • Key Features:
    • Informal, easy to establish, and low in operational complexity.
  • Usage:
    • Suitable for small, short-term projects or informal ventures.

1.2 Registered Ordinary Partnerships

  • Definition:
    • Partnerships registered with the Department of Business Development (DBD), gaining legal personality.
  • Key Features:
    • Partners retain unlimited liability.
    • Registration enhances credibility with financial institutions and third parties.
  • Usage:
    • Preferred for formal ventures needing recognition and legal standing.

1.3 Limited Partnerships

  • Definition:
    • A partnership with two types of partners: general partners (with unlimited liability) and limited partners (liable only to the extent of their investment).
  • Key Features:
    • Legal registration with the DBD is required.
    • Limited partners cannot participate in management.
  • Usage:
    • Common for partnerships seeking external investors or risk-limiting structures.

2. Formation Process

  1. Draft a Partnership Agreement:
    • A well-defined agreement is essential, covering capital contributions, profit-sharing arrangements, roles, and responsibilities.
  2. Register with the DBD (if applicable):
    • Submit required documents such as partner identification, capital structure, and business objectives.
  3. Obtain a Tax Identification Number:
    • Required for partnerships engaging in taxable activities.
  4. Comply with Labor Laws:
    • Partnerships employing workers must adhere to Thai labor regulations, including minimum wage and social security contributions.

3. Taxation and Compliance

  1. Ordinary Partnerships:
    • Taxed at the partner level unless registered.
  2. Registered Partnerships and Limited Partnerships:
    • Subject to corporate income tax and annual financial reporting.
  3. VAT Registration:
    • Required if annual revenue exceeds 1.8 million THB.

4. Foreign Participation in Partnerships

4.1 Restrictions under the Foreign Business Act (FBA):

  • Foreigners are restricted in certain industries unless they qualify for exemptions or special promotions.

4.2 BOI Promotions:

  • Partnerships in industries promoted by the Board of Investment (BOI) enjoy relaxed restrictions, tax incentives, and other benefits.

4.3 Nominee Structures:

  • The use of Thai nominees to bypass ownership restrictions is illegal and subject to penalties.

5. Advantages of Partnerships

  1. Ease of Formation:
    • Partnerships require less administrative work compared to corporations.
  2. Flexible Management:
    • Partners can structure management roles and responsibilities to suit their expertise.
  3. Resource Pooling:
    • Partnerships allow for shared financial and human resources, reducing individual burdens.
  4. Cost-Effectiveness:
    • Partnerships incur fewer regulatory and operational costs than larger business structures.

6. Risks and Challenges

  1. Unlimited Liability:
    • General partners are personally liable for debts and obligations, exposing their assets to risks.
  2. Disputes Among Partners:
    • Disagreements can arise over profit distribution, management, or strategic decisions.
  3. Foreign Ownership Restrictions:
    • Non-Thai partners face limitations in certain sectors under the FBA.
  4. Lack of Continuity:
    • Unregistered partnerships dissolve upon a partner’s death or withdrawal unless otherwise stated in an agreement.

7. Key Considerations for Establishing a Partnership

  1. Legal Advice:
    • Engage a qualified lawyer to draft partnership agreements and ensure compliance with Thai regulations.
  2. Due Diligence:
    • Verify the qualifications and reputation of potential partners.
  3. Risk Mitigation:
    • Consider a limited partnership structure to limit liability for specific partners.
  4. Compliance with Thai Laws:
    • Ensure all registration, tax, and labor requirements are fulfilled.

Conclusion

Thai business partnerships provide a versatile and practical framework for establishing and managing businesses. Whether opting for an ordinary or limited partnership, understanding the legal, financial, and operational implications is vital. By adhering to local regulations and establishing clear agreements, entrepreneurs can leverage partnerships to achieve sustainable growth and success in the Thai market.

US-Thai Treaty of Amity

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The US – Thailand Treaty of Amity allows American citizens and businesses incorporated in the US or majority-owned by Americans to enjoy privileges when doing business in Thailand. Some of these include being exempt from import duties and remitting profits, dividends and royalties without restrictions.

However, it’s important to understand the limitations of the US-Thai Treaty of Amity. GPS Legal has extensive experience helping clients obtain certification under this treaty.

Benefits

The US-Thai Treaty of Amity provides distinct registration advantages to American companies operating in Thailand. The benefits include:

National Treatment: American businesses incorporated under the treaty are treated as Thai entities, providing a competitive advantage and greater flexibility for business operations. The treaty also protects investments and intellectual property rights.

Streamlined Process: Applying for the treaty is a quick and simple process that can be completed in 90 days or less from submission of your application to approval. This is a significant advantage over the Foreign Business License (FBL) process, which typically takes up to six months.

Exemptions and Incentives: The treaty allows US citizens to establish sole proprietorships, partnerships, representative offices or branch offices in Thailand without having to comply with the Foreign Business Act (FBA). The treaty also exempts companies registered under it from the requirement of having a Thai partner to sponsor Non B visas or work permits for foreign employees.

Limitations: A company registering under the treaty must have at least 51% of its shares owned by Americans. Additionally, a company cannot directly buy land in Thailand unless it has a Thai subsidiary that owns the land. This can be circumvented by establishing a leasehold arrangement with the landowner, however this has legal and tax implications that should be discussed in detail with your advisors.

Requirements

While companies registered under the Amity Treaty do have a lot of advantages, it does come with some requirements that should be considered carefully. First and foremost, the majority of shares and decision-making power must be held by US citizens. This is not a requirement for most businesses, but it may be required for certain investment promotion programs. Additionally, the company cannot directly own land in Thailand, which can be a drawback for some sectors like agriculture or inland transportation. Fortunately, there are alternatives like leasehold arrangements and setting up a Thai subsidiary to purchase land.

To qualify for the Amity Treaty, a company must be an American sole proprietorship, partnership, representative office, branch office, joint venture or Thai limited company. A minimum of 50% of the shareholders must be American citizens, and the majority of directors must also be Americans. The company must submit a variety of documents, including corporate bylaws, lists of shareholders with their nationalities and articles of incorporation. The company must also submit notarized copies of the shareholders’ and directors’ passports.

In addition, an Amity Treaty company must hire four Thai workers to one foreign worker and comply with work permit rules. This can be a challenge for some companies, but it is a necessary requirement for those looking to maximize the benefits of the Amity Treaty. The registration process contains many legal complexities and it is best to consult with Emerhub’s advisors to ensure your business is compliant.

Procedures

The US-Thai Treaty of Amity allows American companies to maintain a majority shareholding in or wholly own a business in Thailand and engage in the same business activities as Thai companies with few restrictions. It also grants them national treatment, removing the need to obtain an alien business license (FBA).

To be eligible for the benefits of the US-Thai Treaty of Amity, a company must have American shareholders with over 50% ownership. In addition, the company must have authorized American directors. It must also be incorporated in the United States and registered with the Department of Business Development, Ministry of Commerce. The application process requires a number of documents, including the company’s articles of incorporation, lists of shareholders with their passport numbers, and notarized copies of all shareholder and director passports.

In addition to the US-Thai Treaty of amity, the US and Thailand have bilateral trade and investment framework agreements called Trade and Investment Framework Agreements (TIFA) and a Generalized System of Preferences program that provides duty-free entry for certain products. Despite these advantages, it is important to note that Amity treaty companies are still subject to the same foreign investment laws as non-Amity treaty companies. They are also not allowed to own land and must comply with work permit rules. These requirements can add time and cost to the registration process.

Limitations

The US-Thai Treaty of Amity has facilitated billions in trade and investment between the two nations, establishing strong economic collaboration. While the treaty offers American companies substantial privileges, it also restricts their activities in certain sectors. Understanding these limitations and staying updated on Thai legal changes is key to ensuring compliance.

The treaty allows Americans and American companies to maintain majority ownership of their businesses in Thailand and receive national treatment, exempting them from restrictions set out by the Foreign Business Act. In order to qualify, a company must present evidence that it is registered in the United States and that the majority of shareholders are American citizens.

Additionally, the company must have a minimum of 51 percent of ordinary shares to be considered as a treaty-protected entity in Thailand. A minimum of 51 percent of voting rights must also be held by the company’s American shareholders. If the company has directors of a third nation, they must co-sign documents with their American counterparts.

Companies that are protected under the US-Thai treaty can still face restrictions in other sectors, such as land ownership and taxation. In these cases, alternative solutions like leasehold arrangements or a Thai subsidiary can be used to gain the advantages of a fully owned treaty-protected company in Thailand without the restrictions. This option can be complicated, and professional guidance is recommended.