Section Code: 0001 - 0004
Foreign Business Act,
B.E. 2542 (1999)
BHUMIBOL ADULYADEJ, REX;
Given on the 24th Day of November B.E. 2542
Being the 54th Year of the Present Reign. His Majesty King Bhumibol Adulyadej is graciously pleased to proclaim that: Whereas it is expedient to revise the law on foreign businesses; Whereas it is aware that this Act contains certain provisions in relation to the restriction of rights and liberties of persons, in respect of which section 29, in conjunction with section 35 and section 50 of the Constitution of the Kingdom of Thailand so permits by virtue of provisions of law;
Be it, therefore, enacted by the King, by and with the advice and consent of the National Assembly, as follows.
Section 1. Foreign Business Act
This Act is called the “Foreign Business Act, B.E. 2542 (1999)".
Section 2. Publication
This Act shall come into force after ninety days as from the date of its publication in the Government Gazette.
Section 3. Repealed
There shall be repealed:
- Notification of the National Executive Council No. 281, dated 24th November B.E. 2515 (1972);
- Act Amending the Notification of the National Executive Council No. 281, dated 24th November B.E. 2515 (1972), B.E. 2521 (1978);
- Act Amending the Notification of the National Executive Council No. 281, dated 24th November B.E. 2515 (1972) (No. 2), B.E. 2535 (1992).
Section 4. Definitions
In this Act, “foreigner” means:
- a natural person who is not of Thai nationality;
- a juristic person not registered in Thailand;
- a juristic person registered in Thailand, being of the following descriptions:
- being a juristic person at least one half of capital shares of which are held by persons under (1) or (2) or a juristic person in which investment has been placed by the persons under (1) or (2) in the amount at least equivalent to one half of the total capital thereof;
- being a limited partnership or a registered ordinary partnership the managing partner or the manager of which is the person under (1);
- a juristic person registered in Thailand at least one half of the capital shares of which are held by persons under (1), (2) or (3) or a juristic person in which investment has been placed by the persons under (1), (2) or (3) in the amount at least equivalent to one half of the total capital thereof;
For the purpose of this definition, shares of a limited company represented by share certificates issued to bearers are deemed as shares held by foreigners, unless otherwise provided by the Ministerial Regulation.
- “capital” means a registered capital of a limited company or a paid‐up capital of a public limited company or money invested in a partnership or a juristic person by partners or members thereof;
- “minimum capital” means, in the case where the foreigner is a juristic person registered in Thailand, a capital of a foreigner; and means, in the case where a foreigner is a juristic person not registered in Thailand or is a natural person, foreign currencies brought and used by foreigners at the commencement of the operation of businesses in Thailand;
- “business” means the operation of an undertaking in the field of agriculture, industry, handicraft, commerce, services or any other undertaking for the purpose of trade;
- “license” means a business operation license;
- “license grantee” means a foreigner to whom a license has been granted;
- “certificate” means a business operation certificate;
- “certificate grantee” means a foreigner to whom a certificate has been granted;
- “Commission” means the Foreign Business Commission;
- “competent official” means a person appointed by the Minister to perform activities under this Act;
- “Registrar” means the person appointed by the Minister as the Foreign Business Registrar;
- “Director‐General” means Director‐General of the Department of Business Development;
- “Minister” means the Minister having charge and control of the execution of this Act.