Uk Citizen Starting A Forex Bureau ..possible?

[silomfan]

Hello,

I would welcome any information that members could give me on a project i have in mind.

I wish to start a business in Thailand opening a bureau de change. When i have enquired about this in the past i was told in no uncertain terms that no foreigner can open and run a FOREX bureau in Thailand (and i've never seen one either). Can someone confirm this is still the case please . Especially useful would be any links you can provide to official sites that state clearly that i can't do this.

Additionally i don't think i could work in a bank as a foreign exchange cashier either. Again i've only seen Thai cashiers .. can someone please confirm this is so also..??

Many thanks

SILOMFAN

[Sunbelt Asia]

When the company is involved in forex, it must be a institution licensed to do business in Thailand. Under a special decree issued in 1997, Thai banks and finance businesses may, subject to Bank of Thailand permission, be majority foreign owned up to 2008. After that, foreigners will not be permitted to participate in capital increases, and their percentage ownership will face gradual dilution.

The key is 2008 and you must have the Bank of Thailand's permission.

However if you had minority foreign ownership. no restriction of 2008 or having the Bank of Thailand's permission is required.

Their are legal strategies used where you can have control over your investment when you are a minority shareholder.

You will also need to get a moneychanger license.

i don't think i could work in a bank as a foreign exchange cashier either.

If you want to do this and you have a good lawyer, this is possible. Its all about your job description and how its worded.

www.lawyer.th.com

[samran]

I'm moving this to the jobs and economy section.

[samran]

sorry sunbelt, I thought the Bank of Thailand required a liscense for all type of currency exchange businesses, whether foreigned owned or not...

[mouse]

I am a person with a very positive outlook, so based on the writings above (Sunbelt) why does not someone start a one branch Bank for ThaiVisa members only, issue the much sought after credit/debit cards to the members and then sell the whole operation to a Thai Bank in 2008.

In the meantime the Military and other Retirees could have their retirement pay deposited here, payment transfers could be made to your loved one between the Western world and Thailand and finally everyone could get PayPal services though such a bank. The bank could issue Lters fo Credit and other instruments used by it's membership.

Actually not a bad idea. Name already exists.....ThaiVisa

There are guys within this forum that would certainly consider investing a Million Baht to get it off the ground rather than investing in other Million Baht plans and schemes.

Three plans - ThaiGreen Card for entry level users, ThaiGold Card for those that deposit retirements or part thereof and then the ThaiPlatinum Card for those willing to invest 1,000 Baht or more in the operation.

Some of the accounts gain interest the others pay reasonable service charges.

OK OK Enough rambling for a Saturday morning.

Edited December 10, 2005 by mouse

[Sunbelt Asia]

sorry sunbelt, I thought the Bank of Thailand required a liscense for all type of currency exchange businesses, whether foreigned owned or not...

Yes I agree, thats why I stated in my OP that

You will also need to get a moneychanger license.

If you as the minority shareholder are a foreigner, this is not a problem to apply for that license.

Not the easiest license to obtain( as you would imagine... red tape), but possible.

www.lawyer.th.com