There are certain ways on how foreigners can do business in Thailand. If a certain business is restricted to foreigners, one must obtain a Foreign Business License in order to be permitted to operate in Thailand.
When applying for a Foreign Business License, details of the type of business for which a license application is made shall be declared. Such declaration of details should contain the following items:-
- The type of business for which the application is made, including the stages of the operations
- An estimate of the expenditure in regard to the amount of funds which the applicant will spend in Thailand for the acquisition of fixed assets and for the operational expenses of the business in each year over a period of 3 years or over the actual period of business operation in the case where the business was operated for less than 3 years;
- The size of operations;
- The size of the workforce in Thailand which the applicant will employ;
- A plan for the import of foreign technology and the transfer of technology (if any);
- A plan for research and development in which there shall be an explanation of the working plan for research and development (if any),
- The intended period of business operation;
- The overall benefit to the economy which Thailand is expected to receive from the business operation.
The applicant may also be required to give additional actual details or submit additional evidence or documents such as follows:-
1. The reasons and necessity of the license application;
2. The advantages and disadvantages which the business will confer on the following factors:
2.1 national safety and security,
2.2 economic and social development;
2.3 public order and good morals of the people;
2.4 culture and tradition of the country;
2.5 conservation of natural resources;
2.6 energy and the environmental protection;
2.7 consumer protection;
3. The most recent annual report of the head office, with which there shall be a translation of the parts relating to businesses in foreign countries;
4. A copy of the budget which indicates the working capital (in the case where the registered capital is less than Baht 3 million);
5. A letter certifying the salary and other remunerations of the representative who has charge and control of the operations in Thailand, which must be signed by an authorized director of the head office (in the case where the license application is made for a representative office or regional office)
Interested in setting up a foreign business in Thailand, contact ThaiLawyers for Foreign Business License application.