How would existing Thai companies that would be defined as foreign under the amended definition of “foreigner” be effected?
The effect on Thai companies that would become foreign under the amended Foreign Business Act varies according to the restricted list into which the business would fall. The Foreign Business Act of 1999 divides industries restricted to foreigners into three lists. List One businesses are restricted for “special reasons” and include media, fishery, forestry, rice farming and Thai land trading. List Two businesses are restricted to foreigners because they are related to arts and culture, natural resources and folk crafts. List Three businesses, including the liberal professions, are restricted to foreigners because Thai nationals are deemed not yet ready to compete. List One, List Two, List Three: All Thai companies that would become foreign under the new legislation that wish to continue carrying out a business in a category restricted to foreigners would be required to file for a certificate of authorization from the Director General of the Ministry of Commerce within one year after th
