More FCPA Enforcement Activity Predicted under Biden Presidency
Although the Department of Justice (DOJ) under Trump imposed record penalties under the U.S. Foreign Corrupt Practices Act (FCPA”) from 2017 through 2020, it also initiated fewer and fewer new FCPA investigations during that period. Indeed, White House Economic Advisor Larry Kudlow reportedly said in January 2020 that the administration was “looking at” making changes to the law because...
High Level Overview of Steps Required to Register a Private Limited Company in Thailand
The steps required to establish a private limited company in Thailand are:
Reservation of Name
The first step involved in establishing a Thai company is to file via online an application to register the company’s proposed name(s) with the Registrar (the Registrar) of the Partnerships and Companies Registration Office, Department of Business Development (DBD), Ministry of Commerce. Within one...
Higher Returns for Property, Tourism, Entertainment, etc. Sectors After Pandemic Ends
Higher Returns in Tourism, Property, etc., after the Pandemic Ends
The Bangkok Post reported on 20 November 2020 that “Thailand’s biggest manager of distressed assets is bracing for another difficult year in 2021, as the economy faces more headwinds from the pandemic”. This article goes on to quote Bungyong Visatemongkolchai, the chairman of Bangkok Commercial Asset Management Plc (BAM) as...
Top 12 Things to Keep in Mind When Planning on Doing Business in Thailand
The top 12 things to keep in mind when planning to do business in Thailand:
1. Foreign Ownership of Companies and Land: This is often a surprise for business people and lawyers operating in more open economies, but foreigners are prohibited from owning land (absent narrow exceptions) and foreign majority owned businesses are prohibited from engaging in a wide range of...
Facing the Foreign Business Act
To legally engage in activities restricted under the FBA, an alien company must obtain a Foreign Business License (“FBL”) or a Foreign Business Certificate (“FBC”) from the DBD. This is often easier said than done, but there are some exceptions.
Serious and Real Reform of the Thai FBA is Overdue.
The Bangkok Post reported on 21 May 2018 that the foreign business community is (again) pressing for reform of the Foreign Business Operations Act (FBA). We are seeing that again now.
Reform is absolutely necessary, but the foreign business community needs to look carefully at reform proposals, because many past proposals, if they had been enacted, would have made the FBA more restrictive....
Compliance Investigations in Thailand: Caste and Candor
There is one word that should start any real discussion about corruption in Thailand, and that word is Sakdina (ศักดินา). Sakdina is a historical system of social hierarchy that went so far as to assign a specific numerical rank to every person in Thailand depending on their status. Although officially abolished, it persists, in a less recognizable form, to this day. Tourists and first-time...
A Perfect Storm For Thailand’s Tourism Sector
Pfizer and BioNTech have announced the development of a vaccine that is over 90% successful in preventing Covid-19. This should open investment opportunities in Thailand, particularly in Thailand’s tourism sector.
Thailand’s tourism sector and much of its economy has been in a slump since the Thai government took stringent measures to prevent the spread of Covid-19 in Thailand. Thailand’s...
Corruption & Defamation: The Recent TripAdvisor Controversy
The press reports about the American jailed for allegedly posting a defamatory review on TripAdvisor about the Seaview hotel in Koh Chang have cast a spotlight on Thailand’s strict defamation laws. Reports about the jailing of the American appeared on the BBC website, the New York Times and the Bangkok Post.
The Not So Simple Amity Treaty Exception to the Foreign Business Act
Thailand’s Foreign Business Act, B.E. 2542 (FBA), which repealed and replaced a decree issued by the Thai government in 1972 known as NEC 281 (often also referred as the “Alien Business Law”), provides that “alien companies” – defined solely in terms of foreign share ownership – are not permitted to engage in a wide range of business activities, absent issuance of a foreign business license...