Latest news with #DepartmentofBusinessDevelopment
Bangkok Post
6 days ago
- Business
- Bangkok Post
Thai govt issues stern nominee warning
The government has issued a stern warning, urging people not to act as nominees for foreign investors in business ventures, especially in tourism-related sectors, or face serious legal consequences. Punishments include imprisonment, heavy fines, asset seizure, and the revocation of business licences. Deputy Government Spokesman Anukul Pruksanusak said many people have unknowingly or willingly been used as fronts (nominees) by foreigners to illegally operate businesses in Thailand. This violates the Foreign Business Act of 1999, which prohibits foreign ownership in certain sectors unless permitted by law. According to data from the Department of Business Development, nominee arrangements are most commonly found in tourism-heavy provinces such as Phuket, Chon Buri, Bangkok, and Chiang Mai. Businesses under scrutiny include restaurants, hotels, resorts, real estate, and logistic services. 'These disguised business operations are set up to bypass legal restrictions by using Thai nationals as nominal shareholders or operators, without actual investment or participation. 'This leads to unfair competition, a lack of transparency, and even the potential for Thailand to be used as a hub for money laundering — damaging the country's business reputation.' Mr Anukul said that in a recent ruling, the Criminal Court convicted 23 individuals and entities in Phuket for engaging in nominee practices. Each was fined 200,000 baht, received a two-year suspended jail sentence, and were placed under one-year probation. The court also ordered the dissolution of the companies involved. He outlined the penalties for those who assist, support, or hold shares on behalf of foreigners. They include imprisonment of up to three years for involvement in nominee activities and fines ranging from 100,000 to 1,000,000 baht, with an additional daily fine of 10,000 to 50,000 baht for continued non-compliance with court orders. Any assets or shares held through nominee arrangements may be confiscated if found to be linked to illegal business practices. Companies found using nominees may have their business licences revoked, making them ineligible to operate in Thailand.
Bangkok Post
6 days ago
- Business
- Bangkok Post
That govt issues stern nominee warning
The government has issued a stern warning, urging people not to act as nominees for foreign investors in business ventures, especially in tourism-related sectors, or face serious legal consequences. Punishments include imprisonment, heavy fines, asset seizure, and the revocation of business licences. Deputy Government Spokesman Anukul Pruksanusak said many people have unknowingly or willingly been used as fronts (nominees) by foreigners to illegally operate businesses in Thailand. This violates the Foreign Business Act of 1999, which prohibits foreign ownership in certain sectors unless permitted by law. According to data from the Department of Business Development, nominee arrangements are most commonly found in tourism-heavy provinces such as Phuket, Chon Buri, Bangkok, and Chiang Mai. Businesses under scrutiny include restaurants, hotels, resorts, real estate, and logistic services. 'These disguised business operations are set up to bypass legal restrictions by using Thai nationals as nominal shareholders or operators, without actual investment or participation. 'This leads to unfair competition, a lack of transparency, and even the potential for Thailand to be used as a hub for money laundering — damaging the country's business reputation.' Mr Anukul said that in a recent ruling, the Criminal Court convicted 23 individuals and entities in Phuket for engaging in nominee practices. Each was fined 200,000 baht, received a two-year suspended jail sentence, and were placed under one-year probation. The court also ordered the dissolution of the companies involved. He outlined the penalties for those who assist, support, or hold shares on behalf of foreigners. They include imprisonment of up to three years for involvement in nominee activities and fines ranging from 100,000 to 1,000,000 baht, with an additional daily fine of 10,000 to 50,000 baht for continued non-compliance with court orders. Any assets or shares held through nominee arrangements may be confiscated if found to be linked to illegal business practices. Companies found using nominees may have their business licences revoked, making them ineligible to operate in Thailand.
Bangkok Post
30-06-2025
- Business
- Bangkok Post
Department of Business Development hails investments worth B89bn
Foreign investment in Thailand reached about 89 billion baht in the first five months of the year, with Japan at the top with over 41 billion baht invested, says the Department of Business Development (DoBD). Foreign investment in Thailand from January until May was 88.94 billion baht, marking an increase of 17.2 billion baht or 24% compared to the same period last year, it said. Japan remained the top investor, followed by Singapore and China, according to the department's figures, which suggest that not all is doom and gloom, contrary to some news reports. Auramon Supthaweethum, director-general of the DoBD, said Thailand is attracting foreign investors, with 426 foreign entities permitted to run businesses today under the Foreign Business Act. Of these, 105 entities received foreign business operation licences, while 321 were certified under special investment channels, including Board of Investment privileges, industrial estate laws and international agreements, she said. During the first five months of the year, 85 entities from Japan invested 41 billion baht in raw materials procurement, machine components, software development and services. In addition, 52 entities from Singapore invested 11.4 billion baht in design, procurement, installation, testing and operations consulting for rail transit control systems and digital service platforms. Fifty-three Chinese entities, meanwhile, invested 7.54 billion baht in wholesale industrial parts, such as metallic components and the contracting of manufacturing for vehicle parts, electrical appliances and eco-friendly packaging. Ms Auramon said the presence of foreign businesses has helped the transfer of specialised knowledge and technology to local industries, especially the tech sector, which would help give the economy a further boost. Interest in Thailand's Eastern Economic Corridor also continued to rise in the first five months of the year. The department said 129 foreign entities had chosen to invest in the EEC region, up by 30 investors when compared to the same period last year. The total amount of investments in the EEC has reached 47.7 billion baht, accounting for 54% of foreign investment nationwide. The top EEC investors are from Japan with 37 projects worth 23.90 billion baht, China with 30 projects worth 4.4 billion baht, Singapore with 11 projects worth 6.02 billion baht and others with a combined 51 projects worth 13.37 billion baht.
Bangkok Post
29-06-2025
- Business
- Bangkok Post
DoBD hails investments worth B89bn
Foreign investment in Thailand reached about 89 billion baht in the first five months of the year, with Japan at the top with over 41 billion baht invested, says the Department of Business Development (DoBD). Foreign investment in Thailand from January until May was 88.94 billion baht, marking an increase of 17.2 billion baht or 24% compared to the same period last year, it said. Japan remained the top investor, followed by Singapore and China, according to the department's figures, which suggest that not all is doom and gloom, contrary to some news reports. Auramon Supthaweethum, director-general of the DoBD, said Thailand is attracting foreign investors, with 426 foreign entities permitted to run businesses today under the Foreign Business Act. Of these, 105 entities received foreign business operation licences, while 321 were certified under special investment channels, including Board of Investment privileges, industrial estate laws and international agreements, she said. During the first five months of the year, 85 entities from Japan invested 41 billion baht in raw materials procurement, machine components, software development and services. In addition, 52 entities from Singapore invested 11.4 billion baht in design, procurement, installation, testing and operations consulting for rail transit control systems and digital service platforms. Fifty-three Chinese entities, meanwhile, invested 7.54 billion baht in wholesale industrial parts, such as metallic components and the contracting of manufacturing for vehicle parts, electrical appliances and eco-friendly packaging. Ms Auramon said the presence of foreign businesses has helped the transfer of specialised knowledge and technology to local industries, especially the tech sector, which would help give the economy a further boost. Interest in Thailand's Eastern Economic Corridor also continued to rise in the first five months of the year. The department said 129 foreign entities had chosen to invest in the EEC region, up by 30 investors when compared to the same period last year. The total amount of investments in the EEC has reached 47.7 billion baht, accounting for 54% of foreign investment nationwide. The top EEC investors are from Japan with 37 projects worth 23.90 billion baht, China with 30 projects worth 4.4 billion baht, Singapore with 11 projects worth 6.02 billion baht and others with a combined 51 projects worth 13.37 billion baht.
