Report Thailand Targets Nominee Accountants to Curb Illegal Foreign Businesses

[snoop1130]

Picture courtesy of KhaoSod

 

The Ministry of Commerce in Thailand is poised to implement new regulations targeting nominee involvement in accounting, in an effort to hinder illicit foreign business operations within the country. Oramon Sapthaweetham, Director-General of the Department of Business Development, announced that Deputy Commerce Minister Napintorn Srisanpang, head of the Subcommittee on Preventing and Suppressing Nominee Activities, is prioritising the issue of foreigners using Thai citizens as proxies to circumvent the Foreign Business Act of 1999.

 

This Act prohibits foreigners from partaking in specific business activities without permission. However, investigations have revealed that some accounting firms and accountants are complicit in these illegal practices, advising and assisting foreigners in the registration of entities with Thai nominees acting as directors or shareholders.

 

The Foreign Business Act dictates that foreigners must seek approval from the Foreign Business Board if they wish to own more than 50% of businesses in selected sectors. Offenders of this Act face up to three years in prison, fines between 100,000 and 1 million baht, or both. Thai nationals who help facilitate these violations are liable to similar penalties.

 

 

 

To address this issue, the Department of Business Development has been instructed to draft new regulations to specify the qualifications and conditions applicable to accountants. This is intended to prevent their involvement in illegal foreign business activities, which distorts fair competition for Thai entrepreneurs.

 

The draft regulations will be made available to the public from April 23 to May 7 for consultation. Key provisions include barring accountants from aiding foreigners in business registrations or holding shares on their behalf. Those caught violating these regulations could face fines up to 10,000 baht and be disqualified from practising unless certain conditions are met, such as a two-year period since the offence or cooperating to provide crucial information for legal proceedings under the Foreign Business Act.

 

This initiative seeks to safeguard national interests and foster a fair business environment for both compliant Thai and foreign entrepreneurs. The government encourages feedback on the draft regulation through its website during the consultation phase.

 

  Adapted by ASEAN Now from The Thaiger 2025-04-28

 

 

[norsurin]

Im not surprised.Now they coming for ur property including condos etc etc.

[Sydebolle]

As long as Thailand follows the "everybody is the same in Thailand except that some are samer than others", the country will be considered a backyard banana republic. 
Property cannot be wrapped up, packed into a suitcase and smuggled away. The Alien Business Law (interpretation of Alien might be interesting to start with) stipulates no hair dressing, ice carving and massage services (whatever that in-/excludes), architects, doctors and lawyers are banned as well as tourism related driver seats. 

Some selected few professionals of non-Thai heritage went for Thai citizenship in order to make serious money as aliens in a field where only the semi-divine may linger. The bottom line is, that this inequality resulted in inferiority along the whole horizon to the disadvantage of Thailand and its people. 

The best person should be doing the job, irrespective of gender, ethnic background, religion etc. Everything else is medieval and will backfire one or the other way. 

The property story is flattened out; became a law after the first avalanche of Chinese 80 - 100 years ago, when the new arrivals realized, how innocent and uneducated the locals were and how much money could be made. This property restriction was basically nothing but preventing following Chinese after the Great March to settle. The Thais then threw in the non-difference between natural and juristic Thai persons and, if properly and professionally done, three companies all owning each other result in 3 times 100% Thai owned and legally circumvents this shortsighted restriction of "Thais only".

You're welcome - you may now kiss the ring 😉 

[Eloquent pilgrim]

1 hour ago, norsurin said:

Im not surprised.Now they coming for ur property including condos etc etc.

 

They might (eventually) come for houses and / or land bought by foreigners using a Company set up with Thai nationals as nominee directors; condos however, should not be an issue as long as any foreigner has purchased in their own name within the 49% foreign ownership allowance in any development.

 

 

 

[norsurin]

36 minutes ago, Eloquent pilgrim said:

 

They might (eventually) come for houses and / or land bought by foreigners using a Company set up with Thai nationals as nominee directors; condos however, should not be an issue as long as any foreigner has purchased in their own name within the 49% foreign ownership allowance in any development.

 

 

 

Just have to wait and see Im happy i dont own anything in Thailand.

[thesetat]

1 hour ago, Sydebolle said:

The best person should be doing the job, irrespective of gender, ethnic background, religion etc. Everything else is medieval and will backfire one or the other way. 

Your idea would never work here. The only jobs open for Thais would be menial labor if they made it the way you think. Besides, Thais do not even like to take experienced foreigners opinions or ideas that increase safety and production. Their way is the correct way because Great-grandpa taught them this way is best. I have seen it many times.