Thailand DBD Steps up Nominee Crackdown

Thailand’s Department of Business Development (DBD) is tightening enforcement against “nominee” businesses by requiring Thai shareholders in foreign co-investment firms to submit three months of financial evidence, including bank statements, to prove genuine investment capacity. The move is part of a broader crackdown on concealed foreign ownership structures and is already affecting thousands of companies across high-risk sectors.

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The department’s investigation identified more than 2,040 companies operating in sectors including tourism, real estate, e-commerce and logistics, hotels and resorts, agriculture, and construction. These firms were linked to bookkeepers and accounting offices holding shares worth over THB 2.5 billion, raising suspicions that some Thai shareholders may have been acting as nominees for foreign investors. The inspections covered eight provinces: Chon Buri, Chiang Mai, Mae Hong Son, Prachuap Khiri Khan, Surat Thani, Phuket, Krabi and Phang Nga.

Poonpong Naiyanapakorn, director-general of the DBD under the Ministry of Commerce, said the department has worked with related agencies over the past eight months to suppress nominee arrangements and protect fair trade and national economic interests. He said the measures target cases where Thai nationals are used to conceal foreign control in companies where foreign ownership remains below 50 percent, allowing the business to retain Thai juristic status.

The enforcement timeline has already seen staged tightening. The DBD introduced financial verification requirements on January 1, 2026, which reduced nominee-risk companies by 51.05 percent between January 1 and March 31 compared with the previous year. Further measures introduced on April 1,  2026, led to a 65.22 percent reduction in nominee-risk companies between April 1 and May 31. The latest planned measures are expected to take effect on August 1, 2026, with public consultation currently underway.

Authorities also found 29 accounting offices and 140 bookkeepers holding shares across the 2,040 companies under review. Officials said these holdings, spread across multiple provinces and Bangkok, suggest either unusually high investment capacity or potential nominee activity linked to foreign business interests.

The Nation reported that the DBD said it is preparing further tightening of oversight by closely tracking shareholders’ financial trails. Future plans include linking directly with financial institutions to enable real-time verification of financial data, significantly increasing scrutiny of company ownership structures and capital sources.

An examination by DBD of the top 10 bookkeepers found the following shareholdings:

1. Shares in 212 companies, with an investment value of THB247.57 million

2. Shares in 147 companies, worth THB142.21 million

3. Shares in 121 companies, worth THB211.50 million

4. Shares in 70 companies, worth THB96.57 million

5. Shares in 61 companies, worth THB64.91 million

6. Shares in 51 companies, worth THB27.21 million

7. Shares in 45 companies, worth THB107.21 million

8. Shares in 40 companies, worth THB74.74 million

9. Shares in 40 companies, worth THB24.71 million

10. Shares in 40 companies, worth THB18.78 million

Picture courtesy of The Nation

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Adapted by ASEAN Now Nation 24 June 2026

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