Over 130 foreign firms get green light to operate in Thailand

[webfact]

Over 130 foreign firms get green light to operate in Thailand

By THE NATION

 

Wuttikrai Leeveeraphan

 

Some 134 foreign companies were allowed to conduct business in Thailand in the first half of 2020 under the Foreign Business Act BE 2542, said Wuttikrai Leeveeraphan, director-general of the Commerce Ministry’s Business Development Department.

 

“The total investment value of these companies amounted to Bt5.35 billion – a 35 per cent increase compared to the same period last year,” he said.

 

“The industries that have received the most investment are petroleum exploration, financial services, conveyor equipment, mineral processing equipment, and maintenance services for the oil and gas industry.”

 

Wuttikrai said that in June alone, 22 foreign companies – mostly from Japan and Singapore – were given the go-ahead to conduct business in Thailand, with the total investment value being Bt1.58 billion. “Their investment has not only generated 3,575 jobs for Thais but is also seeing the transfer of modern technology from their countries,” he added.

 

The 22 companies that have been allowed to operate in Thailand are:

 

> Four private contractors in projects to do with petroleum exploration, thermal power plants, and fuel warehouse construction. These companies are from Japan and China, with a combined investment capital of Bt542 million.

 

> Six engaged in industrial services including financial consulting and internal auditing. These companies, hailing from Singapore, Japan and the Netherlands, have invested a combined Bt632 million.

 

> Seven companies involved in retail and wholesale consumer products. Based in Japan, Finland, Germany, the Netherlands and Singapore, they have invested Bt181 million.

 

> Five other companies engaged in customer services, such as engineering consulting, maintenance services for the oil and gas industry, solar panel installation and maintenance. These firms are from Switzerland, Samoa, the United Kingdom, Singapore and the British Virgin Islands and have invested Bt232 million.

 

Source: https://www.nationthailand.com/news/30391190

 

-- © Copyright The Nation Thailand 2020-07-13

 

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[steven100]

of coarse they will all get the green light ..... in view of the current economics.

[ezzra]

What? no Chinese companies on the list? strange... very strange...

[johng]

4 minutes ago, ezzra said:

What? no Chinese companies on the list? strange... very strange...

 

12 minutes ago, webfact said:

> Four private contractors in projects to do with petroleum exploration, thermal power plants, and fuel warehouse construction. These companies are from Japan and China, with a combined investment capital of Bt542 million.

 

[Rookiescot]

8 minutes ago, ezzra said:

What? no Chinese companies on the list? strange... very strange...

I suspect most of them will be Chinese. It is the easiest way to circumvent trade restrictions placed on China and indeed to the growing "Dont buy Chinese goods" which is taking hold in many countries.

[Mr Meeseeks]

26 minutes ago, Rookiescot said:

I suspect most of them will be Chinese. It is the easiest way to circumvent trade restrictions placed on China and indeed to the growing "Dont buy Chinese goods" which is taking hold in many countries.

You should read the article.

 

It breaks down the nationality of the companies of the 22 registered in June.

[geriatrickid]

13 minutes ago, Mr Meeseeks said:

You should read the article.

 

It breaks down the nationality of the companies of the 22 registered in June.

No. You missed the point.  The foreign company can be a branch or a subsidiary of another company. Do you really believe that companies shown as from Samoa or the BVI are operating from there? Chinese companies have been using Singapore and Hong Kong to circumvent regulations in respect to foreign operations for 25+ years. it is not unusual for a company to have an Asia Pacific head office in Hong Kong, or Tokyo or Singapore and then set up branch or subsidiary operations in other countries like Malaysia, Indonesia, the Philippines etc.

[Mr Meeseeks]

23 minutes ago, geriatrickid said:

No. You missed the point.  The foreign company can be a branch or a subsidiary of another company. Do you really believe that companies shown as from Samoa or the BVI are operating from there? Chinese companies have been using Singapore and Hong Kong to circumvent regulations in respect to foreign operations for 25+ years. it is not unusual for a company to have an Asia Pacific head office in Hong Kong, or Tokyo or Singapore and then set up branch or subsidiary operations in other countries like Malaysia, Indonesia, the Philippines etc.

Many companies from all over the World have their head offices in HK and Singapore for banking and tax reasons. Nothing new there. 

[KMartinHandyman]

Didn’t they do any due diligence and read tv before going down the slippery slope? 

[Burma Bill]

8 hours ago, ezzra said:

What? no Chinese companies on the list? strange... very strange...

Please note, and I quote:-

"projects to do with petroleum exploration, thermal power plants, and fuel warehouse construction. These companies are from Japan and China"

[Burma Bill]

9 hours ago, webfact said:

the British Virgin Islands

Ah Ha!! That well known "Tax Haven"!! No doubt used by Chinese and other International companies.

Quote:-

 

A BVI offshore company pays zero income tax. There is no British Virgin Islands tax on capital gains tax, nor are there gift taxes, inheritance taxes, sales taxes, or value added taxes. ... The government of the British Virgin Islands is noted for its stability. The law in the territory is based on British common law.