Yes, companies that have obtained Board of Investment (BOI) promotion privileges can lease land in Thailand, and under certain conditions, they may also be granted the right to own land. This is an exception to the general rule prohibiting foreign ownership of land in Thailand.
BOI-promoted companies are eligible for various incentives, one of which may include the right to lease or own land for the purpose of the promoted business. These privileges are granted to encourage foreign investment in sectors that Thailand considers beneficial for its economic development.
For non-BOI companies, including Singaporean companies, leasing land for business purposes is indeed subject to the Foreign Business Act (FBA) B.E. 2542 (1999). This legislation outlines the types of businesses that foreigners can engage in—some sectors require a Foreign Business License, others are strictly prohibited, while some may operate free of restrictions.
When a foreign company leases land in Thailand for business purposes:
The lease must be structured to comply with the FBA, including obtaining a Foreign Business License if the business operations fall within the categories regulated by the Act.
The Land Department may ask for documentation pertaining to the foreign company, which would likely need to include a certified translation into Thai, possibly legalized or notarized according to Thai law requirements.
The lease agreement must be registered with the appropriate Land Office for it to be enforceable. (if more than 3 years according to the 540 of the Thai commercial and Civil code).
BOI-promoted companies are typically exempted from some of the restrictions under the FBA, which allows them greater freedom in conducting their business, including in matters related to land.