Thai business department investigates 439 firms for potential nomination violations

[webfact]

 

In a move to suppress the ‘grey’ market in the fiscal year 2023, the Business Development Department (BDD) investigated 439 companies, suspecting them of acting as nominees for foreign corporations. Interestingly, legal entities potentially involved in nominee activities were discovered in Chiang Mai and Chon Buri provinces.

 

The BDD Deputy Director-General, Jitakorn Wongkhatekorn, revealed that the agency inspected three targeted groups of businesses suspected of being nominees. These included tourism and related businesses, real estate, and hotels and resorts.

 

The provinces subjected to this scrutiny included Chiang Mai, Chiang Rai, Phuket, Surat Thani, Chon Buri, Rayong, Prachuap Khiri Khan, Phetchaburi, and Bangkok. This was undertaken in cooperation with several entities, including the Tourism Department, the Special Investigations Department, the Tourist Police Bureau, and the Immigration Bureau.

Jitakorn reported preliminary findings pointing to legal entities in Chiang Mai and Chon Buri engaging in potential nominee activities. Two Thai shareholders were found in 269 companies across various sectors. These companies were engaged in service businesses, real estate, tourism-related businesses, hotel and resort operations, and an array of other businesses such as retail, transport, and agriculture.

 

by Alex Morgan

Top Photo by Scott Graham on Unsplash.

 

Full story: The Thaiger 2023-09-18

 

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[tomazbodner]

So you're saying buying a company that exists only on paper with some Thai ID cards registered as shareholders to get your villa by the sea is not really legal?

 

*GASP*

 

Who would have thought so! I certainly remember reading somewhere... AN forums, maybe, difficult to remember where... how this was all OK and best way to own your home or Thai quota condo...

[Artisi]

I don't really believe they will find any irregularities especially if you exclude the military, BIB, other selected hi-so and their families. 

 

[hotchilli]

So the they didn't venture near to the large beach resort locations looking for nominees?

[brianthainess]

How's your lucky charms now then land/house "owners''?

The governments have been stirring the pot on this one for years. At least I know only my missus can kick me out if she really wanted.