Thai laws can be strict when it comes to foreign nationals seeking a business opportunity in the Kingdom. The Thai government reserves certain rights only available to its citizens through the Thai Foreign Business Act (FBA). Foreign entrepreneurs or investors wishing to set up their businesses within Thai borders must first apply for a Foreign Business License (FBL) at the Ministry of Commerce Foreign Licensing Department. It could potentially be tricky, and if not done correctly, you could run into problems with the foreign business license law. This is why you need the help of the best business license lawyer Bangkok could offer. Let Vize Counselor guide you in navigating these laws from start to finish.
The Foreign Business Act Thailand has is not only intended to regulate foreign companies. With the Foreign Business Act, Thailand defines how a foreign company, investor or entrepreneur can acquire a business license in Thailand and do business in the country. It establishes what type of activity can be done by these non-Thai nationals and under which circumstances they should be able to conduct their businesses here.
Thailand has harsh penalties for anyone who breaches any part of the Foreign Business Act with fines up to THB 1 million, and even imprisonment is possible. Vize is a Thai foreign business license service that, apart from being known for providing top-notch legal services. We ensure you acquire a business license in Thailand, and are also trusted for monitoring to ensure you’re always compliant under Thai laws.
Below is a list of the most popular Foreign Business Licenses based on our teams experience and we’ve included links to the specific pages on our website for further information:
If you’re a foreign entity filing for a Foreign Business License in Thailand, the business you want to start in the country must have THB 2 million as capital. This is the minimum requirement under the Foreign Business Act Thailand implements to govern foreign investments.
Applicants must have permission to enter Thailand under the country’s immigration law and not be (quasi) incompetent, nor have been subjected to any court judgments or fines, especially involving fraud. With the advice of the Foreign Business Committee, the Minister of Commerce may issue regulations prescribing other conditions for an applicant for the foreign business license. Solicitor assistance, especially from a top consultant business license Thailand respects such as Vize, would prove valuable, especially in complex matters involving acquiring the license.
If approval has already been obtained from the Board of Investment, then the applicants can easily and quickly get their license from the Foreign Licensing Department.