Foreign companies being scammed by bogus investors asking them to get Thailand BOI or FBL

We get a lot of inquiries from foreign companies or business people (who are seeking investors to buy into their business in other countries or to lend them money) asking us to verify if their investment deal is legitimate. In most cases, the investor, supposedly in Thailand, tells the foreign companies that they need to register an FBL or BOI before he is allowed by the Thai government to make an investment or lend money to the overseas companies. And usually he refers an agency to do the registration for them for about USD 20,000. The bogus investor usually shows their Thai name and address and that he represents a big corporation in Thailand. In some cases his email address looks like he works in that organization.

If someone or a company in Thailand wants to invest in any country, they do not have to make you register as a BOI company or obtain a foreign business license (FBL) before they can send you the funds. Board of investment (BOI) promotion is for companies wanting to do business/invest in Thailand in certain activities prescribed by the BOI so that they can get tax benefits or non-tax benefits (like owning land or getting work permits for their expat employees). Foreign Business License is issued by the Department of Business Development for foreign companies that want to do business in Thailand and their business is prohibited by the Foreign Business Law.

See information about Thailand BOI here and read about criteria for foreign busiess license.

Contact Thai Lawyers Ltd, part of MSNA Group for services in Thailand BOI and foreign business license.