Commerce Ministry To Inspect Foreign Shareholding In Thailand Later In August

[millwall_fan]

It makes you laugh: one bunch of Foreigners are to be cracked-down on again, they can't own land, shares or much else. Meantime the beneficiaries of such a policy - another bunch of foreigners: the Chinese Thais will make billions. How about Thailand for the Thais - real Thais, not those foreigners who wandered here 100 years ago and took over. I can't see that policy seeing the light of day!

[pepi2005]

The masses reading the newspapers and watching TV and listening to radio will all nod their head in agreement that something is being done about the problem.

that implies that there indeed IS a problem.

27,000 companies - even if 30% should just be set up to get visas, to buy condos, whatever - they bring money into the country. Briberies, fees for work permits, regular money spent in the country - often in the dozens of thousands by many expats per month - all of that goes into the local economy and creates jobs for Thais.

I can't hear the constant xenophobic rants of Thai officials anymore.

It is nothing else than a) a distraction from the hundreds of REAL problems Thailand has and

ignores the fact that foreigners are usually bringing money into the country and/or actively generating money in and for the country and its citizens.

I really wish that just 50% of the foreign businesses shut down their factories and offices in Thailand after all the problems with floodings, blackmail, graft, double-pricing, criminality (often enough with policemen involved) etc. etc., and move to Burma. Even though there are problems over there as well, I think the opportunities outnumber the disadvantages by far right now, especially compared to the xenophobic climate against foreigners in Thailand.

[cheeryble]

Thai paranoia will distroya.

He's a poet and didn't knowit

[SouthernMan3]

27,000 Companies to investigate, it'll take them at least 30 years to get through them all!

You think that quick, really ?

[SouthernMan3]

Who needs foreign investment?

Not this government I guess.......

[SouthernMan3]

Governments all over the world are freaking out as they realize that they have been sleeping while industries worldwide have been working... Government of Thailand is among the most dis-illusioned, self-righteous and double-standards institutions I have ever in my world encountered... may they take their "beloved" country for the ride they deserve.

Never been to India or South America I take it...

[SouthernMan3]

SO!!!.. why is Thailand advertising in the Media, for Foreign Investers to come here.....

Good point.

So that they can come here and own less then the Thais in the company I guess...

[SouthernMan3]

27,000 Companies to investigate, it'll take them at least 30 years to get through them all!

And with what aim? Is it their intention to drive all foreign investment out of Thailand? If so, this is the most effective way of achieving that aim!

Too many Farangs have been using proxies.

You mean people in Dubai?

Good one !

[givenall]

I am not sure why anyone wants to invest in Thailand anyways. There are so many restrictions to do business here and it’s easy to bring money here and impossible to take out the earnings

Edited July 19, 2012 by givenall

[devaram]

Well if they actually did enforce the law I would guess that over 50% of foreign operated business would be shut down LOL - especially all those Scuba Diving shops operating in Pattaya and Puket that are really just fronts for Visa's, they don't actually turn a real profit and almost all cheat on taxes not reporting true income - this would go for most of the bars too -

I think they should do it, lot of the crap foreigners would have to leave Thailand, up the standard a little for the expats that actually live here and are good people- not that this would get ride of all the bad, thats impossible. I'm sure they will just take some tea money as is usual to look the other way. Another way to line their pockets.

Another post by a rich "good" foreigner who thinks all the poor "bad" foreigners should get out of Thailand.

[Wombat6]

If they will be stupid enough to "hurt" one of the bigger , known companies, I have no doubt others will start to look to move to neighboring countries.

I have a feeling real business will not be touched, this no doubt is more aimed at "companies" who own land and property

I wonder how the Boards of large International Companies will view this latest "crackdown".I.E: Shell, Exxon, Hyatt , Marriot etc. etc, ??

[heybruce]

"He added that the Department is set to make the term “Nominee” more definite and clarified"

This means that people who have made a good faith effort to invest legally, usually following the advice of a reputable Thai lawyer, will now be told they've broken the law.

I'm not worried, I figured out long ago that Thailand is like Las Vegas--you only bring in what you're prepared to lose.

[jampola]

This is why doing business in Thailand is a wonderful thing! No other country gives you a 1 month warning to hide all of your illegitimate foreign earnings, shares and assets! Thank you Commerce Industry (Shouldn't be named "Ministry of Commerce"?)

[Jobo]

If they will be stupid enough to "hurt" one of the bigger , known companies, I have no doubt others will start to look to move to neighboring countries.

I have a feeling real business will not be touched, this no doubt is more aimed at "companies" who own land and property

I wonder how the Boards of large International Companies will view this latest "crackdown".I.E: Shell, Exxon, Hyatt , Marriot etc. etc, ??

No worries for them as most,if not all will be BOI promoted companies anyway. So one can assume that the targets of this not so new vendetta will be the small non BOI companies operating under so called nominee structures.

[techboy]

27,000 Companies to investigate, it'll take them at least 30 years to get through them all!

It is perhaps cruel to laugh at ignorance but... ...Do you actually imagine that someone is going to sit down with a stack of papers and a pile of empty spreadsheets, do hand calculations and fill in the information with a pencil? In this century we have things called computers and software. Please see the following link as an example of tools that are out there.

http://www.emergingm...t-manipulation/

[moto77]

Maybe some of you folks should check the laws in your home countries to see if they are less onerous so that at least you can be sure you aren't being hypocrites.

[bkkjames]

Maybe some of you folks should check the laws in your home countries to see if they are less onerous so that at least you can be sure you aren't being hypocrites.

We did. We are allowed to own businesses in our own countries.

[lostinisaan]

The Department of Business Development Director-General Banyong Limprayoonwong said that the Commerce Ministry has been drafting a set of regulations on the management and the inspection of foreign shareholding in Thai companies, in a bid to more strongly enforce the Alien Business Law of Thailand.

How many other countries call other nationalities Aliens? TM 47 form for ALIENS......

.

[zappalot]

Don`t Thais always want to save their face?

At least with all the government driven action they just do the best to make sure that they loose their face. Almost every announcement on a crackdown make me laugh at them. At least with logic action these crackdowns don not have anything in common.

They should better focus the real problems...

I just had to wait 6 hours at the local land department to get all the paper work done to buy a condo, and i got number 20. How do they want to search 27.000 companies with that speed they work? Ridiculous...

[techboy]

Another witchhunt

INDEED!!! How preposterous to imagine shareholders trying to manipulate the markets in a small country! Never happen!

[EvilDrSomkid]

What a load of panic here.

The list of shareholders in a company is pretty simple to read.

If the share of foreigners owning shares is less than 49% (Co. Ltd), what's the problem?

Anyone who is legit has got NOTHING to worry about.

[chrisinth]

"He added that the Department is set to make the term “Nominee” more definite and clarified"

This means that people who have made a good faith effort to invest legally, usually following the advice of a reputable Thai lawyer, will now be told they've broken the law.

I'm not worried, I figured out long ago that Thailand is like Las Vegas--you only bring in what you're prepared to lose.

Didn't know there was such a term as "good faith" in business............. (anywhere!)

[EvilDrSomkid]

How many other countries call other nationalities Aliens?

.

The US does IIRC.

[crazykopite]

27,000 companies and no doubt only one person with basic education qualifications to go through each one. I should imagine if that person can do 2 per week it will take them 259 years this is of course amazing Thailand so miracles can happen !!!!!!!!

[RKASA]

Maybe some of you folks should check the laws in your home countries to see if they are less onerous so that at least you can be sure you aren't being hypocrites.

Check out provence 77

PS add to that the fact it is only part of the 2.5 million Thai's in the US

Edited July 19, 2012 by RKASA

[epicstuff]

Well if they actually did enforce the law I would guess that over 50% of foreign operated business would be shut down LOL - especially all those Scuba Diving shops operating in Pattaya and Puket that are really just fronts for Visa's, they don't actually turn a real profit and almost all cheat on taxes not reporting true income - this would go for most of the bars too -

I think they should do it, lot of the crap foreigners would have to leave Thailand, up the standard a little for the expats that actually live here and are good people- not that this would get ride of all the bad, thats impossible. I'm sure they will just take some tea money as is usual to look the other way. Another way to line their pockets.

so what yours idea of a crap foreigner? someone who cant set up an multinational company attracting wealth thai partners or those that havent retired in there million dollar villas . Your right the rest of us that just want to work for an honest living and take advantage of the sun can f**ck off.

A world without borders, equality for all. please; we all have a right to live without being pushed around..

[connda]

Maybe they should work on their own corruption first. But...

Thailand for Thai people -- Prateet Thai pua kon Thai. I hear that (and variations) on TV and the radio all the time as racist as it may be. But don't worry fellow farang: 98% of you will not be offended, because you don't understand the language.

Easy and politically correct targets: evil foreigners.

Edited July 19, 2012 by connda

[punisher]

SO!!!.. why is Thailand advertising in the Media, for Foreign Investers to come here.....

They want u send the money but u stay home

[metisdead]

An inflammatory post has been removed.

[bigbamboo]

I am not sure why anyone wants to invest in Thailand anyways. There are so many restrictions to do business here and it’s easy to bring money here and impossible to take out the earnings

No one comes to Thailand to get rich... that is never going to happen to an honest man here. A fair go is all that is asked for.