One of the several ways on how a foreign business can operate in Thailand is to obtain a Foreign Business License. In order to have a good chance to be granted a “Foreign Business License”, a foreign business applicant has to have all these 3 characteristics as follow:
- Being a juristic person (company) registered overseas or Thailand (for example, a Thai registered company with majority foreign ownership).
- Going to operate business to provide product or services to the private sector, including the private parties that have contracts with government agencies or with other private parties.
- Having a service contract or sale contract that specifies the name of the foreign business applicant as the contractual party with another private party and the products or services to be provided must involve high-level technology or require specialized skills.
If the applicant is certain that its business has all the above characteristics, here are some criteria to meet in order to be successful in getting the Foreign Business License:
- The foreign business products or services should involve high-level technology or require specialized skills, which are beneficial for technology transfer to the Thai people;
- The foreign business products or services should contribute to Thailand’s basic public utilities which are beneficial to its socio-economic development (for example, transportation system, tele-communication system)
- The foreign business should know what industries will most benefit from its products or services and what industrial sectors will the products or services help to grow and become more competitive and more successful.
- The foreign business needs to have a sales or service contract with the name of the client as the contractual party with the company showing the scope of the sales or services, terms and conditions and the length of the sales or service period.
Learn more information on Foreign Business in Thailand. Contact ThaiLawyers for expert advice.