Question from a client: I saw a YouTube video where a Westerner was running a recruitment business in Thailand, recruiting staff for bank jobs. I was wondering if there are restrictions around setting up a professional services business in Thailand i.e. are some industries restricted? And in regards to setting the business up, is this the kind of thing Sunbelt would do and hold the 51% ownership that a foreigner cannot own? Or do I need a separate business partner? If I set this kind of business up, I would be able to get work permit if I own 49%, right?
Sunbelt Asia Legal Advisors responds :
While there are restrictions on foreigners doing certain businesses that are defined by the Foreign Business Act of 1999, other businesses can have a minority shareholding foreign owner. However, there are some businesses where the government has stipulated extra conditions, recruitment agencies are required to have a Thai director and the license is issued to the Thai director only.
Sunbelt Asia has a number of solutions in reference to the 49% criteria such as Amity, BOI, joint ventures, foreign business exemption, categories that have no restrictions on shareholding quotas such as exporting and class of shares held. Best to contact us to see what fits your specific needs.
Work permits can be acquired for a client with a foreigner as a majority or minority shareholder so long as the company is set up correctly on shareholding for all shareholders with the category of business to be operated in.
Sunbelt Asia has an experienced team of experts who can assist you in setting up the company, obtaining the work permit and renewal and ensuring that your accounting is fully compliant with Thai law.