Thai nominee shareholders are illegal

We have always told foreigners that Thai nominee shareholders are illegal. Our clients know that we do not recommend that way of company setup. Many law firms want to make money quickly and don’t tell their foreign clients that they are breaking the law. “The Nation” reported today: Probe finds 5 suspected local-nominee business services for foreigners.

Thailand foreign business law allows foreigners to have majority shares in some businesses only. However, a lot of business owners trust their Thai lawyers enough and pay them some fees to put some locals to have majority shares in their business. They may or may not know that using Thai nominee shareholders are illegal. When that kind of investors contact us at ThaiLawyers.com to set up a company for them using nominees, we have to refuse to service them. Many want to have Thailand work permit so they can get long-term visa to live here. They do not have a real job. Many law firms would tell them set up their own company and use nominees. Some charge a monthly fee which in the long-run turns out very expensive. Others may charge one-time fees, but in the end you do not want to risk deportation or jail.

We have different solutions for you to do business in Thailand in full compliance with the Thai laws. The practice of using Thais nominee shareholders are illegal and can face a fine or a jail term or both. Think carefully before you risk it all without a second and a third opinion. You may be surprised that you actually have many choices.

Contact us at Thailawyers today for a free consultation.